need correct option Comet Corporation's liability account balances at June 30, 2013 included a 10percent note payable. The note is dated October 1, 2011, and carried an originalprincipal amount of $600,000. The note is payable in three equal annualpayments of $200,000 plus interest. The first interest and principal paymentwas made on October 1, 2012. In Comet's June 30, 2013 balance sheet, whatamount should be reported as Interest Payable for this note?a) $10,000b) $15,000c) $30,000d) $45,000

Step 1: Definition of Interest Payable:Interest Payable is the amount of interest that is already…

Answered: Comet Corporation's liability account…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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ABC Corporation’s liability account balances at June 30, 2018, included a 10% notes payable in the amount of 3,600,000. The note is dated October 1, 2018, and is payable in three equal annual payments of 1,200,000 plus interest. The first interest and principal payment was made on october 1, 2018. In its June 30, 2019, financial statemnet, what amount should be recorded as accrued interest for this note?
Included in Panera Corporation’s liability account balances at December 31, 2004 was a Note payable for 2,800,000. The principal amount of the note payable is P2,800,000 and bears interest at 15%. The note is dated April 1, 2004 and is payable in four equal installments of P700,000 beginning April 1, 2005. The first principal and interest payment was made on April 1, 2005. Determine the non-current portion of the note payable as of December 31, 2005
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Included in Sauder Corp.'s liability account balances at December 31, 2009 were the following: 1. 7% note payable issued October 1, 2009, maturing September 30, 2010 in the amount of $250,000 2.8% note payable issued April 1, 2009, payable in six equal annual installments of $150,000 beginning April 1, 2010 in the amount of $600,000 Sauder's December 31, 2009 financial statements were issued on March 31, 2010. On January 15, 2010, the entire $600,000 balance of the 8% note was refinanced by issuance of a long-term obligation payable in a lump sum. In addition, on March 10, 2010, Sauder consummated a noncancelable agreement with the lender to refinance the 7%, $250,000 note on a long term basis, on readily determinable terms that have not yet been implemented On the December 31, 2009 balance sheet, the amount of the notes payable that Sauder should classify as short-term obligations is: $0 O $50,000 $125.000 $175.000
On October 1, 2021, Smash Company discounted its own note of $500,000 at 10% for 1 year. In its statement of financial position on December 31, 2021, what is the carrying amount of notes payable to be presented as current liability by Smash Company?
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Presented here are liability items for Marin Inc. at December 31, 2017. Accounts payable $180,550 FICA taxes payable $8,970 Notes payable (due May 1, 2018) 23,000 Interest payable 46,000 Bonds payable (due 2021) 1,035,000 Notes payable (due 2019) 92,000 Unearned rent revenue 276,000 Income taxes payable 47,150 Sales taxes payable 4,025 Discount on bonds payable 1,955 Prepare the liabilities section of Marin's balance sheet. MARIN INC. Balance Sheet (Partial) December 31, 2017 Current Liabilities Accounts Payable Notes Payable Unearned Rent Revenue FICA Taxes Payable Interest Payable Income Taxes Payable Sales Taxes Payable Total Current Liabilities Long-term Liabilities Bonds Payable Less Discount on Bonds Payable Notes Payable Total Long-term Liabilities Total Liabilities
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At December 31, 20X1, Evans Corp. has a note payable balance of $100,000. This note was originally issued on December 31, 20X1, and will be paid back in installments over a five-year period. $15,500 of the outstanding amount of $100,000 on December 31, 20X1, will be paid back in 20X2. Question: How should this note be classified in the liability section of Evans's balance sheet at December 31, 20X1? Select one: a. The full $100,000 should be classified in the long-term liability section. b. $15,500 should be classified in the current liability section, and $84,500 should be classified in the long-term liability section. c. $84,500 should be classified in the current liability section, and $15,500 should be classified in the long-term liability section. d. The full $100,000 should be classified in the current liability section.
On July 1, 2020, Thomas Company, which follows calendar year accounting, issued $240.000 note to be repaid over four years in monthly installments of $5,000. What would be the proper balance sheet presentation of this transaction at December 31, year 2020. Show it: The Current Portion of the Long-Term Debt and the Long-Term Debt.

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