A $20,000, 3-month, 8% note payable was issued on November 1, 2015. The amount of accrued...
A $20,000, 3-month, 8% note payable was issued on November 1, 2015. The amount of accrued interest on December 31, 2015 is
Homework Answers
The answer is $1066.67
Explanation:
Accrued interest on December 31st, 2015 = 20,000 x 8% x 2/3
= $1066.67
Add Answer to:
A $20,000, 3-month, 8% note payable was issued on November 1,
2015. The amount of accrued...
B. $52,500 C. $48,500 D. $47,500 A $20,000, 9%, 3-month note payable was issued on November...
B. $52,500 C. $48,500 D. $47,500 A $20,000, 9%, 3-month note payable was issued on November 1. If interest is paid at maturity, the adjusting entry on December 31 will include: 3. A debit to Interest Expense for $300. A debit to Interest Expense for $450. A credit to Interest Payable for $600. A credit to Interest Payable for $1,800 A. B. C. D. nt halances.
On September 1, 2014, Lowe Co. issued a note payable to National Bank in the amount...
On September 1, 2014, Lowe Co. issued a note payable to National Bank in the amount of $900,000, bearing interest at 9%, and payable in three equal annual principal payments of $300,000. On this date, the bank's prime rate was 8%. The first payment for interest and principal was made on September 1, 2015. At December 31, 2015, Lowe should record accrued interest payable of a. $27,000. b. $24,000. c. $18,000. d. $16,000.
The following table includes five separate short-term note payable scenarios. Exercise 15-59 Calculating Accrued Interest Expense...
The following table includes five separate short-term note payable scenarios. Exercise 15-59 Calculating Accrued Interest Expense L04 Stated Rate Fiscal Year-End Accrued Interest at Fiscal Year-End Note Payable Issuance Date Term 1 2 3 4 5 $5,000 note payable September 1, 2020 $5,000 note payable September 30, 2020 $2,000 note payable November 1, 2020 $2,000 note payable November 30, 2020 $10,000 note payable May 31, 2020 6-month 6-month 3-month 3-month 12-month 6% 6% 8% 8% 10% December 31 December 31...
On November 1, 2018, The Bagel Factory signed a $100,000, 6%, six-month note payable with the...
On November 1, 2018, The Bagel Factory signed a $100,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2019. The Bagel Factory should report interest payable at December 31, 2018, in the amount of: A) $3,000. B) $1,000. C) $2,000. D) $0.
On November 1, 2021, New Morning Bakery signed a $207,000, 6%, six-month note payable with the...
On November 1, 2021, New Morning Bakery signed a $207,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2022. New Morning Bakery records the appropriate adjusting entry for the note on December 31, 2021. What amount of cash will be needed to pay back the note payable plus any accrued interest on May 1, 2022? (Do not round your intermediate calculations.) Multiple Choice $208,035. $212,175. $207,000. $213,210.
2) On November 1, 2018, The Bagel Factory signed a $100,000, 6%, six-month note payable with...
2) On November 1, 2018, The Bagel Factory signed a $100,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2019. The Bagel Factory should report interest payable at December 31, 2018, in the amount of B) $1,000 C) $2,000. D) $3,000. A) $0.
On July 1, Orcas Lab issued a $320,000, 12%, 8-month note. Interest is payable at maturity....
On July 1, Orcas Lab issued a $320,000, 12%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30? December 31 September 30
On September 1, 2020, Lowe Co. issued a note payable to National Bank in the amount...
On September 1, 2020, Lowe Co. issued a note payable to National Bank in the amount of $1,500,000, bearing interest at 9%, and payable in three equal annual principal payments of $500,000. On this date, the bank's prime rate was 8%. The first payment for interest and principal was made on September 1, 2021. At December 31, 2021, Lowe should record accrued interest payable of a. $45,000. b. $40,000. c. $30,000. d. $25,000.
On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of...
On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $12,600. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.)
On November 1, 2021, New Morning Bakery signed a $204,000, 6%, six-month note payable with the...
On November 1, 2021, New Morning Bakery signed a $204,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2022. New Morning Bakery should record which of the following adjusting entries at December 31, 2021? (Do not round your intermediate calculations.) Multiple Choice Debit Interest Expense and credit Cash, $2,040. Debit Interest Expense and credit Interest Payable, $2,040. Debit Interest Expense and credit Cash, $6,120. Debit Interest Expense and credit Interest...
B. $52,500 C. $48,500 D. $47,500 A $20,000, 9%, 3-month note payable was issued on November 1. If interest is paid at maturity, the adjusting entry on December 31 will include: 3. A debit to Interest Expense for $300. A debit to Interest Expense for $450. A credit to Interest Payable for $600. A credit to Interest Payable for $1,800 A. B. C. D. nt halances.
The following table includes five separate short-term note payable scenarios. Exercise 15-59 Calculating Accrued Interest Expense L04 Stated Rate Fiscal Year-End Accrued Interest at Fiscal Year-End Note Payable Issuance Date Term 1 2 3 4 5 $5,000 note payable September 1, 2020 $5,000 note payable September 30, 2020 $2,000 note payable November 1, 2020 $2,000 note payable November 30, 2020 $10,000 note payable May 31, 2020 6-month 6-month 3-month 3-month 12-month 6% 6% 8% 8% 10% December 31 December 31...
2) On November 1, 2018, The Bagel Factory signed a $100,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2019. The Bagel Factory should report interest payable at December 31, 2018, in the amount of B) $1,000 C) $2,000. D) $3,000. A) $0.
On July 1, Orcas Lab issued a $320,000, 12%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30? December 31 September 30
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