A company receives a $5,000, 60-day, 8 percent note dated May 1, Year 1. What is the total amount of cash to be collected on the due date? (Assume a 360-day year.)
Q: I need correct answer general accounting question
A: Step 1: Define Intangible AssetsIntangible assets include patents, trademarks, copyrights, goodwill,…
Q: Financial Accounting
A: Step 1: Define Net EarningsNet earnings, called net income, are the total funds an entity receives…
Q: Please provide correct answer this financial accounting question
A: Step 1: Define BondsBonds are financial instruments issued to borrow funds from investors for a long…
Q: Sheffield Corp. has issued 96,000 shares of $5 par value common stock. It was authorized 509,000…
A: Step 1: The stockholder's equity section of the balance sheet shows the stocks outstanding in the…
Q: General accounting
A: Step 1: Define Straight-Line DepreciationAs its name implies, a straight-line method results in an…
Q: Financial Accounting
A: Step 1: Define Inventory ValuationIn accounting, the choice of inventory valuation method can…
Q: What is the dollar amount of taxes paid on these financial accounting question?
A: Step 1: Define TaxesTaxes are the amount that a business or individual has to pay to the government…
Q: Get correct answer general accounting
A: Step 1: Define Gross ProfitGross profit is the gross residual amount after deducting the cost of the…
Q: Theoretical Question: Describe the key elements of the matching principle in accounting, and analyze…
A: Key Definitions:Matching Principle: An accounting concept that states expenses should be recorded in…
Q: Hi expert please give me answer general accounting
A: Information Given :Parent's Sale Price to Subsidiary: $150,000Parent's Original Net Book Value:…
Q: Provide answer general accounting question
A: Step 1: Define Payback PeriodThe payback period is one of the non-discounting capital budgeting…
Q: Given answer accounting questions
A: Step 1: Define Bond DiscountA bond discount represents the difference between the bond's issue price…
Q: I Need Answer
A: Explanation of Contribution Margin Ratio: The contribution margin ratio is a crucial financial…
Q: Provide correct answer
A: Follow the basic accounting equation: Total assets is equal to total liabilities plus equity.Assets…
Q: Hey tutor answer these general accounting question not use ai
A: Step 1: Define Operating CycleThe operating cycle represents the sum of the average collection…
Q: What was your percent return on these financial accounting question?
A: Step 1: Define Returns on a StockA stock represents a share of ownership by the investor in a given…
Q: Please given answer financial accounting question
A: Step 1: Define TaxesTaxes are levies charged by the government on income, certain transactions,…
Q: High Ridge Merchandising Company purchased inventory that had a list price of... Please need answer…
A: Step 1: Define FOB Shipping PointThe shipping term "FOB shipping point" denotes that as soon as the…
Q: What was Cogm?
A: Let me solve this step by step to find the Cost of Goods Manufactured (COGM).1) First, let's…
Q: Pat and Company's ending inventory (at cost) was $87,500. The company would have had to pay $100,000…
A: The lower-of-cost-or-market (LCM) rule is a principle in accounting that requires inventory to be…
Q: Hello tutorial please provide correct answer general Accounting question
A: Step 1: Define Intangible AssetsIntangible assets do not have physical existence which means that…
Q: Hii expert please provide correct answer general accounting
A: Step 1: Information givenActuarial liability gains = $10,000Unexpected asset loss = $14,000Net…
Q: Hi tutor give me answer this general accounting question
A: Step 1: Define Cost of Goods Sold Cost of Goods Sold (COGS) refers to the direct costs incurred by a…
Q: Need help with this general accounting question please solve this one
A: Step 1: Define DepreciationDepreciation is the decrease in the value of an asset, such as machinery,…
Q: Need help with this accounting question
A: Calculation of Total Cost of Oil RigTotal Cost of Oil Rig = Purchase Cost +Present Value of Cost to…
Q: I need answer of this question solution general accounting
A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) is the total cost of…
Q: Answer to following general account questions
A: Step 1: Understand Absorption CostingUnder absorption costing, the inventory includes:Variable…
Q: General Account. If variable manufacturing costs are $18 per unit and total fixed manufacturing…
A: Step 1: Identify the variable manufacturing cost per unitStep 2: Identify the total fixed…
Q: What is the cost formula for maintenance for this general accounting question?
A: Step 1:First calculate the variable cost per unit using high-low method: Variable cost per unit =…
Q: Need answer
A: c. Recognize when reasonable assurance existsWhen it is quite likely that business interruption…
Q: Need Answer
A: Cross-dimensional analysis should replace single-focus review when "Interrelated factors demand…
Q: What is the dividend yield on these financial accounting question?
A: Step 1:First calculate the annual dividend per share: Annual dividend per share = Total dividend…
Q: Account tutor help me out
A: To determine the inventory value at the lower of cost or market (LCM), we compare the cost per unit…
Q: Please solve these financial accounting question
A: Step 1: Define Times Interest Earned RatioThe times interest earned (TIE) ratio measures a company's…
Q: Need help with this question solution general accounting
A: Step 1: Define Over Or Under Allocated OverheadOverhead costs are allocated to production based on a…
Q: I don't need ai answer accounting questions
A: Step 1: Define Adjusted BasisAdjusted basis of a house is the house's purchase price plus the cost…
Q: Provide correct answer the general accounting question
A: Step 1: Define Bond Carrying AmountThe bond carrying amount is the net value of a bond liability on…
Q: Tutor hrlp me
A: Step 1: Understanding Variable CostingUnder variable costing, only variable production costs are…
Q: PLEASE HELP!!!
A: DateAccountDr.Cr2023-12-31Amortization Expenses$2,860 Patents $2,860 ( To record amortization…
Q: Solution
A: Steps and explanations are as follows:In case of any doubt, please let me know. Thank you.
Q: Financial accounting
A: Step 1: Define Factors Affecting InflationSome of the factors that can lead to inflation are…
Q: Hi expert please give me answer general accounting
A: Step 1: Understand the ScenarioThe car's sticker price and rebates are provided:Sticker Price:…
Q: Use the following information for questions 2-9 Category Accounts payable Accounts receivable…
A: The following formula is used to determine Net Fixed Assets for 2017:2017 Net Fixed Assets = 2016…
Q: Posting in financial account
A: Step 1: Identify Temporary DifferencesThe temporary difference arises due to the difference in…
Q: Answer this accounting question
A: Step 1:The accounting equation is the base of a double-entry bookkeeping system; under this, total…
Q: Provide correct solution general accounting
A: To figure out the cash flow to creditors during 2023, we need to take into account both the interest…
Q: Please give the correct answer
A: Step 1: Define Total AssetsWe classify total assets into current and fixed assets per the balance…
Q: Financial Accounting
A: Step 1: Identify the stock price.Step 2: Identify the earnings per share (EPS).Step 3: Apply the…
Q: I need this question general accounting
A: Step 1: Define High-Low MethodThe high-low method of accounting attempts to break out fixed and…
Q: I want to correct answer accounting questions
A: Gross profit and gross profit percentage are key measures of a company's profitability. Gross profit…
Provide this question solution general accounting
Step by step
Solved in 2 steps
- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.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 ExpenseChemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
- Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
- Leach Company borrowed $95,000 cash by issuing a note payable on June 1, Year 1. The note had an 6 percent annual rate of interest and a one-year term to maturity. Required: a. What amount of interest expense will Leach recognize for the year ending December 31, Year 1? b. Record the issue of notes payable and recognition of interest on December 31, Year 1, in the accounting equation for Year 1. c. What amount of cash will Leach pay for interest expense in Year 1? d. What is the amount of interest payable as of December 31, Year 1? e. What amount of cash will Leach pay for interest expense in Year 2? f. What amount of interest expense will Leach recognize in Year 2? g. What is the amount of interest payable as of December 31, Year 2? -On January 1, Year 1, Beatie Company borrowed $400,000 cash from Central Bank by issuing a five-year, 5 percent note. The principal and interest are to be paid by making annual payments in the amount of $92,390. Payments are to be made December 31 of each year, beginning December 31, Year 1. Required Prepare an amortization schedule for the interest and principal payments for the five-year period. (Round your answers to the nearest dollar amount.) BEATIE COMPANY Amortization Schedule $400,000, 5-Year Term Note, 5% Interest Rate Principal Balance Principal Balance End of Period Cash Payments Applied to Interest Applied to Principal Year December 31 on January 1 Year 1 Year 2 Year 3 Year 4 Year 5On June 1, Davis Inc. issued an $81,200, 8%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar.
- Subject: accountingOn January 1, a company borrowed cash by issuing a $430,000, 4%, installment note to be paid in three equal payments at the end of each year beginning December 31. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) What would be the amount of each installment? Prepare an amortization table for the installment note. Prepare the journal entry for the second installment payment.Keesha Company borrows $260,000 cash on November 1 of the current year by signing a 120-day, 11%, $260,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 On what date does this note mature? (Assume that February has 28 days.) On what date does this note mature? G Req 4 D
