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Preparing Entries and Interest Schedule for Long-Term Note Receivable: Effective Interest Method On April 1, 2020,...
Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On April 1, 2020,...
Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On April 1, 2020, Mountain Company sold merchandise and received a $19,200, three-year, noninterest-bearing note. The market rate is 6%. Mountain Company has a March 31 year-end. The company uses the effective interest method to amortize any discount. Required Prepare all entries for Mountain Company over the note's term, including year-end adjustments. Note: Round amounts to the nearest whole dollar. Note: If multiple credits are required, list accounts...
Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On April 1, 2020,...
Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On April 1, 2020, Mountain Company sold merchandise and received a $21,600, three-year, noninterest-bearing note. The market rate is 8%. Mountain Company has a March 31 year-end. The company uses the effective interest method to amortize any discount. Required Prepare all entries for Mountain Company over the note's term, including year-end adjustments. Note: Round amounts to the nearest whole dollar. Note: If multiple credits are required, list accounts...
Recording Entries for Long-Term Note Receivable; Effective-Interest Method On January 1, 2020, Jacobs Company sells land...
Recording Entries for Long-Term Note Receivable; Effective-Interest Method On January 1, 2020, Jacobs Company sells land financed through a $72,000 note, issued by Andress Company. The note is a $72,000, 5%, annual interest-bearing note. Andress agrees to repay $72,000 proceeds on December 31, 2021. The prevailing interest rate on similar notes is 6%. Assume that the cost of the land is equal to the fair value of the note. Required Prepare all entries for Jacobs over the note term, including...
Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On July 1, 2020,...
Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On July 1, 2020, Stealth Company sold a machine (classified as inventory) that had a list price of $93,600. The customer paid $15,600 cash and signed a three-year, $78,000 note that specified a stated interest rate of 6%. Annual interest on the full amount of the principal is payable each June 30. The principal is payable on June 30, 2023. The market rate of interest for a note...
Recording Bond Entries and Preparing an Amortization Schedule-Effective Interest Method, Premium Mitchell Inc. issued 120, 6%,...
Recording Bond Entries and Preparing an Amortization Schedule-Effective Interest Method, Premium Mitchell Inc. issued 120, 6%, $1,000 bonds on January 1, 2020. The bonds pay cash interest annually each December 31 and were issued to yield 5%. The bonds mature December 31, 2024, and the company uses the effective interest method to amortize bond discounts or premiums. Required a. Determine the selling price of the bonds. Round amount to the nearest whole dollar. b. Prepare an amortization schedule for the...
Recording Bond Entries and Preparing an Amortization Schedule-Effective Interest Method, Premium Mitchell Inc. issued 42, 6%,...
Recording Bond Entries and Preparing an Amortization Schedule-Effective Interest Method, Premium Mitchell Inc. issued 42, 6%, $1,000 bonds on January 1, 2020. The bonds pay cash interest semiannually each June 30, and December 31, and were issued to yield 5%. The bonds mature December 31, 2024, and the company uses the effective interest method to amortize bond discounts or premiums. Required a. Determine the selling price of the bonds. Round amount to the nearest whole dollar. b. Prepare an amortization...
cCan someone let me know if this is correct? Recording Noninterest-Bearing Note Payable Entries First Choice...
cCan someone let me know if this is
correct?
Recording Noninterest-Bearing Note Payable Entries First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $32,000 to be paid one year from today. The equipment could be purchased for $29,091 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end....
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for...
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $12,000 to be paid one year from today. The equipment could be purchased for $10,909 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end. Amortize the discount on the note using the straight-line method. c. Payment of the...
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for...
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $12,000 to be paid one year from today. The equipment could be purchased for $10,909 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end. Amortize the discount on the note using the straight-line method. c. Payment of the...
Determining Sales and Interest Revenue using Long-term Note Receivable A four-year, $3,000, noninterest-bearing note was received...
Determining Sales and Interest Revenue using Long-term Note Receivable A four-year, $3,000, noninterest-bearing note was received by Willis Company for a credit sale. Assuming a market rate of 8%, determine (1) sales revenue recognized upon issuance of the note and (2) interest revenue recognized over the term of the note. Note: Round each answer to the nearest whole dollar. 1. Sales revenue 2. Interest revenue $
Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On April 1, 2020, Mountain Company sold merchandise and received a $19,200, three-year, noninterest-bearing note. The market rate is 6%. Mountain Company has a March 31 year-end. The company uses the effective interest method to amortize any discount. Required Prepare all entries for Mountain Company over the note's term, including year-end adjustments. Note: Round amounts to the nearest whole dollar. Note: If multiple credits are required, list accounts...
Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On April 1, 2020, Mountain Company sold merchandise and received a $21,600, three-year, noninterest-bearing note. The market rate is 8%. Mountain Company has a March 31 year-end. The company uses the effective interest method to amortize any discount. Required Prepare all entries for Mountain Company over the note's term, including year-end adjustments. Note: Round amounts to the nearest whole dollar. Note: If multiple credits are required, list accounts...
Recording Entries for Long-Term Note Receivable; Effective-Interest Method On January 1, 2020, Jacobs Company sells land financed through a $72,000 note, issued by Andress Company. The note is a $72,000, 5%, annual interest-bearing note. Andress agrees to repay $72,000 proceeds on December 31, 2021. The prevailing interest rate on similar notes is 6%. Assume that the cost of the land is equal to the fair value of the note. Required Prepare all entries for Jacobs over the note term, including...
Recording Bond Entries and Preparing an Amortization Schedule-Effective Interest Method, Premium Mitchell Inc. issued 120, 6%, $1,000 bonds on January 1, 2020. The bonds pay cash interest annually each December 31 and were issued to yield 5%. The bonds mature December 31, 2024, and the company uses the effective interest method to amortize bond discounts or premiums. Required a. Determine the selling price of the bonds. Round amount to the nearest whole dollar. b. Prepare an amortization schedule for the...
Recording Bond Entries and Preparing an Amortization Schedule-Effective Interest Method, Premium Mitchell Inc. issued 42, 6%, $1,000 bonds on January 1, 2020. The bonds pay cash interest semiannually each June 30, and December 31, and were issued to yield 5%. The bonds mature December 31, 2024, and the company uses the effective interest method to amortize bond discounts or premiums. Required a. Determine the selling price of the bonds. Round amount to the nearest whole dollar. b. Prepare an amortization...
cCan someone let me know if this is
correct?
Recording Noninterest-Bearing Note Payable Entries First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $32,000 to be paid one year from today. The equipment could be purchased for $29,091 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end....
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $12,000 to be paid one year from today. The equipment could be purchased for $10,909 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end. Amortize the discount on the note using the straight-line method. c. Payment of the...
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $12,000 to be paid one year from today. The equipment could be purchased for $10,909 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end. Amortize the discount on the note using the straight-line method. c. Payment of the...
Determining Sales and Interest Revenue using Long-term Note Receivable A four-year, $3,000, noninterest-bearing note was received by Willis Company for a credit sale. Assuming a market rate of 8%, determine (1) sales revenue recognized upon issuance of the note and (2) interest revenue recognized over the term of the note. Note: Round each answer to the nearest whole dollar. 1. Sales revenue 2. Interest revenue $
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