Expert Corporation secured a one-year bank loan of P4,000,000 on October 1,2009.The loan is discounted at...
Expert Corporation secured a one-year bank loan of P4,000,000 on October 1,2009.The loan is discounted at 10%.The Corporation signed a note for the loan and pledged P5,000,000 of its accounts receivable as collateral for the same. The accounting period of the corporation ends on December 31.
(a) Prepare all entries,including adjust from the date
from the date of loan up tp the date of maturity.
(b) Balance Sheet presentation of the bank loan with an adequate
disclosure on December 31,2009.
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Expert Corporation secured a one-year bank loan of
P4,000,000 on October 1,2009.The loan is discounted at...
The following is selected information from J Corporation for the fiscal year ending October 31, 2008....
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14. The following is selected information from J Corporation for the fiscal year ending October...
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Abardeen Corporation borrowed $114,000 from the bank on October 1. Year 1. The note had an 4 percent annual rate of interest and matured on March 31, Year 2. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in Year 1? b. What amount of interest expense was recognized on the Year 1 income statement? (Do not round intermediate calculations. Round your answer to the nearest dollar...
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Abardeen Corporation borrowed $52.000 from the bank on October 1, 2018. The note had an 10...
Abardeen Corporation borrowed $52.000 from the bank on October 1, 2018. The note had an 10 percent annual rate of Interest and matured on March 31, 2019. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for Interest in 2018? b. What amount of Interest expense was recognized on the 2018 Income statement? c. What amount of total liabilities was reported on the December 31, 2018, balance sheet? d....
Can you check my work? Abardeen Corporation borrowed $74,000 from the bank on October 1, 2018....
Can you check my work?
Abardeen Corporation borrowed $74,000 from the bank on October 1, 2018. The note had an 6 percent annual rate of interest and matured on March 31, 2019. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in 2018? b. What amount of interest expense was recognized on the 2018 income statement? c. What amount of total liabilities was reported on the December...
Question 16 Note 1. One April 1 of the current year warren corporation received $30,000, 10...
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Abardeen Corporation borrowed $114,000 from the bank on October 1. Year 1. The note had an 4 percent annual rate of interest and matured on March 31, Year 2. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in Year 1? b. What amount of interest expense was recognized on the Year 1 income statement? (Do not round intermediate calculations. Round your answer to the nearest dollar...
Abardeen Corporation borrowed $125,000 from the bank on October 1, 2018. The note had an 8 percent annual rate of interest and matured on March 31, 2019. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in 2018? b. What amount of interest expense was recognized on the 2018 income statement? c. What amount of total liabilities was reported on the December 31, 2018, balance sheet? d....
Abardeen Corporation borrowed $105,000 from the bank on October 1, 2018. The note had an 7 percent annual rate of interest and matured on March 31, 2019. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in 2018? b. What amount of interest expense was recognized on the 2018 income statement? c. What amount of total liabilities was reported on the December 31, 2018, balance sheet? d....
Abardeen Corporation borrowed $52.000 from the bank on October 1, 2018. The note had an 10 percent annual rate of Interest and matured on March 31, 2019. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for Interest in 2018? b. What amount of Interest expense was recognized on the 2018 Income statement? c. What amount of total liabilities was reported on the December 31, 2018, balance sheet? d....
Can you check my work?
Abardeen Corporation borrowed $74,000 from the bank on October 1, 2018. The note had an 6 percent annual rate of interest and matured on March 31, 2019. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in 2018? b. What amount of interest expense was recognized on the 2018 income statement? c. What amount of total liabilities was reported on the December...
help, urgent
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $20.0 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $3.2 million with Parish Bank under the line of credit agreement. Interest at the prime rate of...
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