We need to know how it will be reported on December 31, 2020 balance sheet
Let us know the outstanding as on that date
Opening Balance $ 354,000
First instalment paid on January 1, 2020 $ 71,000
Outstanding as on December 31, 2020 = $ 283,000
Out of this $ 283,000, $ 71,000 (second instalment) is due within one year and balance $ 212,000 is Long term debt.
Current Attempt in Progress Blossom Company issued a five-year interest-bearing note payable for $354000 on January...
Reforged purchased equipment on January 2, 2019. They issued a $500,000, five-year, non-interest bearing note to C9 Equipment for the new equipment when the market rate of interest for similar transactions was 8%. The company will pay of the note in five $100,000 installments that are due at the end of each year over the life of the note. Needed: a) Prepare an effective interest amortization table for the note for the five-year period. b) Prepare the entries for the...
Current Attempt in Progress On January 1,2020, Blossom Corporation issued $730,000,6%, 10-year bonds at face value. Interest is payable annually on anuary 1. Blossom Corporation has a calendar year end. Prepare all entries related to the bond issue for 2020. (Credit account titles are automatically indented when the amount is entered. D not indent manualy) 2020 Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts & 5 6 3 P Y м L K G H N...
Current Attempt In Progress Blossom Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Blossom Company show the following data: 2021 2020 2019 port Income statement: Sales Cost of goods sold Operating expenses Balance sheet: Merchandise inventory $340,000 233,000 79,000 $325,000 230,000 79,000 $360,000 276,000 79,000 56,000 46,000 35,000 After its July 31, 2021 year end, Blossom discovered two errors: 1. At July 31, 2020, Blossom had $10,000 of goods held on...
Madison Company issued an interest-bearing note payable with a face value of $25,200 and a stated interest rate of 8% to Metropolitan Bank on August 1, Year 1. The note carried a one-year term. Based on this information alone, what is the amount of cash flow from operating activities reported on Madison’s Year 1 statement of cash flows?
Madison Company issued an interest-bearing note payable with a face value of $11,400 and a stated interest rate of 8% to Metropolitan Bank on August 1, Year 1. The note carried a one-year term. Based on this information alone, what is the amount of cash flow from operating activities reported on Madison’s Year 1 statement of cash flows? $0 $912 $11,400 $380
2057283 nada ng Weekly View Policies Current Attempt in Progress Blossom Company has a July 31 fiscal year end and uses a perpetual Inventory system. The records of Blossom Company show the following data lons 2021 2020 2019 Support Income statement: Sales Cost of goods sold Operating expenses Balance sheet: Merchandise inventory $340,000 233,000 79,000 $325,000 230,000 79,000 $360,000 276,000 79.000 56,000 46,000 35,000 After its July 31, 2021. year end, Blossom discovered two errors 1. At July 31, 2020,...
Question 1 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. On January 1, 2017, Sandhill Co., a calendar-year company, issued $2320000 of notes payable, of which $580000 is due on January 1 for each of the next four years. The proper balance shee presentation on December 31, 2017, is: Current liabilities, $2320000. Long-term debt, $2320000. Current liabilities, $580000; Long-term Debt, $1160000. Current liabilities, $580000; Long-term Debt, $1740000. e Textbook and Media Attempts: 2 of...
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Classifying Debt On December 31, 2020, Millers Grocery Inc. had a 10 year, 7 note payable balance of $100,000. The note payable was originally issued on June 30, 2011. The company will issue its financial statements on March 15, 2021 How will the note payable in each of the following separate scenarios be classifed on the balance sheet of Millers Grocery on December 31, 20207 a. The company intends to pay off the note payable when it comes due b....
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