On December 1, 2016 fine dining products borrowed $88000 on a 11%, 8 note with annual...
Homework Answers
Solution:
Current portion of long term note payable = Principal amount to be paid with in 1 year = $11,000
Therefore $11,000 will be shown as current portion of Long term Note Payable on the balance sheet as of December 31, 2016
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December 1, 2016 fine dining products borrowed $88000 on a 11%, 8
note with annual...
On December 1, 2018, Modern Dining Products borrowed $97,000 on a 77%, 10−year note with annual...
On December 1, 2018, Modern Dining Products borrowed $97,000 on a 77%, 10−year note with annual installment payments of $9,700 plus interest due on December 1 of each succeeding year. On December 1, the principal amount was recorded as a long−term note payable. What amount of the note payable will be shown as current portion of Long-Term Note Payable on the balance sheet as of December 31, 2018? (Round your answer to nearest whole number.)
is Question: 1 pt 2 of 20 This Quiz: 20 pts possible $ In December 1,...
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Entries for Installment Note Transactions
On the first day of the fiscal year, Shiller Company borrowed
$36,000 by giving a four-year, 8% installment note to Soros Bank.
The note requires annual payments of $10,942, with the first
payment occurring on the last day of the fiscal year. The first
payment consists of interest of $2,880 and principal repayment of
$8,062.
Journalize the entries to record the following:
a1. Issued the installment note for
cash on the first day of the fiscal...
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Assume that on December 1, 2015, your company borrowed $25,500, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2016, $3,400; 2017, $5,100; 2018, $6,800; and 2019, $10,200. Show how this loan will be reported in the December 31, 2016 and 2015 balance sheets, assuming that principal payments will be made when required. Balance Sheet (Partial) As of December 31 2016 2015 $ $ Current Liabilities Current...
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Problem 7-9 Sheffield Inc. had the following long-term receivable account balances at December 31, 2016. Note receivable from sale of division $1,800,000 Note receivable from officer 421,000 Transactions during 2017 and other information relating to Sheffield's long-term receivables were as follows The $1,800,000 note receivable Company. Principal payments of $600,000 plus appropriate interest are due on May 1, 2017, 2018, and 2019. The first principal and interest payment was made on May 1, 2017. Collection of the note installments is...
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is Question: 1 pt 2 of 20 This Quiz: 20 pts possible $ In December 1, 2018, Modern Dining Products borrowed $90,000 on a 9%, 8-year note with annual installment payments of $11,250 plus interest due on December 1 each succeeding year. On December 1, the principal amount was recorded as a long-term note payable. What amount of the note payable will be shown as current portion of Long-Term Note Payable on the balance sheet as of December 31, 2018?...
On November 1, 2014, EZ Products borrowed $48,000 on a 5%, 10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year. On December 31, 2015, what will the balance be in the account titled Long-term notes payable? $38,400 O$48,000 $43,200 $4,800
Discussion questions for "Chapter 1 1) On July 1, 2013, Avery Services issued a 4% long-term note payable for $10,000. It is payable over a 5-year term in $2,000 principal installments on July 1 of each year. Which of the following entries needs to be made at July 1, 2013 to reclassify the current portion of the note? A) Long-term notes payable 2,000 Cash 2,000 B) Current portion of long-term notes payable 2,000 Long-term notes payable 2,000 C) Long-term notes...
Entries for Installment Note Transactions
On the first day of the fiscal year, Shiller Company borrowed
$36,000 by giving a four-year, 8% installment note to Soros Bank.
The note requires annual payments of $10,942, with the first
payment occurring on the last day of the fiscal year. The first
payment consists of interest of $2,880 and principal repayment of
$8,062.
Journalize the entries to record the following:
a1. Issued the installment note for
cash on the first day of the fiscal...
Assume that on December 1, 2015, your company borrowed $25,500, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2016, $3,400; 2017, $5,100; 2018, $6,800; and 2019, $10,200. Show how this loan will be reported in the December 31, 2016 and 2015 balance sheets, assuming that principal payments will be made when required. Balance Sheet (Partial) As of December 31 2016 2015 $ $ Current Liabilities Current...
Problem 7-9 Sheffield Inc. had the following long-term receivable account balances at December 31, 2016. Note receivable from sale of division $1,800,000 Note receivable from officer 421,000 Transactions during 2017 and other information relating to Sheffield's long-term receivables were as follows The $1,800,000 note receivable Company. Principal payments of $600,000 plus appropriate interest are due on May 1, 2017, 2018, and 2019. The first principal and interest payment was made on May 1, 2017. Collection of the note installments is...
Ivanhoe Company borrowed $303,000 on January 1, 2020, by issuing a $303,000, 10% mortgage note payable. The terms call for annual installment payments of $44,000 on December 31 Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not in Account Titles and Explanation Debit Credit Date LINK ΤO ΤEXT Indicate the amount of mortgage note payable to be reported as a current liability...
Problem 7-9 Teal Inc. had the following long-term receivable account balances at December 31, 2016 Note receivable from sale of division Note receivable from officer Transactions during 2017 and other information relating to Teal's long-term receivables were as follows. 1. The $1,200,000 note receivable is dated May 1, 2016, bears interest at 10%, and represents the balance of the consideration received from the sale of Teal's electronics $1,200,000 437,000 division to New York Company. Principal payments of $400,000 plus appropriate...
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