Marigold Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31,2020.CashAccounts ReceivableSuppliesPrepaid InsuranceEquipmentAccumulated Depreciation-EquipmentAccounts PayableInterest PayableNotes PayableUnearned Service RevenueSalaries and Wages PayableCommon StockMARIGOLD ADVERTISINGTRIAL BALANCEDECEMBER 31, 2020UnadjustedRetained EarningsService RevenueSalaries and Wages ExpenseInsurance ExpenseInterest ExpenseDepreciation ExpenseSupplies ExpenseRent ExpenseDr.$18,81022,9008,7103,73063,43011,7203704,500$134,170Cr.$30,67014,467-0-4,7006,590-0-10,5803,75063,413$134,170Dr.Adjusted$18,81026,0112,7952,94963,43012,9617815114,7005,9154,500$143,363Cr.$35,37014,4671414,7005,1421,24110,5803,75067,972$143,363 (c)Answer the following questions. (Round interest rate to O decimal places, e.g. 7%.)(1) If the note has been outstanding 3 months, what is the annual interest rate on that note?The annual interest rate%(2) If the company paid $11,890 in salaries and wages in 2020, what was the balance in Salaries and Wages Payable on December31, 2019?The balance in Salaries and Wages Payable $

The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…

Answered: (c) Answer the following questions.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Instructions Ellsworth Enterprises borrowed $486,000 on an 12%, interest-bearing note on September 30, 2020. Ellsworth ends its fiscal year on December 31. The note was paid with interest on March 31, 2021. Required: 1. Prepare the entry for this note on September 30, 2020. 2. Prepare the adjusting entry for this note on December 31, 2020. 3. Indicate how the note and the accrued interest would appear on the balance sheet at December 31, 2020. 4. Prepare the entry to record the repayment of the note on March 31, 2021.
Dave borrowed $550 on January 1, 2022, and paid it all back at once on December 31, 2022. The bank charged him a $3.50 service charge, and interest was $40.70. What was the APR? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Annual percentage rate %
1. Interest has not yet been recorded on the notes payable which was taken out on March 1, 2020 with a 4% annual interest rate. The note has a three-year term and principal and interest are due on the maturity date. What is the interest? (Principle x rate x time)
Joshua borrowed $500 on January 1, 2021, and paid $30 in interest. The bank charged him a service charge of $21. He paid it all back at once on December 31, 2021. What was the APR? (Enter your answer as a percent rounded to 1 decimal place.) APR %
On February 1, 2021, Miter Corp. lends cash and accepts a $1,000 note receivable that offers 12% interest and is due in six months. How much interest revenue will Miter Corp. report during 2021? Multiple Choice O O O O $120. $240. $100. $60.
Required information [The following information applies to the questions displayed below.] On August 1, 2019, Colombo Co.'s treasurer signed a note promising to pay $121,200 on December 31, 2019. The proceeds of the note were $115,800. Required: a. Calculate the discount rate used by the lender. (Enter your answer as a percentage rounded to 1 decimal place (l.e., 32.1).) Discount rate %
Philip Company has a P200,000, 9%, 120-day note receivable outstanding on December 31. The note is dated November 1, 2021. What is the adjusting entry on December 31, 2021?
On October 1, 2019, Muscat Company borrowed OMR 8,000 cash by signing a note payable due in one year at 8% interest. Interest is due when the principal is paid. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: Select one: O a. Interest Expense 160 Interest Payable 160 O b. Interest Expense . 8,000 Interest Payable 8,000 O c. Interest Expense. .640 Interest Payable 640 O d. None of the answers are correct O e. Cash 8,000 Notes Payable 8,000
On June 8, Williams Company issued an $74,068, 8%, 120-day note payable to Brown Industries. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar. a.$79,993 b.$76,043 c.$74,068 d.$5,925
[The following information applies to the questions displayed below.] Agrico Inc. accepted a 10-month, 12.8% (annual rate), $9,000 note from one of its customers on May 15, 2019; interest is payable with the principal at maturity. b-1. Prepare the horizontal model to record collection of the note and interest at maturity. (Use amounts with + for increases and amounts with – for decreases.) Please don't provide solution image based thanku
7) On December 1, 2022, Olympia Hot Yoga issued a note payable to Columbia Bank for $45,000 with an annual interest rate of 6% and a term of six months (due May 31, 2023). What is the amount of interest expense recognized by Olympia Hot Yoga in 2022? What is the amount of interest expense recognized by Olympia Hot Yoga in 2023? What is the total amount Olympia Hot Yoga will pay to Columbia Bank on the maturity date?
An $9,000 note dated 06/22/2020, matures on 12/22/2020 at 8.15%. (Banker’s Rule) In how many days is the note due? What interest is paid on the note?

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