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On June 1, 2018, Dirty Harry Co. borrowed cash by issuing a 6-month noninterest-bearing note with...
bearing note with a maturity value of $500,000 and a discount rate of 6%. Assuming straight-line amortization of the discount, what is the carrying value of the note as of September 30, 2021? (Round all calculations to the nearest whole dollar amount.) Multiple Choice $525,000. $300,000. $495,000. $475,000.
On September 1, 2018, Hiker Shoes issued a $104,000, 8-month, noninterest-bearing note. The loan was made by Second Commercial Bank where the stated discount rate is 7%. Hiker's effective interest rate on this loan (rounded) is: (Do not round intermediate calculations. Round your final answer to two decimal places, e.g., .1234 as 12.34%.) Multiple Choice Ο 700%. Ο 734%. Ο 7.26%. Ο 727%.
3. Brown Corp borrowed $10 million and issued a 9-month, noninterest-bearing note on Oct. 31, 2018. The loan was made by US Bankcorp. Interest was discounted at issuance at an 9% discount rate. What is the annual effective interest rate on this loan?
6) Jane's Donut Co. borrowed $200,000 on September 1, 2018, and signed a one-year note bearing interest at 12%. Interest is payable in full at maturity on September 1, 2019. In connection with this note, Jane's should report interest expense at December 31, 2018, in the amount of:
On October 31, 2011, Simeon Builders borrowed $16 million cash and issued a 7-month, noninterest-bearing note. The loan was made by Star Finance Co. whose stated discount rate is 8%. Sky's effective interest rate on this loan is: (Explain how you got the answer) a) More than the stated discount rate of 8% b) Less than the stated discount rate of 8% c) Equal to the stated discount rate of 8% Please also explain how you came to your answer
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....
Brown Corp. borrowed 100,000 on Oct. 1, 2018 and signed a 12 month note bearing interest at 6 %. Interest is payable in full at maturity on Sep. 30, 2019. Brown Corp should report interest payable at Dec. 31,2018 in the amount of journal entry to record the accrued liability:
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...
Jane's Donut Co. borrowed $193,000 on January 1, 2021, and signed a two-year note bearing interest at 9%. Interest is payable in full at maturity on January 1, 2023. In connection with this note, Jane's should report interest expense at December 31, 2021, in the amount of: Multiple Choice $34,740. $17,370. $36,824. $0.
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...