On September 1, Sapphire Company loaned $120,000, at 10% annual interest, to a customer. $12,000 of...
On September 1, Sapphire Company loaned $120,000, at 10% annual interest, to a customer. $12,000 of interest and and $120,000 principal will be collected when the loan matures one year from the issue date. $4,000 of interest had been earned by December 31. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Sapphire would need to make on December 31, the calendar year-end?
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On September 1, Sapphire Company loaned $120,000, at 10% annual
interest, to a customer. $12,000 of...
On September 1, Sapphire Company loaned $120,000, at 10% annual interest, to a customer. $12,000 of...
On September 1, Sapphire Company loaned $120,000, at 10% annual interest, to a customer. $12,000 of interest and and $120,000 principal will be collected when the loan matures one year from the issue date. $4,000 of interest had been earned by December 31. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Sapphire would need to make on December 31, the calendar year-end?
On September 1, Kennedy Company loaned $115,000, at 12% annual interest, to a customer Interest and...
On September 1, Kennedy Company loaned $115,000, at 12% annual interest, to a customer Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end? Multiple Choice Debit Cash, $4,600; credit Interest Revenue. 54,600. Debit interest Receivable, 4600, credit interest Revenue, $4,600. o Debit interest Expense, $4,600; credit...
Submit 00 On September 1, Kennedy Company loaned $115.000, at 12% annual resto a customer interest...
Submit 00 On September 1, Kennedy Company loaned $115.000, at 12% annual resto a customer interest and principe will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for sccung test at Kennedy would need to make on December 31, the calendar year-end? Muit Choice Dubstec 34.600 rete 4,600 O resto 30.000 euros, 8.000 Debtret Beco 3.000 credit 30.000 Droit Cash 4.000 credit, 4600
On December 1, Milton Company borrowed $460,000, at 9% annual interest, from the Tennessee National Bank....
On December 1, Milton Company borrowed $460,000, at 9% annual interest, from the Tennessee National Bank. Interest is paid when the loan matures one year from the issue date. What is the adjusting entry for accruing interest that Milton would need to make on December 31, the calendar year-end? Multiple Choice Ο debit Interest Payable, $3,450, credit Interest Expense, $3,450. Ο debit Interest Expense, $6,900; credit Interest Payable. $6,900. Ο debit Interest Expense. $41,400, credit Interest Payable. $41,400. Ο debit...
On November 1, Jasper Company loaned another company $100.000 at a 6.0% interest rate. The note...
On November 1, Jasper Company loaned another company $100.000 at a 6.0% interest rate. The note receivable plus interest will not be collected until March of the following year. The company's annual accounting period ends on December 31, and adjustments are only made at year-end. The adjusting entry needed on December 31 is: Multiple Choice No entry required Debit interest Expense,55,000 credit Interest Payable, $5,000 Debit interest Expense, $1000; credit Note Payable, $1,000, Debit interest Receivable, 5500 credit interest Revenue,...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income of $55,000, assets at the beginning of the year are $262,000 and assets at the end of the year are $312,000. Compute its return on assets. Multiple Choice Ο Ο Ο Ο MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Account Title Cash R Accounts...
On November 1, 2020, Race Car Repairs collected $12,000 from a customer for services to be...
On November 1, 2020, Race Car Repairs collected $12,000 from a customer for services to be provided in the future. On December 31, 2020, Race Car Repairs' year-end, it was determined that $3,000 of the services had not been provided (unearned) a. Record the journal entry on November 1, 2020. a. How much revenue was earned as of December, 31, 2020? c. To prepare the 2020 annual financial statements, record the adjusting entry for December, 31, 2020.
Question 4 On September 1, 2019, Blue Company Ltd. loaned $12,000 on a one year (due...
Question 4 On September 1, 2019, Blue Company Ltd. loaned $12,000 on a one year (due September 1, 2020), 6% note to BCM Corp. Blue Company's year end is December 31. Required Using the template below, prepare the journal entries for Blue Company to recognize the note, interest accrual and payment of the note from BCM Corp. Explanations are not required. DATE ACCOUNT DEBIT CREDIT Focus Question 5 Wholesale Foods reports the following for month ended December 31, 2019: Inventory,...
Borrower Company borrowed $100,000 from Bank B on May 1 of Year 1. The annual interest...
Borrower Company borrowed $100,000 from Bank B on May 1 of Year 1. The annual interest rate on the loan is 12%. Borrower Company will repay the entire loan, both principal and accrued interest, after one year on April 30 of Year 2. So, Borrower Company will pay NO CASH to Bank B between May 1 of Year 1 and April 30 of Year 2. Which ONE of the following is included in the books of Borrower Company to record...
On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year...
On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 6 percent interest. Required a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will...
On September 1, Kennedy Company loaned $115,000, at 12% annual interest, to a customer Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end? Multiple Choice Debit Cash, $4,600; credit Interest Revenue. 54,600. Debit interest Receivable, 4600, credit interest Revenue, $4,600. o Debit interest Expense, $4,600; credit...
Submit 00 On September 1, Kennedy Company loaned $115.000, at 12% annual resto a customer interest and principe will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for sccung test at Kennedy would need to make on December 31, the calendar year-end? Muit Choice Dubstec 34.600 rete 4,600 O resto 30.000 euros, 8.000 Debtret Beco 3.000 credit 30.000 Droit Cash 4.000 credit, 4600
On December 1, Milton Company borrowed $460,000, at 9% annual interest, from the Tennessee National Bank. Interest is paid when the loan matures one year from the issue date. What is the adjusting entry for accruing interest that Milton would need to make on December 31, the calendar year-end? Multiple Choice Ο debit Interest Payable, $3,450, credit Interest Expense, $3,450. Ο debit Interest Expense, $6,900; credit Interest Payable. $6,900. Ο debit Interest Expense. $41,400, credit Interest Payable. $41,400. Ο debit...
On November 1, Jasper Company loaned another company $100.000 at a 6.0% interest rate. The note receivable plus interest will not be collected until March of the following year. The company's annual accounting period ends on December 31, and adjustments are only made at year-end. The adjusting entry needed on December 31 is: Multiple Choice No entry required Debit interest Expense,55,000 credit Interest Payable, $5,000 Debit interest Expense, $1000; credit Note Payable, $1,000, Debit interest Receivable, 5500 credit interest Revenue,...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income of $55,000, assets at the beginning of the year are $262,000 and assets at the end of the year are $312,000. Compute its return on assets. Multiple Choice Ο Ο Ο Ο MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Account Title Cash R Accounts...
On November 1, 2020, Race Car Repairs collected $12,000 from a customer for services to be provided in the future. On December 31, 2020, Race Car Repairs' year-end, it was determined that $3,000 of the services had not been provided (unearned) a. Record the journal entry on November 1, 2020. a. How much revenue was earned as of December, 31, 2020? c. To prepare the 2020 annual financial statements, record the adjusting entry for December, 31, 2020.
Question 4 On September 1, 2019, Blue Company Ltd. loaned $12,000 on a one year (due September 1, 2020), 6% note to BCM Corp. Blue Company's year end is December 31. Required Using the template below, prepare the journal entries for Blue Company to recognize the note, interest accrual and payment of the note from BCM Corp. Explanations are not required. DATE ACCOUNT DEBIT CREDIT Focus Question 5 Wholesale Foods reports the following for month ended December 31, 2019: Inventory,...
Borrower Company borrowed $100,000 from Bank B on May 1 of Year 1. The annual interest rate on the loan is 12%. Borrower Company will repay the entire loan, both principal and accrued interest, after one year on April 30 of Year 2. So, Borrower Company will pay NO CASH to Bank B between May 1 of Year 1 and April 30 of Year 2. Which ONE of the following is included in the books of Borrower Company to record...
On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 6 percent interest. Required a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will...
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