Coronado Corporation purchased a computer on December 31, 2016, for $149,100, paying $42,600 down and agreeing to pay the balance in five equal installments of $21,300 payable each December 31 beginning in 2017. An assumed interest rate of 8% is implicit in the purchase price. Required: a. Prepare the journal entry at the date of purchase. b. Prepare the journal entry on December 31, 2017, to record the payment and interest.
Q: The EBIT of a firm is $248, the tax rate is 40%, the depreciation is $66, capital expenditures are…
A: Step 1:To calculate the free cash flow (FCF) for the firm, you can use the following…
Q: None
A: Required 1: Compute the Underapplied or Overapplied OverheadPredetermined Overhead Rate: The…
Q: What is the return on assets?
A: Step 1: Define Total AssetsTotal assets refer to the sum of all an entity's tangible and intangible…
Q: SECTION-B Note: Attempt any four questions. Each question carries 5 marks. Q-1-From the given…
A: Computation of cost of ending inventory and cost of goods sold under the following methods:a.…
Q: Need answer the question
A:
Q: Skysong Express reports the following costs and expenses in June 2022 for its delivery service.…
A:
Q: Kipley Company is a small manufacturing firm located in Pittsburgh, Pennsylvania. The company has a…
A: Step 1: Calculation for weekly salary Time Card No.Employee NameMarital StatusHourly Wage or…
Q: want answer about this question
A: Step 1: Definition of the Return on equity:The equity return is the total gain made by the company's…
Q: i want answer with given option please provide
A: 1. Discount the cash flows using the formula:Discounted Cash Flow =Cash Flow /…
Q: Mark's Consulting experienced the following transactions for Year 1, Its first year of operations,…
A: Req B1: Financial Information for Each YearYear 1Revenue: $115,000Expenses: $57,000Net Income:…
Q: Want answer
A: Step 1: Calculation of return on assets for 2018.Average total assets = (Total assets 2018 + Total…
Q: 11
A: Step 1:Determine the Selling Price: The selling price of Simonne's home is $405,000. Step…
Q: Can you help with solve this question ?
A: Step 1: Define Accrued ExpensesAccrued expenses are amounts that have been incurred but have not yet…
Q: Confu Inc. expects to have the following data during the coming year. What is the firm's expected…
A: Explanation of Assets: Assets are resources owned by a company that provide future economic…
Q: Provide correct solution
A: Step 1: Define Overhead CostsThe overhead cost account has two transactions:debit to that account…
Q: Annapolis Company purchased a $3,000, 6%, 6-year bond at 101 and held it to maturity. The…
A: Computation of net cash received throughout the bond life by using the following method:Resultant…
Q: Give me answer
A: Step 1: Calculate the Present Value (PV) of Cash FlowsThe formula for the present value of future…
Q: None
A: Hello student! Total Assets Turnover Ratio (TATO) indicates how well a company uses all its assets…
Q: Give me answer
A: Step 1: Determine the number of units to be produced.Global Box Co. plans to sell 18,000 boxes and…
Q: *E3.22 (LO 8) (Worksheet and Balance Sheet Presentation) The adjusted trial balance for Ed Bradley…
A: The Adjusted trial balance seems to be lacking information since it wasn't balance. However,…
Q: A company leases a machine on January 1, Year One for five years which calls for annual payments of…
A: Step 1:To determine the amount of expense recognized for Year One, we need to follow the principles…
Q: Stanford Manufacturing recently completed Job 842, and the following data have been recorded on its…
A: To determine the total cost recorded on the job cost sheet for Job 842, we need to calculate the…
Q: The balance sheet is a financial statement that measures the flow of funds into and out of various…
A: Hello student! There are three major financial statements, namely: Balance Sheet - this is a…
Q: 2. South Sea Baubles has the following (incomplete) balance sheet and income statement. BALANCE…
A: Shareholders' equity can be calculated by subtracting total liabilities from total assets. In this…
Q: 18
A: The adjusted basis of an asset is calculated as the original basis minus accumulated depreciation…
Q: Please help solve this question
A: Step 1: Define FIFO Inventory Method For Equivalent UnitsA firm may use weighted average method or…
Q: a)Analyseand evaluatethe financial performance over the twoyear period by using appropriate ratios:…
A: Part 2: ExplanationStep-by-Step CalculationsLiquidity Ratios:Current Ratio for 2023 = Current Assets…
Q: Calculate the missing amounts (?) for CXJ for 2021 and other required amounts.…
A: Step 1:Calculation of Stockholder's Equity on 1/1/2021Stockholder's Equity is the total of capital…
Q: For assets acquired after 1986, but before September 27, 2017, what depreciation methods are allowed…
A:
Q: eBook Income Statement On August 1, Cairle Company's work-in-process inventory consisted of three…
A: First, we need to calculate the total cost for each job. This includes the costs of direct…
Q: 43. A taxpayer has the following source of income other than wages this year, oil royalties of…
A: Let's analyze each statement one by one:A. The $15,000 unemployed compensation would be the only…
Q: Help
A:
Q: not use ai please don't
A: In an experiment to determine if there is a relationship between cell phone use and performance in…
Q: I want to answer this question
A: Step 1: Introduction to the First-In-First-Out (FIFO)The first-in-first-out (FIFO) method is a…
Q: Compare Target's annual report with Sephora, What have you learned about this company in comparison…
A: By analyzing this case, we can conclude that specialization and focus on the customer is crucial for…
Q: None
A: Step 1:Computation of the total cost of work in process: Total Cost of Work in Process = Cost of…
Q: qw
A: a & b.For September 30, 2015, just input the data given above. Add Cash, Equipment, and Common…
Q: Provide answer for this question
A: Step 1: Define CostThe term cost is referred to as the expenses of goods and services manufactured…
Q: I need typing clear urjent no chatgpt used i will give 5 upvotes pls full explain
A: Using the equation for the total resistance in the second circuit, R2 + R1R3/R1+R3 = 3 Step 1:…
Q: Ans
A: We have given, Direct material cost = $119Direct labor =$49Variable Overhead =$64Fixed Cost =$70…
Q: Preview File Edit View Go Tools Window Help く Screenshot 2024-... 0 Inspector Zoom Share Highlight…
A: Cash Flows from Operating Activities Net Income 86,700Adjustments: Depreciation Expense 10,980…
Q: kau.3 answer must be in tabke format or i will give down vote
A: Note 1No depreciation expense for the current year was recorded because the disposal date was…
Q: None
A: Initial gross margin = (Total Price-Marginal Cost)/Total Price Initial gross margin = (1.7-1.3)/1.7…
Q: None
A: To calculate the total dollar amount you cleared on this investment, you need to consider both the…
Q: Need help please
A: Step 1: Introduction to the Direct MaterialsThe direct materials costs are those product costs that…
Q: View Inspector Zoom Share Highlight Rotate Search Oriole Corporation was organized on January 1,…
A: Step 1:Recording transactions is the first step in accounting process. The transactions related to…
Q: Need help with this question
A: To estimate the intrinsic value of Nova Components' equity per share using the industry PE ratio,…
Q: with what internal and external entities does the OE/S process interact?
A: External Entities1. Suppliers: They provide the necessary raw materials and components for…
Q: None
A: Step 1:To calculate the Return on Equity (ROE), we first need to understand the formula:ROE = Net…
Q: Don't use Ai
A: 1. Determining Essential Factors:Revenue Expansion Rate: This indicates the expected annual increase…
Hi expart Provide solution
Step by step
Solved in 2 steps
- (Purchase of Computer with Zero-Interest-Bearing Debt) Cardinals Corporation purchased a computer on December 31, 2016, for $105,000, paying $30,000 down and agreeing to pay the balance in five equal installments of $15,000 payable each December 31 beginning in 2017. An assumed interest rate of 10% is implicit in the purchase price.Instructions(Round to two decimal places.)(a) Prepare the journal entry(ies) at the date of purchase.(b) Prepare the journal entry(ies) at December 31, 2017, to record the payment and interest (effective-interest method employed).(c) Prepare the journal entry(ies) at December 31, 2018, to record the payment and interest (effective-interest method employed).On January 1, 2025, Coronado Co. borrowed and received $150,000 from a major customer evidenced by a zero-interest-bearing note due in 4 years. As consideration for the zero-interest-bearing feature, Coronado agrees to supply the customer's inventory needs for the loan period at lower than the market price. The appropriate rate at which to impute interest is 9%. Prepare the journal entry to record the initial transaction on January 1, 2025. Prepare the journal entry to record any adjusting entries needed at December 31, 2025. Assume that the sales of Coronado's product to this customer occur evenly over the 4-year period and that the effective-interest method is used.On January 1, 2020, Avery Co. borrowed and received $400,000 from a major customer evidenced by a zero-interest-bearing note due in 3 years. As consideration for the zero-interest-bearing feature, Avery agrees to supply the customer's inventory needs for the loan period at lower than the market price. The appropriate rate at which to impute interest is 8%. Instructions a. Prepare the journal entry to record the initial transaction on January 1, 2020. (Round all computations to the nearest dollar.) b. Prepare the journal entry to record any adjusting entries needed at December 31, 2020. Assume that the sales of Avery's product to this customer occur evenly over the 3-year period.
- At January 1, 2016, Brant Cargo acquired equipment by issuing a five-year, $150,000 (payable at maturity), 4% note. The market rate of interest for notes of similar risk is 10%. Required: 1. Prepare the journal entry for Brant Cargo to record the purchase of the equipment. 2. Prepare the journal entry for Brant Cargo to record the interest at December 31, 2016. 3. Prepare the journal entry for Brant Cargo to record the interest at December 31, 2017.On January 1, 2015, Oxford Company finished consultation services and accepted in exchange a promissory note with a face value of $600,000 and a due date of December 31, 2017. The stated rate of interest is 5% with interest receivable at the end of each year through 12/31/17. Assume an effective interest rate of 10% is implicit in the agreed-upon price. The effective amortization method is used. Oxford's journal entry on 1/1/15 to record service revenue will include: Select one: O a. A credit to Notes Receivable for $600,000 Ob. A credit to Service Revenue for $600,000 OC A debit to Discount on Notes Receivable for $74,602 Od. A credit to Service Revenue for $525,398 O e A credit to Discount on Notes Receivable for $52,145(Entries for Zero-Interest-Bearing Note; Payable in Installments) Sabonis Cosmetics Co. purchased machinery on December 31, 2016, paying $50,000 down and agreeing to pay the balance in four equal installments of $40,000 payable each December 31. An assumed interest of 8% is implicit in the purchase price.InstructionsPrepare the journal entries that would be recorded for the purchase and for the payments and interest on the following dates.(Round answers to the nearest cent.)(a) December 31, 2016. (d) December 31, 2019.(b) December 31, 2017. (e) December 31, 2020.(c) December 31, 2018.
- Lathrop Inc. purchased equipment on January 1, 2020, for $30,000 cash plus a note payable. The fair value of the equipment on January 1, 2020, is $108,533. The market rate of interest is 6%. 5M Corp. uses the effective interest method to amortize discounts and premiums. Record the entries over the term of the note payable for the following three separate scenarios for the structuring of the note payable. a. The principal of $80,000 is due on December 31, 2021, and the note specified 5% interest payable each December 31 over a two-year period. b. The face value of the note payable is instead $88,240 and is due on December 31, 2021. The note is structured as a zero-interest-bearing note payable over a two-year period. c. The loan is extended to three years with equal payments of $29,380 due on each December 31 over the term of the note. The note will be fully paid upon maturity. Case One Case Two Case Three Note: Round your answers to the nearest whole dollar. • Note: Include any net…LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2016. In payment for the $24 million purchase, LCD issued a 1-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 12%. Required: 1. Prepare the journal entry for LCD’s purchase of the components on November 1, 2016. 2. Prepare the journal entry for the first installment payment on November 30, 2016. 3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2016?On September 1, 2015, Newtown borrowed $250,000 from First National Bank, and signed a 9% note payable due in one year. Interest on the note is due at maturity. Required: Please show calculations Part a. Prepare the journal entry to record the borrowing transaction. Part b. Prepare the required adjusting entry on December 31, 2015. Part c. Prepare the journal entry to record the payment of the interest on September 1, 2016. Part d. Prepare the journal entry to record the payment of the note on September 1, 2016.
- President Company purchased merchandise from Captain Corporation on September 30, 2024. Payment was made in the form of a noninterest-bearing note requiring President to make six annual payments of $5,800 on each September 30, beginning on September 30, 2027. Required: Calculate the amount at which President should record the note payable and corresponding purchase on September 30, 2024, assuming that an interest rate of 10% properly reflects the time value of money in this situation.On May 1, 2022, Barber Company purchased inventory costing $87,000 by signing an 8%, nine-month, short-term note payable. Barber will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory and (b) accrual of interest on the note payable on November 31, 2022. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory. May Date 2022 1 C Journal Entry Accounts Debit Credit (b) Journalize the company's accrual of interest on the note payable on November 31, 2022. Journal Entry Nov Date 2022 31 Accounts Debit CreditPresident Company purchased merchandise from Captain Corporation on September 30, 2024. Payment was made in the form of a noninterest-bearing note requiring President to make six annual payments of $4,800 on each September 30, beginning on September 30, 2027. Required: Calculate the amount at which President should record the note payable and corresponding purchase on September 30, 2024, assuming that an interest rate of 9% properly reflects the time value of money in this situation. Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. 1) Amount recorded?
