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At January 1, 2024, Skysong Merchants had a balance in the Interest Payable account for several notes it had signed and given to suppliers in exchange for outstanding accounts payable. The following table contains the details of the notes payable and the balance of the interest accrued on each note as at the end of the last fiscal year, December 31, 2023. Supplier Note Principal Interest Rate J Issue Date Term Interest Accrued

At January 1, 2024, Skysong Merchants had a balance in the Interest Payable account for several notes it had signed and given to suppliers in exchange for outstanding accounts payable. The following table contains the details of the notes payable and the balance of the interest accrued on each note as at the end of the last fiscal year, December 31, 2023. Supplier Note Principal Interest Rate J Issue Date Term Interest Accrued

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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At January 1, 2024, Skysong Merchants had a balance in the Interest Payable account for several notes it had signed and given to suppliers in exchange for outstanding accounts payable. The following table contains the details of the notes payable and the balance of the interest accrued on each note as at the end of the last fiscal year, December 31, 2023. Supplier 1 Tessier Inc. 2 3 Mar. 1 Wolde Inc. Oct. 30 Deng Inc. Show Transcribed Text Nov. 30 ? $? ? $? Note Principal $5,400 7,200 9,900 Non-current Liabilities: Notes Payable $? Interest Payable $? Interest Rate 8% 4.5% 9% Issue Date Nov. 1, 2023 Nov. 30, 2023 Dec. 1, 2023 Total Term 3 months 5 months 1 year All notes require that the interest be paid at the maturity of the note. All notes and interest were paid on time. Skysong prepares adjusting entries at the end of its calendar fiscal year. Additional transactions of 2024 were: Interest Accrued $72.00 27.00 74.25 Signed a $4,200, three-month, 4.5% note to Hanover Ltd. in settlement of an accounts payable. Interest is due at maturity. Borrowed from RBC $10,200 cash in exchange for a two-year, 9% note with interest due at maturity. :What will be the amounts and classifications that will appear on Skysong's balance sheet at December 31, 2024, concerning the notes payable? (Round answers to 2 decimal places, e.g. 52.76.): SKYSONG MERCHANTS Balance Sheet (Partial) December 31, 2024 Current Liabilities: $173.25 Signed a $10,800, one-year, 8% note to Lalonde Ltd. in settlement of an accounts payable. Interest is due at maturity.
Transcribed Image Text:At January 1, 2024, Skysong Merchants had a balance in the Interest Payable account for several notes it had signed and given to suppliers in exchange for outstanding accounts payable. The following table contains the details of the notes payable and the balance of the interest accrued on each note as at the end of the last fiscal year, December 31, 2023. Supplier 1 Tessier Inc. 2 3 Mar. 1 Wolde Inc. Oct. 30 Deng Inc. Show Transcribed Text Nov. 30 ? $? ? $? Note Principal $5,400 7,200 9,900 Non-current Liabilities: Notes Payable $? Interest Payable $? Interest Rate 8% 4.5% 9% Issue Date Nov. 1, 2023 Nov. 30, 2023 Dec. 1, 2023 Total Term 3 months 5 months 1 year All notes require that the interest be paid at the maturity of the note. All notes and interest were paid on time. Skysong prepares adjusting entries at the end of its calendar fiscal year. Additional transactions of 2024 were: Interest Accrued $72.00 27.00 74.25 Signed a $4,200, three-month, 4.5% note to Hanover Ltd. in settlement of an accounts payable. Interest is due at maturity. Borrowed from RBC $10,200 cash in exchange for a two-year, 9% note with interest due at maturity. :What will be the amounts and classifications that will appear on Skysong's balance sheet at December 31, 2024, concerning the notes payable? (Round answers to 2 decimal places, e.g. 52.76.): SKYSONG MERCHANTS Balance Sheet (Partial) December 31, 2024 Current Liabilities: $173.25 Signed a $10,800, one-year, 8% note to Lalonde Ltd. in settlement of an accounts payable. Interest is due at maturity.
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