Homework Answers
Answer:
3)
Total accrued interest = 24600
interest accrued on note 1 = (450000*12%*4/12) = 18000
Total = 6600
Interest rate on note 2 = (6600/330000)*12/6 = 4%
Interest Revenue = (18000+6600+(300000*8%*3/12)) =30600
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Interest Revenue
Cypress O Company's December 31, 2021, balance sheet listed $1.074,000 of notes receivable and...
2 Cypress Oil Company's December 31, 2021, balance sheet listed $801,000 of notes receivable and $21,000...
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Cypress Oil Company's December 31, 2021, balance sheet listed $955,000 of notes receivable and $24,200 of...
Cypress Oil Company's December 31, 2021, balance sheet listed
$955,000 of notes receivable and $24,200 of interest receivable
included in current assets. The following notes make up the notes
receivable balance:
Note
1
Dated 8/31/2021, principal of $430,000 and interest at 12% due
on 2/28/2022.
Note
2
Dated 6/30/2021, principal of $280,000 and interest due
3/31/2022.
Note
3
$250,000 face value noninterest-bearing note dated 9/30/2021,
due 3/31/2022. Note was issued in exchange for merchandise.
The company records adjusting entries only...
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Need to find the discount rate.
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Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet: Current...
Chamberlain Enterprises Inc. reported the following receivables
in its December 31, 2021, year-end balance sheet:
Current assets:
Accounts receivable, net of $31,000 in allowance for
uncollectible accounts
$
253,000
Interest receivable
7,450
Notes receivable
330,000
Additional Information:
The notes receivable account consists of two notes, a $80,000
note and a $250,000 note. The $80,000 note is dated October 31,
2021, with principal and interest payable on October 31, 2022. The
$250,000 note is dated June 30, 2021, with principal and...
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Cypress Oil Company's December 31, 2021, balance sheet listed
$955,000 of notes receivable and $24,200 of interest receivable
included in current assets. The following notes make up the notes
receivable balance:
Note
1
Dated 8/31/2021, principal of $430,000 and interest at 12% due
on 2/28/2022.
Note
2
Dated 6/30/2021, principal of $280,000 and interest due
3/31/2022.
Note
3
$250,000 face value noninterest-bearing note dated 9/30/2021,
due 3/31/2022. Note was issued in exchange for merchandise.
The company records adjusting entries only...
Need to find the discount rate.
Cypress Oil Company's December 31, 2018, balance sheet listed $886000 of notes receivable and $22.100 of interest recevable included in Current assets. The following notes make up the notes receivable balance Note 1 Dated 8/31/2018, principal of $420,000 and interest at 10% due on 2/28/2019 Note 2 Dated 6/30/2018, principal of $270,000 and interest due 3/31/2019 Note 3 $200,000 face value noninterest-bearing note dated 9/30/2018, due 3/31/2019. Note was issued in exchange for merchandise...
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet: Current assets: Accounts receivable, net of $43,000 in allowance for uncollectible accounts Interest receivable Notes receivable $313,000 16, 10e 450, eee Additional Information: 1 The notes receivable account consists of two notes, a $95.000 note and a $355.000 note. The $95.000 note is dated October 31 2021 with principal and interest payable on October 31, 2022. The $355.000 note is dated June 30, 2021. with...
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet: Current assets: Accounts receivable, net of $43,000 in allowance for uncollectible accounts Interest receivable Notes receivable $313,000 16, 10e 450, eee Additional Information: 1 The notes receivable account consists of two notes, a $95.000 note and a $355.000 note. The $95.000 note is dated October 31 2021 with principal and interest payable on October 31, 2022. The $355.000 note is dated June 30, 2021. with...
Chamberlain Enterprises Inc. reported the following receivables
in its December 31, 2021, year-end balance sheet:
Current assets:
Accounts receivable, net of $31,000 in allowance for
uncollectible accounts
$
253,000
Interest receivable
7,450
Notes receivable
330,000
Additional Information:
The notes receivable account consists of two notes, a $80,000
note and a $250,000 note. The $80,000 note is dated October 31,
2021, with principal and interest payable on October 31, 2022. The
$250,000 note is dated June 30, 2021, with principal and...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances Manufacturing's 2021 financial statements were issued on April 1, 2022 $ Accounts receivable Accounts payable 10% notes, payable to bank Mortgage note payable 116,500 44,200 642,000 1,360,000 Other information: a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 10%, payable at maturity b. The mortgage...
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