HW#3 Issuance, Trading, and Funding: FIN240 Fixed Income - SECTION 90

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Suppose a business receives a 907000 long term bank loan on December 31 2019 the borrowing arrangement requires the business to pay 226 750 by September 2020 show how the business will report both current and long term liabilities on its December 31 2019 balance sheet .

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Knowledge Check 01 On January 1 Brooks Incorporated borrows $90,000 from a bank and signs a 5% installment note requiring four annual payments of $25,381. 4 Complete the necessary journal entry to record the first installment payment on December 31 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

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Return to Blackboard US Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements Exercise 9-12 a-b (Part Levei SubmiSSion) CES CALCULATOR PRINTER VERSION 4 ВАCK Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest excer ES- December 31. Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note. t Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note. Dec. 11 16 Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. (a) Your answer is correct. Journalize the transactions for Oriole Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is ente indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g.…

07 Quiz Saved Help Save & Exit Submit TB MC Qu. O7-111 (Algo) Jasper makes... Jasper makes a $36,000, 90-day, 9% cash loan to Clayborn Company. Jasper's entry to record the collection of the note and interest at maturity should be: (Use 360 days a year.) nts eBook Multiple Choice Ask Print eferences Debit Cash for $36,000; credit Notes Receivable $36,000. Debit Cash $36,810; credit Interest Revenue $810; credit Notes Receivable $36,000. Debit Cash $36,810; credit Notes Receivable for $36,810. Debit Notes Payable $36,000; Debit Interest Expense $3,240; credit Cash $39,240. raw ill TV MAR 15 tv MacBook Air 80 DD F1 F2 F3 F4 F5 F6 F7 F8 F9 @ %24 3 4 7 8. 9 Q W Y S D F G H J K

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QS 7-10 (Algo) Computing interest LO C2 Complete the following table by filling in missing amounts. Note: Use 360 days a year. Principal of Note Annual Interest Rate Time Period Interest $ 18,200 10 % 90 days $ 20,000 % 180 days $ 1,200 6% 270 days 729

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Testbank Multiple Choice Question 93 Vaughn Manufacturing borrowed $413000 on April 1. The note requires interest at 12% and principal to be paid in one year. How much interest is recognized for the period from April 1 to December 31? $33040. $37170. O $0. $49560.

Chapter 08 Homework (Application) Show Me How eBook Calculator Entries for Notes Receivable 1. EX.08.01 Valley Designs issued a 90-day, 9% note for $60,000, dated April 17, to Bork Furniture Company on account. Assume 360 days in a year when 2. EX.08.02 ALGO computing the interest. 3. EX.08.03 ALGO a. Determine the due date of the note. July 16 v 4. EX.08.04 ALGO b. Determine the maturity value of the note. 5. EX.08.06 ALGO 6. EX 08.07 Feedhack 7. EX.08.20 ALGO YChec My Work The due date is the date the note is to be paid. 8. PR.08.02A BLANKSHEET Remember the interest rate is stated on an annual basis, while the term is expressed as days. Assume a 360 day year. The maturity value is the amount that must be paid at the due date of the note. c1. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. Notes Receivable v Accounts Receivable-Valley Designs v Feedback

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Question Content Area Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $640,000. The terms of the loan are 3.1% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Question Content Area A. Compute the interest expense due each month. If required, round final answer to two decimal places. $fill in the blank a1966f06806a02f_1   Question Content Area B. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. If required, round final answers to two decimal places. If an amount box does not require an entry, leave it blank. Oct. 20   - Select - - Select -     - Select - - Select - May 20   - Select - - Select -     - Select - - Select -     - Select - - Select -