Homework Answers
| Truck (84,800*0.65873) | 55,860 | |
| Discount | 28,940 | |
| Notes payable | 84,800 | |
Comment if you face any issues
Thank you
Add Answer to:
Coronado Corporation purchased a truck by issuing an $84,800, 4-year, zero-interest-bearing note to Equinox Inc. The ma...
Carla Corporation purchased a truck by Issuing an $86,400,4-yea, zero-interest-bearing note to Equinox Inc. The market...
Carla Corporation purchased a truck by Issuing an $86,400,4-yea, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this mature 11%. Prepare the journal entry to record the purchase of this truck. (Round present value factor calculations to decimal places .g. 1.25124 and nalanswers to decimal places 5,275. Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no antry is required, elect"No Entry for the account titles and enter O...
Brief Exercise 10-05 Pearl Corporation purchased a truck by issuing an $86,400, 4-year, zero-interest-bearing note to...
Brief Exercise 10-05 Pearl Corporation purchased a truck by issuing an $86,400, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 11% Prepare the journal entry to record the purchase of this truck. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimalplaces, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select...
Bref Exercise 10-05 Martinez Corporation purchased a truck by issuing an $110,400, 4 year, zero-interest-bearing note...
Bref Exercise 10-05 Martinez Corporation purchased a truck by issuing an $110,400, 4 year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 9%. Prepare the journal entry to record the purchase of the truck (Round present value factor calculations te decimal places 1.25124 and final answers to decimal places 5.275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry...
Teal Corporation purchased a truck by issuing an $116,800, 4-year, zero-interest-bearing note to Equinox Inc. The...
Teal Corporation purchased a truck by issuing an $116,800, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck
Ayayai Corporation purchased a truck by issuing an $110,400, 4-year, zero-interest-bearing note to Equinox Inc. The...
Ayayai Corporation purchased a truck by issuing an $110,400, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 9%. Prepare the journal entry to record the purchase of this truck
On December 31, 2017, BLANK Company borrowed $67,008 from BLANK Bank, signing a 5-year, $103,100 zero-interest-bearing...
On December 31, 2017, BLANK Company borrowed $67,008 from BLANK
Bank, signing a 5-year, $103,100 zero-interest-bearing note. The
note was issued to yield 9% interest. Unfortunately, during 2019,
BLANK company began to experience financial difficulty. As a
result, at December 31, 2019, BLANK Bank determined that it was
probable that it would receive back only $77,325 at maturity. The
market rate of interest on loans of this nature is now 10%.
Prepare the entry to record the issuance of the...
On December 31, 2020, Bridgeport Company borrowed $69,348 from Paris Bank, signing a 5-year, $106,700 zero-interest-bearing...
On December 31, 2020, Bridgeport Company borrowed $69,348 from Paris Bank, signing a 5-year, $106,700 zero-interest-bearing note. The note was issued to yield 9% interest. Unfortunately, during 2022, Bridgeport began to experience financial difficulty. As a result, at December 31, 2022, Paris Bank determined that it was probable that it would receive back only $80,025 at maturity. The market rate of interest on loans of this nature is now 10%. Prepare the entry to record the issuance of the loan...
All the account spaces must be filled. Skysong Corporation issued a 4-year, $40,000, zero-interest-bearing note to...
All the account spaces must be filled.
Skysong Corporation issued a 4-year, $40,000, zero-interest-bearing note to Garcia Company on January 1, 2020, and received cash of $40,000. In addition, Skysong agreed to sell merchandise to Garcia at an amount less than regular selling price over the 4-year period. The market rate of interest for similar notes is 11%. Prepare Skysong Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and final answer to...
On December 31, 2020, Coronado Company acquired a computer from Plato Corporation by issuing a $569,000...
On December 31, 2020, Coronado Company acquired a computer from Plato Corporation by issuing a $569,000 zero-interest-bearing note, payable in full on December 31, 2024. Coronado Company's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a $65,000 salvage value. Prepare the journal entry for the purchase on December 31, 2020. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the...
Kingbird Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2020, to expand its prod...
Kingbird Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2020, to expand its production capacity to meet customers' demand for its product. Kingbird issues a(n) $400.000.5-year, zero-interest-bearing note to Central Michigan for the new equipment when the prevailing market rate of interest for obligations of this nature is 12%. The company will pay off the note in five $80,000 installments due at the end of each year over the life of the note. Prepare the...
Carla Corporation purchased a truck by Issuing an $86,400,4-yea, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this mature 11%. Prepare the journal entry to record the purchase of this truck. (Round present value factor calculations to decimal places .g. 1.25124 and nalanswers to decimal places 5,275. Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no antry is required, elect"No Entry for the account titles and enter O...
Brief Exercise 10-05 Pearl Corporation purchased a truck by issuing an $86,400, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 11% Prepare the journal entry to record the purchase of this truck. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimalplaces, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select...
Bref Exercise 10-05 Martinez Corporation purchased a truck by issuing an $110,400, 4 year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 9%. Prepare the journal entry to record the purchase of the truck (Round present value factor calculations te decimal places 1.25124 and final answers to decimal places 5.275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry...
On December 31, 2017, BLANK Company borrowed $67,008 from BLANK
Bank, signing a 5-year, $103,100 zero-interest-bearing note. The
note was issued to yield 9% interest. Unfortunately, during 2019,
BLANK company began to experience financial difficulty. As a
result, at December 31, 2019, BLANK Bank determined that it was
probable that it would receive back only $77,325 at maturity. The
market rate of interest on loans of this nature is now 10%.
Prepare the entry to record the issuance of the...
All the account spaces must be filled.
Skysong Corporation issued a 4-year, $40,000, zero-interest-bearing note to Garcia Company on January 1, 2020, and received cash of $40,000. In addition, Skysong agreed to sell merchandise to Garcia at an amount less than regular selling price over the 4-year period. The market rate of interest for similar notes is 11%. Prepare Skysong Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and final answer to...
On December 31, 2020, Coronado Company acquired a computer from Plato Corporation by issuing a $569,000 zero-interest-bearing note, payable in full on December 31, 2024. Coronado Company's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a $65,000 salvage value. Prepare the journal entry for the purchase on December 31, 2020. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the...
Kingbird Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2020, to expand its production capacity to meet customers' demand for its product. Kingbird issues a(n) $400.000.5-year, zero-interest-bearing note to Central Michigan for the new equipment when the prevailing market rate of interest for obligations of this nature is 12%. The company will pay off the note in five $80,000 installments due at the end of each year over the life of the note. Prepare the...
Most questions answered within 3 hours.
-
Can someone’s personality be classically conditioned? Why or why
not?
asked 6 minutes ago -
A 70g steam sample at 150C was converted to ice at
150C.Calculate the total amount of...
asked 10 minutes ago -
A stretched string has a mass per unit length of 3.91 g/cm and a
tension of...
asked 12 minutes ago -
QUESTION 1 (30 marks)
Jo-Anne just bought 200 bonds at a purchase price of R1 043.70...
asked 13 minutes ago -
•How many N atoms would be present in 0.378 moles of
N2O?
•2. If you have...
asked 16 minutes ago -
1. Answer A-D having to do with Ohm's Law:
A. What is the resistance of a...
asked 40 minutes ago -
Question :1 (40%, 8% per sub question)
A firm is evaluating two mutually exclusive projects that...
asked 53 minutes ago -
Acme Company insured its building on a replacement cost basis
for $700,000 under a property insurance...
asked 53 minutes ago -
Suppose 4.8 g of zinc is treated with 7.4 g of pure hydrogen
chloride. What is...
asked 1 hour ago -
In an effort to cut down on garbage, Custodial Staff remove all
the garbage/recycling/compost cans from...
asked 1 hour ago -
Access control is an important function in data security.
Specifically, tell me why access control is...
asked 1 hour ago -
In the "Go" button add 15 random numbers in the array using a
random number generator....
asked 1 hour ago