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#1. On 1 January 2017 Emerald Plc raised a 1-year 9% loan of $1,000,000 from overseas....
#1. On 1 January 2017 Emerald Plc raised a 1-year 9% loan of $1,000,000 from overseas....
#1. On 1 January 2017 Emerald Plc raised a 1-year 9% loan of $1,000,000 from overseas. Interests are accrued at 31 December (not evenly through the year) and paid when the loan is repaid on 1 January 2018. Part of the loan was spent immediately to purchase equipment for €700,000. The payment for the purchase was made on 01 February 2017 from $ bank account of Emerald Plc. The remaining part of the loan was kept at this bank account...
30. On September 30, 2017, Ericson Company negotiated a two-year, 1,000,000 dudek loan from a for-...
30. On September 30, 2017, Ericson Company negotiated a two-year, 1,000,000 dudek loan from a for- eign bank at an interest rate of 2 percent per year. It makes interest payments annually on Septem- ber 30 and will repay the principal on September 30, 2019. Ericson prepares U.S.-dollar financial statements and has a December 31 year-end. a. Prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for 1 dudek: September 30, 2017 December 31,...
Prepare the Income Statement Andy Fleming has been preparing his business's financial statements for the year ended 31 December 2017 The following balances have been extracted from the ledger acc...
Prepare the Income Statement
Andy Fleming has been preparing his business's financial statements for the year ended 31 December 2017 The following balances have been extracted from the ledger accounts at 31 December 2017 Bank loan Bank loan interest Cash at bank Carriage inwards Carriage outwards Commission received Drawings General expenses Inventory at 1 January 2017 Motor vehicles 18 400 645 391 1 056 637 845 17 885 12 470 11 730 35 600 16 500 62 450 3 620...
Set out below are the financial statements of Emcar plc. Income Statement for the year ended 31 December 2017 $'00...
Set out below are the financial statements of Emcar plc. Income Statement for the year ended 31 December 2017 $'000 Turnover 2,553 Cost of sales (1,814) Gross profit 739 25 Other Income: discount received Distribution costs Administrative expenses Finance cost (125) (264) (75) 300 Profit before tax Income tax expense Profit for the period 140 160 Statement of Financial Position as at 31 December 2017 2016 000.$ 000.$ Assets Non-current assets Property, plant and equipment Intangible assets Investments 380 305...
CL plc is a manufacturing business. Goods are transferred from the factory at a fixed percentage profit, which has...
CL plc is a manufacturing business. Goods are transferred from the factory at a fixed percentage profit, which has remained unchanged for some years. The directors provided the following information for the year ended 31 December 2017 Revenue Prime cost Factory overheads Distribution costs Administrative expenses Finance charges Work in progress at 1 January 2017 Inventory of finished goods at transfer price at 1 January 2017 Work in progress at 31 December 2017 Inventory of finished goods at transfer price...
On January 1, 2017, Eagle borrows $30,000 cash by signing a four-year, 7% installment note. The...
On January 1, 2017, Eagle borrows $30,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $8,857, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and final answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. View transaction list...
Problem 9-3A Sandhill Co. had the following assets on January 1, 2017. during 2017 each of...
Problem 9-3A Sandhill Co. had the following assets on January
1, 2017. during 2017 each of the assets was removed from service
the machinery was retired on January 1 the forklift for sold on
June 30 for $13,920 the truck was discarded on December 31
Problem 9-3A Sandhill Co. had the following assets on January 1, 2017. Useful Life (In years) Item Machinery Forklift Truck Salvage Value $ 0 Cost $82,360 34,800 38,744 Purchase Date Jan 1, 2007 Jan 1,...
On January 1, 2017, Eagle borrows $21,000 cash by signing a four-year, 5% installment note. The...
On January 1, 2017, Eagle borrows $21,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $5,922, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and final answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. Answer is not...
On January 1, 2017, Eagle borrows $30,000 cash by signing a four-year, 7% installment note. The...
On January 1, 2017, Eagle borrows $30,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $8,857, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and final answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. View transaction list...
5 % On January 1, 2017, Lock Corporation issued $1,800,000 face value, 1 10 -year bonds...
5 % On January 1, 2017, Lock Corporation issued $1,800,000 face value, 1 10 -year bonds at $1,667,518 This price resulted in an effective-interest rate of 6% on the bonds. Lock uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1. Instructions: (Round all computations to the nearest dollar.) (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2017. 01/01/14 Account title Account title Account title Amount...
#1. On 1 January 2017 Emerald Plc raised a 1-year 9% loan of $1,000,000 from overseas. Interests are accrued at 31 December (not evenly through the year) and paid when the loan is repaid on 1 January 2018. Part of the loan was spent immediately to purchase equipment for €700,000. The payment for the purchase was made on 01 February 2017 from $ bank account of Emerald Plc. The remaining part of the loan was kept at this bank account...
30. On September 30, 2017, Ericson Company negotiated a two-year, 1,000,000 dudek loan from a for- eign bank at an interest rate of 2 percent per year. It makes interest payments annually on Septem- ber 30 and will repay the principal on September 30, 2019. Ericson prepares U.S.-dollar financial statements and has a December 31 year-end. a. Prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for 1 dudek: September 30, 2017 December 31,...
Prepare the Income Statement
Andy Fleming has been preparing his business's financial statements for the year ended 31 December 2017 The following balances have been extracted from the ledger accounts at 31 December 2017 Bank loan Bank loan interest Cash at bank Carriage inwards Carriage outwards Commission received Drawings General expenses Inventory at 1 January 2017 Motor vehicles 18 400 645 391 1 056 637 845 17 885 12 470 11 730 35 600 16 500 62 450 3 620...
Set out below are the financial statements of Emcar plc. Income Statement for the year ended 31 December 2017 $'000 Turnover 2,553 Cost of sales (1,814) Gross profit 739 25 Other Income: discount received Distribution costs Administrative expenses Finance cost (125) (264) (75) 300 Profit before tax Income tax expense Profit for the period 140 160 Statement of Financial Position as at 31 December 2017 2016 000.$ 000.$ Assets Non-current assets Property, plant and equipment Intangible assets Investments 380 305...
CL plc is a manufacturing business. Goods are transferred from the factory at a fixed percentage profit, which has remained unchanged for some years. The directors provided the following information for the year ended 31 December 2017 Revenue Prime cost Factory overheads Distribution costs Administrative expenses Finance charges Work in progress at 1 January 2017 Inventory of finished goods at transfer price at 1 January 2017 Work in progress at 31 December 2017 Inventory of finished goods at transfer price...
On January 1, 2017, Eagle borrows $30,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $8,857, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and final answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. View transaction list...
Problem 9-3A Sandhill Co. had the following assets on January
1, 2017. during 2017 each of the assets was removed from service
the machinery was retired on January 1 the forklift for sold on
June 30 for $13,920 the truck was discarded on December 31
Problem 9-3A Sandhill Co. had the following assets on January 1, 2017. Useful Life (In years) Item Machinery Forklift Truck Salvage Value $ 0 Cost $82,360 34,800 38,744 Purchase Date Jan 1, 2007 Jan 1,...
On January 1, 2017, Eagle borrows $21,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $5,922, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and final answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. Answer is not...
On January 1, 2017, Eagle borrows $30,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $8,857, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and final answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. View transaction list...
5 % On January 1, 2017, Lock Corporation issued $1,800,000 face value, 1 10 -year bonds at $1,667,518 This price resulted in an effective-interest rate of 6% on the bonds. Lock uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1. Instructions: (Round all computations to the nearest dollar.) (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2017. 01/01/14 Account title Account title Account title Amount...
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