Homework Answers
Answer 1: 205000 * 12% * 2/12=$4100 (Interest for Nov & Dec)
=B. $4100
Answer 2:160000 * 8% * 4/12=$4267 (Interest for Sep,Oct,Nov & Dec)
=C. Debit interest expense $4267
Answer 3: C. $7 million current liability and $28 million long term liability
Answer 4: Tax= 16.1 * 8/108= 1.19, For lunch = 16.1 * 100/108= 14.91
= C. $14.91 for lunch and $1.19 for sales tax
Answer 5: D. As a liability for $300000 with disclosure of the range
Answer 6: (4000000*2%) - 54000 = 26000
= C. $26000
Add Answer to:
The Pita Pit borrowed $205,000 on November 1, 2021, and signed a six-month note bearing Interest at 12%. Principal...
The Pita Pit borrowed $198,000 on November 1, 2021, and signed a six-month note bearing interest...
The Pita Pit borrowed $198,000 on November 1, 2021, and signed a six-month note bearing interest at 12%. Principal and interest are payable in full at maturity on May 1, 2022. In connection with this note, The Pita Pit should report interest expense at December 31, 2021, in the amount of: (Do not round your intermediate calculations.) Multiple Choice $0. $3,960. $11,880. $23,760. This is the last question in the assignment. To submit, use Alt + Shift + S. To...
On September 1, 2021, Daylight Donuts signed a $160,000, 10%, six-month note payable with the amount...
On September 1, 2021, Daylight Donuts signed a $160,000, 10%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2022. Daylight Donuts records the appropriate adjusting entry for the note on December 31, 2021. In recording the payment of the note plus accrued interest at maturity on March 1, 2022, Daylight Donuts would: (Do not round your intermediate calculations.) Multiple Choice Debit Interest Expense, $8,000. Debit Interest Expense, $5,333. Debit Interest Payable,...
On November 1, 2021, New Morning Bakery signed a $204,000, 6%, six-month note payable with the...
On November 1, 2021, New Morning Bakery signed a $204,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2022. New Morning Bakery should record which of the following adjusting entries at December 31, 2021? (Do not round your intermediate calculations.) Multiple Choice Debit Interest Expense and credit Cash, $2,040. Debit Interest Expense and credit Interest Payable, $2,040. Debit Interest Expense and credit Cash, $6,120. Debit Interest Expense and credit Interest...
Universal Travel, Inc. borrowed $494,000 on November 1, 2021, and signed a twelve-month note bearing interest...
Universal Travel, Inc. borrowed $494,000 on November 1, 2021, and signed a twelve-month note bearing interest at 6%. Principal and interest are payable in full at maturity on October 31, 2022. In connection with this note, Universal Travel, Inc. should report interest payable at December 31, 2021, in the amount of
On November 1, 2021, New Morning Bakery signed a $207,000, 6%, six-month note payable with the...
On November 1, 2021, New Morning Bakery signed a $207,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2022. New Morning Bakery records the appropriate adjusting entry for the note on December 31, 2021. What amount of cash will be needed to pay back the note payable plus any accrued interest on May 1, 2022? (Do not round your intermediate calculations.) Multiple Choice $208,035. $212,175. $207,000. $213,210.
Jane's Donut Co. borrowed $193,000 on January 1, 2021, and signed a two-year note bearing interest...
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.
22) Universal Travel Inc. borrowed $500,000 on November 1, 2021, and signed a 12- hole bearing...
22) Universal Travel Inc. borrowed $500,000 on November 1, 2021, and signed a 12- hole bearing interest at 6%. Interest is payable is full y on October 31, 2022. Prepare the journal entries for 1. the issuance of the mote and the interest December 31, 2021 that Universal Travel Inc. (Round your final answer to the nearest woke dollar.) | v 1 2021 Debit Credit Dec. 31, 2021 23) Branch Corporation issued $15 million of commercial paper on March 1...
On December 1 2021 Old World Delisigned a $300,000.5% six-month note payable with the amount borrowed...
On December 1 2021 Old World Delisigned a $300,000.5% six-month note payable with the amount borrowed plus accrued interest due six months later on June 1, 2022. Old World Derecords the propriate ad usting entry for the note on December 31, 2021. What amount of cash will be needed to pay back the note payable plus any accrued interest on ne 12022 Ο 5οοοοο Ο οικια Ο Σοχο Ο Ο 07soo Match the following: Activity based method Declining balance method...
On January 1, 2021, Byner Company purchased a used tractor. Byner paid $4,000 down and signed a noninterest-bearing note requiring $33,000 to be paid on December 31, 2023. The fair value of the tractor is not determinable. An interest rate of 12% properly
On January 1, 2021, Byner Company purchased a used tractor. Byner paid $4,000 down and signed a noninterest-bearing note requiring $33,000 to be paid on December 31, 2023. The fair value of the tractor is not determinable. An interest rate of 12% properly reflects the time value of money for this type of loan agreement. The company’s fiscal year-end is December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of...
At the end of 2022, the following information is available for Great Adventures. Additional interest for...
At the end of 2022, the following information is available for
Great Adventures.
Additional interest for five months needs to be accrued on the
$30,000, 6% loan obtained on August 1, 2021. Recall that annual
interest is paid each July 31.
Assume that $10,000 of the $30,000 loan discussed above is due
next year.
By the end of the year, $20,000 in gift cards have been
redeemed. The company had sold gift cards of $25,000 during the
year and recorded...
22) Universal Travel Inc. borrowed $500,000 on November 1, 2021, and signed a 12- hole bearing interest at 6%. Interest is payable is full y on October 31, 2022. Prepare the journal entries for 1. the issuance of the mote and the interest December 31, 2021 that Universal Travel Inc. (Round your final answer to the nearest woke dollar.) | v 1 2021 Debit Credit Dec. 31, 2021 23) Branch Corporation issued $15 million of commercial paper on March 1...
On December 1 2021 Old World Delisigned a $300,000.5% six-month note payable with the amount borrowed plus accrued interest due six months later on June 1, 2022. Old World Derecords the propriate ad usting entry for the note on December 31, 2021. What amount of cash will be needed to pay back the note payable plus any accrued interest on ne 12022 Ο 5οοοοο Ο οικια Ο Σοχο Ο Ο 07soo Match the following: Activity based method Declining balance method...
At the end of 2022, the following information is available for
Great Adventures.
Additional interest for five months needs to be accrued on the
$30,000, 6% loan obtained on August 1, 2021. Recall that annual
interest is paid each July 31.
Assume that $10,000 of the $30,000 loan discussed above is due
next year.
By the end of the year, $20,000 in gift cards have been
redeemed. The company had sold gift cards of $25,000 during the
year and recorded...
Most questions answered within 3 hours.
-
Python Program: Design the logic for and implement a program
that merges the two files into...
asked 12 minutes ago -
Human relations refer to the way a company arranges people,
jobs, and communications so that work...
asked 13 minutes ago -
The specific radiocarbon activity of a sample of wood is 6.25
gms dpm/gm of carbon. The...
asked 17 minutes ago -
An aqueous magnesium chloride solution is made by dissolving
6.96 moles of MgCl2 in sufficient water...
asked 19 minutes ago -
Ken believes the average age of men who come to get a haircut at
his barber...
asked 41 minutes ago -
(Ratio Analysis): Last year Co. XYZ had sales of $ 400,000, with
“cost of goods sold”...
asked 50 minutes ago -
can someone please write the balanced chemical
equation for the synthesis of Bromoacetanilide
from;
aniline +...
asked 46 minutes ago -
1. If a corporation purchases land and building and subsequently
tears down the building and uses...
asked 57 minutes ago -
Consider a 23-year bond with 7 percent annual coupon payments.
The market rate (YTM) is 6.4...
asked 1 hour ago -
a tuba creates a 4th harmonic of frequency 116.5 Hz. what is the
frequency of the...
asked 1 hour ago -
A coconut mass 2kg falls from a 30m tall tree. The coconut falls
and comes to...
asked 1 hour ago -
Group Policies
Research GROUP POLICY OBJECTS (GPO'S)
You can start in the Windows Server 2012 eBook...
asked 1 hour ago