![Help Save LE Che -] one of its customers on May 15, 2019; interest is o during its year ended December 31, 2019. (Use amounts](http://img.homeworklib.com/questions/5e53dd90-1279-11eb-acf6-d76852de9a22.png?x-oss-process=image/resize,w_560)
Homework Answers
SOLUTION
Interest = Principal * Rate of interest * Time
= $4,450 * 11% * 7.5/12 = 305.94
| Balance sheet | Balance sheet | Balance sheet | Income statement | Income statement | Income statement | |||||
| Assets | = | Liabilities | + | Stockholder's equity | Net income | = | Revenues | - | Expenses | |
| +305.94 | +305.94 | +305.94 | +305.94 |
Interest receivable by Agrico, inc., for 7.5 months is $305.94. Due to this transaction Asset increased by $305.94, Revenue also increase by $305.94 and then Net income and owners equity also increase by $305.94.
Add Answer to:
Check ! Required information [The following information applies to the questions displayed below.) Agrico Inc. accepted...
chec Required information [The following information applies to the questions displayed below. Agrico Inc. accepted a...
chec Required information [The following information applies to the questions displayed below. Agrico Inc. accepted a 10-month, 11% (annual rate), $4,450 note from one of its customers on May 15, 2019; interest is payable with the principal at maturity. Required: a-1. Prepare the horizontal model to record the interest earned by Agrico during its year ended December 31, 2019. (Use amounts with + for increases and amounts with - for decreases. Do not round your intermediate calculation. Round your final...
Required information [The following information applies to the questions displayed below.] Leach Inc. experienced the following...
Required information
[The following information applies to the questions
displayed below.]
Leach Inc. experienced the following events for the first two
years of its operations:
2018:
Issued $10,000 of common stock for cash.
Provided $100,000 of services on account.
Provided $27,000 of services and received cash.
Collected $73,000 cash from accounts receivable.
Paid $18,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 9 percent of
the ending...
Required information [The following information applies to the questions displayed below.) Mott Company has a line...
Required information [The following information applies to the questions displayed below.) Mott Company has a line of credit with Bay Bank. Mott can borrow up to $530,000 at any time over the course of the 2018 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during 2018. Mott agreed to pay interest at an annual rate equal to 1 percent above the bank's prime rate. Funds are borrowed...
Required information (The following information applies to the questions displayed below.] Milea Inc. experienced the following...
Required information (The following information applies to the questions displayed below.] Milea Inc. experienced the following events in 2018, its first year of operations: 1. Received $12,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,400. 4. Collected $33,110 of the accounts receivable. 5. Recorded $5,600 of accrued salaries at the end of the year. 6. Paid a $1,150 cash dividend to the stockholders. Required a. Record the...
WINY Iwondropres tu ue queurs ayeu Leuw. Agrico Inc. accepted a 10-month, 11% (annual rate). $4,450...
WINY Iwondropres tu ue queurs ayeu Leuw. Agrico Inc. accepted a 10-month, 11% (annual rate). $4,450 note from one of its customers on May 15, 2019; interest is payable with the principal at maturity. b-2. Prepare the journal entry to record collection of the note and interest at maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculation. Round your answers to 2 decimal places.)...
Required information [The following information applies to the questions displayed below.] Donnie Hilfiger has two classes...
Required information [The following information applies to the questions displayed below.] Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 300 shares of preferred stock and 3,400 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 1,100 shares of common stock for $36 per share. May 15 Purchase 400 shares of treasury stock for $29 per share. July...
Required information [The following information applies to the questions displayed below.] The following transactions apply to...
Required information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for 2018: 1. The business was started when the company received $49,500 from the issue of common stock. 2 Purchased equipment Inventory of $174.500 on account. 3. Sold equipment for $199,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $124.500. 4. Provided a six-month warranty on the...
Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the following...
Required information
[The following information applies to the questions
displayed below.]
Milea Inc. experienced the following events in 2018, its first
year of operations:
Received $15,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,300.
Collected $31,530 of the accounts receivable.
Recorded $8,700 of accrued salaries at the end of the
year.
Paid a $1,250 cash dividend to the stockholders.
Prepare the income statement. MILEA INC. Income Statement For the...
Required information The following information applies to the questions displayed below] Donnie Hilfiger has two classes...
Required information The following information applies to the questions displayed below] Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 100 shares of preferred stock and 3,500 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: 1 Issue 1,200 shares of common stock for $37 per share. 15 Purchase 500 shares of treasury stock for $30 per share. 10 Resell 300...
Help Required information The following information applies to the questions displayed below.) Alcorn Service Company was...
Help Required information The following information applies to the questions displayed below.) Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $64,000 cash from the issue of common stock. 2. Purchased $2,000 of supplies on account. 3. Purchased land that cost $26.000 cash. 4. Paid $2,000 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $50,000. 6. Paid $25,000 cash for other operating expenses. 7. Collected...
chec Required information [The following information applies to the questions displayed below. Agrico Inc. accepted a 10-month, 11% (annual rate), $4,450 note from one of its customers on May 15, 2019; interest is payable with the principal at maturity. Required: a-1. Prepare the horizontal model to record the interest earned by Agrico during its year ended December 31, 2019. (Use amounts with + for increases and amounts with - for decreases. Do not round your intermediate calculation. Round your final...
Required information
[The following information applies to the questions
displayed below.]
Leach Inc. experienced the following events for the first two
years of its operations:
2018:
Issued $10,000 of common stock for cash.
Provided $100,000 of services on account.
Provided $27,000 of services and received cash.
Collected $73,000 cash from accounts receivable.
Paid $18,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 9 percent of
the ending...
Required information [The following information applies to the questions displayed below.) Mott Company has a line of credit with Bay Bank. Mott can borrow up to $530,000 at any time over the course of the 2018 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during 2018. Mott agreed to pay interest at an annual rate equal to 1 percent above the bank's prime rate. Funds are borrowed...
Required information (The following information applies to the questions displayed below.] Milea Inc. experienced the following events in 2018, its first year of operations: 1. Received $12,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,400. 4. Collected $33,110 of the accounts receivable. 5. Recorded $5,600 of accrued salaries at the end of the year. 6. Paid a $1,150 cash dividend to the stockholders. Required a. Record the...
WINY Iwondropres tu ue queurs ayeu Leuw. Agrico Inc. accepted a 10-month, 11% (annual rate). $4,450 note from one of its customers on May 15, 2019; interest is payable with the principal at maturity. b-2. Prepare the journal entry to record collection of the note and interest at maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculation. Round your answers to 2 decimal places.)...
Required information [The following information applies to the questions displayed below.] Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 300 shares of preferred stock and 3,400 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 1,100 shares of common stock for $36 per share. May 15 Purchase 400 shares of treasury stock for $29 per share. July...
Required information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for 2018: 1. The business was started when the company received $49,500 from the issue of common stock. 2 Purchased equipment Inventory of $174.500 on account. 3. Sold equipment for $199,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $124.500. 4. Provided a six-month warranty on the...
Required information
[The following information applies to the questions
displayed below.]
Milea Inc. experienced the following events in 2018, its first
year of operations:
Received $15,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,300.
Collected $31,530 of the accounts receivable.
Recorded $8,700 of accrued salaries at the end of the
year.
Paid a $1,250 cash dividend to the stockholders.
Prepare the income statement. MILEA INC. Income Statement For the...
Required information The following information applies to the questions displayed below] Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 100 shares of preferred stock and 3,500 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: 1 Issue 1,200 shares of common stock for $37 per share. 15 Purchase 500 shares of treasury stock for $30 per share. 10 Resell 300...
Help Required information The following information applies to the questions displayed below.) Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $64,000 cash from the issue of common stock. 2. Purchased $2,000 of supplies on account. 3. Purchased land that cost $26.000 cash. 4. Paid $2,000 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $50,000. 6. Paid $25,000 cash for other operating expenses. 7. Collected...
Most questions answered within 3 hours.
-
1. When a nearsighted person looks at an object that is in the
distance with their...
asked 57 minutes ago -
QUESTION 8
Both of these statements will store the same value in the
variable $number
$number...
asked 1 hour ago -
The price of 1 lb of potatoes is $1.75. If all the potatoes sold
today at...
asked 2 hours ago -
Garcia Company issues 20.00%, 15-year bonds with a par value of
$470,000 and semiannual interest payments....
asked 2 hours ago -
In C++ Programming, Try using loops only.
This lab demonstrates the use of the While Loop...
asked 3 hours ago -
Effect of DCMU and sodium azide on Chlamydomonas? We did an
experiment where we had Chlamydomonas...
asked 3 hours ago -
1a) According to the ideal gas law, _______________.
a. a gas has infinite volume at absolute...
asked 5 hours ago -
Oakdale Fashions, Inc. had $245,000 in 2018 taxable income.
Using the tax schedule in Table 2.3...
asked 5 hours ago -
The marketing class at CSUS had an average score of 150. An
educational analyst determined that...
asked 6 hours ago -
Justin Case has purchased a $250 000 home by putting 20 % down
and taking out...
asked 7 hours ago -
1. In a labor market, marginal cost for a firm is
____________.
a. recruiting cost
b....
asked 7 hours ago -
On January 1, 2019, ABC Company issued $60,000,000 of 20-year,
10.5% bonds when the market rate...
asked 8 hours ago