shall be paid on September 15, 20X2. Find the final amount at the end of the load period.(Use banker's rule)
Q: Directions: Establish the following T-Accounts. Write your answers on a separate sheet of paper. Mas...
A: The t-accounts are prepared to record the transactions to specific accounts and find the final balan...
Q: A company's accounting year ends on 31st December 2021. During the year the company paid a salary of...
A: Accounting is the process of recording financial transactions that are material to the business. It ...
Q: The company’s pension plan is managed by Castle Fund Managers, a leading provider of pension servic...
A: a) Asset allocation is the most important stage of creating and measuring your investment portfolio....
Q: KALIBO CORP. prepared the following absorption-costing income statement for the year ended May 31, 2...
A: The income statement is prepared to record the revenues and expenses of the current period and furth...
Q: 1) How does management measure and report the results of discontinued operations?
A: Discontinued operations in financial accounting refer to sections of a company's primary business or...
Q: Common-size and trend percents for Rustynail Company's sales, cost of goods sold, and expenses follo...
A: Net Profits: The net profits are the amounts arises where the overall incomes earned are higher than...
Q: 1.) On January 1, 2007, Red Velvet Co. issued its 10% bonds in the face amount of P3,000,000, which ...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: Calculate the amount of the annual rental payment required. (Round present value factor calculations...
A: The question is based on the concept of Financial Accounting.
Q: The ledger of Mai Company includes the following accounts with normal balances as of December 31: Co...
A:
Q: An invoice amounting to P20,000 dated Feb , had the following terms, 5/10, 3/20, n/30. Compute the d...
A: Note: 5/10, n/30: Here, 5 represents the discount rate if payment is made within ten days. And if pa...
Q: 6. For the year ended December 31, 2021, Haar Inc. reported the following: Net income $300,000 Prefe...
A:
Q: ABC Co. paid salary $2,000 in cash. What would be the impact of this transaction on the accounting e...
A: Accounting equation forms the basic of accounting as it is considered as the foundation of business ...
Q: A company sells a product which has a unit sales price of $65, unit variable cost of $45 and total f...
A: Contribution per unit = Selling price per unit - Variable cost per unit Break-even point ( in units ...
Q: Instructions: 1. Compute the estimated cost of ending inventory using the conservative approach 2. C...
A: Particulars Cost Retail Beginning inventory 650,000 1,200,000 Add: Net Purchases (Purchase - Pu...
Q: On 1/1/21, Ehrlich Co. issued 4 year bonds with a face value of $700,000. The stated (bond) rate is ...
A:
Q: What type of projects does the Payback method favor?
A: Payback method: It implies to a method of evaluating investment projects by computing the time, it t...
Q: The primary objective of financial reporting is to provide information . In an ethical manner. To...
A: The objective of financial reporting is to give information about financial performance and financia...
Q: Cost of long-term asset = $50,000 Accumulated Depreciation = S25,000 Sales price of L-T asset = $30,...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: Indicate with a check mark whether each of the following would be a product cost or a period cost un...
A: Product cost is any cost incurred for the production of the products , thus all costs up to the time...
Q: Determine the best alternatives for a government project with the following data: PROJECT A B C ...
A: Incremental ratio means ratio show that what is extra profit compare to other project. Following is ...
Q: The Performing Arts Club at your school wants to build a music studio. The studio would be available...
A: Financing small projects require low investments. There are various ways to fund small projects i.e....
Q: Tempura Company produces 2,000 parts each year that are used in one of its products. The unit cost o...
A: An accounting method which determines the value of profit which is realized from a operations of bus...
Q: The following data have been taken from the records of a company: 200,000 Production in units during...
A: Variable Costing - In this costing method, variable costs are considered while preparing the cost of...
Q: Claremont Company sells refurbished coplers. During the month, the company sold 175 coplers at an av...
A: The budgeted sales can be calculated by multiplying expected sales by the average price per copy.
Q: Common-size and trend percents for Rustynail Company's sales, čost of goous Common-Size Percents 1 Y...
A: Net Income- The net income is the amount left over after all deductions have been made. The transact...
Q: Miles purchased a used piece of equipment (7-year property) in 2017 for $82.000. He did not elect tn...
A: Half year convention means depreciation will be calculated for half year in the year of purchase and...
Q: Gansac Publishing Company signed a contract with an author to publish her book. The signing took pla...
A:
Q: Antonio Melton, the chief executive officer of Melton Corporation, has assembled his top advisers to...
A: The question is based on the concept of Financial Management. Net present value is the difference be...
Q: Following are the individual financial statements for Gibson and Davis for the year ending December ...
A: A consolidated income statement reports expenses,revenue and income of a parent company and those of...
Q: Question text Under IFRS, which of the following statements is true regarding accounting for defined...
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...
Q: Kuzio Corporation produces and sells a single product. Data concerning that product appear below: Pe...
A: Cost volume profit analysis is the technique used by the management for decision-making. The methods...
Q: The Tiger Jungle Company produces two different styles of jeans, Waking Life and Slacker Life. The c...
A: Total units to be produced=Expected units to be sold+Desired ending inventory-Beginning inventory
Q: S1 Bond investments classified and accounted for as financial asset at amortized cost are recognized...
A:
Q: On 1 July 2015 a plant is acquired at a cost of S6 million. The asset is to be depreciated using the...
A: Impairment loss is the decrease in the value of asset with the help of carrying amount and recoverab...
Q: company has annual credit sales of €10 million, and a cost of capital of 7%. At present the company'...
A: In this question, we have to find out the discount scheme of the company's profit and loss.
Q: A mother borrowed P200.000 with 2% interest monthly and promised to pay the amount in 30 equal month...
A: EMI or Equated monthly installment is an arrangement entered between the lending institution and the...
Q: Multiple Cholce $415,000. $56,814. $204,636. $210,364. $153,550.
A: Solution.. Fixed cost = $153,550 Contribution margin ratio = 37% Break even sales revenue = ?
Q: Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below: ...
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get...
Q: The primary objective of financial reporting is to provide information?
A: The primary objective of financial reporting is to provide information relating to financial positio...
Q: On January 1, 2020, Blossom Limited had shares outstanding as follows: 5% cumulative preferred shar...
A: Earnings per share represent the value of earnings available for each share outstanding over the per...
Q: Negotiation Agreement) is considered as a benefit for public employees. Given the formula below: CNA...
A: CAN + 13th Month Pay + other benefits > Php 30,000 are taxable
Q: The table below contains the price indexes for the macroeconomy for several years. 2010 - Base Year ...
A: inflation rate= (Current year price index- last year price index)/last year price index*100
Q: During May, 6,000 units were produced and the fixed overhead budget variance was P 2,000 favorable. ...
A: Solution:- Calculation of Fixed overhead if During May, 6,000 units were produced and the fixed over...
Q: Puffin Corporation makes a property distribution to its sole shareholder, Bonnie. The property distr...
A: A dividend is a payment made by a corporation to its stockholders. When a company makes a profit or ...
Q: owing information applles the questions displayed be Trey has two dependents, his daughters, ages 14...
A: In this question, we have to calculate the amount of child tax
Q: During 2021, WMC Corporation discovered that its ending inventories reported in its financial statem...
A: Journal entry shows the recording of transactions during an accounting year and every transaction ha...
Q: The first audit of the books of Concord Company was made for the year ended December 31, 2021. In ex...
A: In this question, we will prepare the journal entries necessary in 2021 to correct the books:
Q: The December 31, 2022 cash and cash equivalents of La Solar Co. includes the following items: Cash o...
A: Solution Cash & Cash Equivalent refers to the line item on the balance sheet that reports the va...
Q: Given below are the transactions related to Abdullah Enterprises for the month of March 2019. Date M...
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...
Q: 1, 2021, Tim Co. sold 12% bonds with a face value of P600,000. The bonds mature in five years, and i...
A: Interest expense will be the sum of interest expenses for the first two semiannual periods. For this...
Step by step
Solved in 2 steps
- A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseA customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,3833. On January 10, 20X2, a promissory note was signed with the principal of One hundred forty-five thousand forty-two and 34/100. This promissory is an interest-bearing note at 7% and shall be paid on September 15, 20X2. Find the final amount at the end of the load period.(Use banker’s rule)
- On October 1, Ramos Co. signed a $90,000, 60-day note at the bank to be paid on November 30. (Assume a 360-day year is used for interest computations.) a. Journalize the entries for October 1 and November 30, assuming the note was discounted at 6%. If an amount box does not require an entry, leave it blank. Oct. 1 fill in the blank 9b46170d8ff6049_2 fill in the blank 9b46170d8ff6049_3 fill in the blank 9b46170d8ff6049_5 fill in the blank 9b46170d8ff6049_6 fill in the blank 9b46170d8ff6049_8 fill in the blank 9b46170d8ff6049_9 Nov. 30 fill in the blank 9b46170d8ff6049_11 fill in the blank 9b46170d8ff6049_12 fill in the blank 9b46170d8ff6049_14 fill in the blank 9b46170d8ff6049_15 b. Journalize the entries for October 1 and November 30, assuming the note was interest-bearing at 6%. If an amount box does not require an entry, leave it blank. Oct. 1 fill in the blank 213f6401ef9900d_2 fill in the blank 213f6401ef9900d_3 fill in…Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer on account. (Assume a 360-day year when calculating interest.) a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. June 10Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank f3b771fe205d07f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Accounts Receivable Cash Interest Receivable Interest Revenue Notes Receivable Unearned Interest Aug. 7 fill in the blank 332b64fd401df83_2 fill in the blank 332b64fd401df83_3 fill in the blank 332b64fd401df83_5 fill in the blank 332b64fd401df83_6 fill in the blank 332b64fd401df83_8 fill in the blank 332b64fd401df83_9
- Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 0578eff5f02bffe_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 fill in the blank 7c1e32ffb038033_2 fill in the blank 7c1e32ffb038033_3 fill in the blank 7c1e32ffb038033_5 fill in the blank 7c1e32ffb038033_6 fill in the blank 7c1e32ffb038033_8 fill in the blank 7c1e32ffb038033_9On 1st July 2020 Suntek LLC has accepted a note receivable for RO 4000 from one of the accounts receivables. The maturity period is 6 months. The interest rate is 10%. The amount of interest to be recorded in account on 31 December will be a. RO 500 b. RO 400 c. RO 300 d. RO 200Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. August 7 b. Determine the maturity value of the note. $ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 Cash $ $ Notes Receivable $ $ Interest Revenue $ $
- 32) On November 1, Bahama national bank lens $3.9 million and except a six month, 9% note receivable. Interest is due at maturity. Record the acceptance of the note and the appropriate adjustment for interest revenue add December 31, the end of the reporting period. (If no entry is required for a transaction/event, select “ no journal entry required” in the first account field. Enter your answer in dollars, not in millions (I.E. 5 should be entered as 5,000,000).)Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest Revenue1. EX 10.158 On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was 69s and the note was paid on November 30. (Assume a 360-day year is used for interest calculations.) a. Journalize the entries for October 1 and November 30. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Oct. 1 Nov. 30 b. Assume that Ramos Co. signed a 6% interest-bearing note. Journalize the entries for October 1 and November 30 assuming the note was not discounted. If an amount box does not require an entry, leave it blank. Oct. 1 Nov, 30
