A short-term note payable With no stated rate of interest should be recorded a. at maturity...
Homework Answers
Correct answer : a) at maturity value
Reason : A short term note payable is to paid in the current year, it is a current liability and hence it should be recorded at the value which is to be repaid that mean its maturity value.
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short-term note payable With no stated rate of interest should be
recorded
a. at maturity...
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AMC issues a note with no stated interest rate in exchange for a machine. In accounting for the transaction: Multiple Choice O The machine should be depreciated over the nate's term to matur o f for values of the note and machine are unavailable, the note should be recorded at its present value, discounted at the market rate of interest o Both the note and machine are recorded or the face amount of the note or the fair value of...
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When the stated interest rate is lower than the effective interest rate for a long-term note...
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Problem 11-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the...
Problem 11-1A Short-term notes payable transactions and entries
LO P1
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017.
2016
Apr.
20
Purchased $35,500 of merchandise on credit from Locust, terms
n/30. Tyrell uses the perpetual inventory system.
May
19
Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
Problem 11-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the...
Problem 11-1A Short-term notes payable transactions and
entries LO P1
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017.
2016
Apr.
20
Purchased $35,500 of merchandise on credit from Locust, terms
n/30. Tyrell uses the perpetual inventory system.
May
19
Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
journal Required information Short term notes payable are current liabilities, most bear interest. When a short te...
journal
Required information Short term notes payable are current liabilities, most bear interest. When a short term nole's face value equals the amount borrowed, it identifies a rate of interest to be paid at maturity. Knowledge Check 01 On September 1, Vicario, Inc, borrows $100,000 from First National Bank at 6 percent annual interest. This note is due in 90 days. Prepare the September 1 journal entry for Vicario by selecting the account names from the drop-down menus and entering...
U counting- 2 https/blackboard.cpp -Homework Saved Problem 9-1A Short-term notes payable transactions and entries L...
U counting- 2 https/blackboard.cpp -Homework Saved Problem 9-1A Short-term notes payable transactions and entries LO P1 (The following information applies to the questions displayed below.) Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. . May 19 Replaced the Apr 11 20 account payable to Locust with a 90-day, $35,000 note bearing 10% annual interest along...
When an equipment dealer receives a long term note in exchange for equipment, and the stated...
When an equipment dealer receives a long term note in exchange for equipment, and the stated rate of interest is indicative of the market rate of interest at the time of the transaction, the present value of the future cash flows received on the notes: Multiple Choice Is treated as a current liability at the exchange date O () is recorded as interest revenue at the exchange date is recorded as interest receivable at the exchange date. O O O...
Problem 9-1A Short-term notes payable transactions and entries LO P1 Tyrell Co. entered into the following...
Problem 9-1A Short-term notes payable transactions and entries LO P1 Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 10% annual interest along with paying $5,250 in cash. 150 X 60 July 8 Borrowed $80,000 cash from NBR Bank by...
AMC issues a note with no stated interest rate in exchange for a machine. In accounting for the transaction: Multiple Choice O The machine should be depreciated over the nate's term to matur o f for values of the note and machine are unavailable, the note should be recorded at its present value, discounted at the market rate of interest o Both the note and machine are recorded or the face amount of the note or the fair value of...
Problem 11-1A Short-term notes payable transactions and entries
LO P1
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017.
2016
Apr.
20
Purchased $35,500 of merchandise on credit from Locust, terms
n/30. Tyrell uses the perpetual inventory system.
May
19
Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
Problem 11-1A Short-term notes payable transactions and
entries LO P1
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017.
2016
Apr.
20
Purchased $35,500 of merchandise on credit from Locust, terms
n/30. Tyrell uses the perpetual inventory system.
May
19
Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
journal
Required information Short term notes payable are current liabilities, most bear interest. When a short term nole's face value equals the amount borrowed, it identifies a rate of interest to be paid at maturity. Knowledge Check 01 On September 1, Vicario, Inc, borrows $100,000 from First National Bank at 6 percent annual interest. This note is due in 90 days. Prepare the September 1 journal entry for Vicario by selecting the account names from the drop-down menus and entering...
U counting- 2 https/blackboard.cpp -Homework Saved Problem 9-1A Short-term notes payable transactions and entries LO P1 (The following information applies to the questions displayed below.) Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. . May 19 Replaced the Apr 11 20 account payable to Locust with a 90-day, $35,000 note bearing 10% annual interest along...
When an equipment dealer receives a long term note in exchange for equipment, and the stated rate of interest is indicative of the market rate of interest at the time of the transaction, the present value of the future cash flows received on the notes: Multiple Choice Is treated as a current liability at the exchange date O () is recorded as interest revenue at the exchange date is recorded as interest receivable at the exchange date. O O O...
Problem 9-1A Short-term notes payable transactions and entries LO P1 Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 10% annual interest along with paying $5,250 in cash. 150 X 60 July 8 Borrowed $80,000 cash from NBR Bank by...
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