GB Manufacturing Inc. signed a one-year, $20,400, 12% note on March 1. If the note is repaid on September 1 of the same year, how much interest expense is incurred?
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How much interest expense is incurred of this financial accounting question?
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- Chemical 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?On January 1, 2019, Northfield Corporation becomes delinquent on a 100,000, 14% note to First National Bank, on which 16,651 of interest has accrued. On January 2, 2019, the bank agrees to restructure the note. It forgives the accrued interest, extends the repayment date to December 31, 2021, and reduces the interest rate to 10%. Required: Prepare a schedule for Northfield to compute the annual interest expense in regard to the preceding note for each year of the restructuring agreement.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.)
- 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.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?On May 31, Baker Co. issued an $35,679, 8%, 120-day note payable to Samunck Co. Assume Baker's fiscal year ends on June 30. Assume a 360- day year for your calculations. a) What is the interest EXPENSE recognized by Baker in the current fiscal year? b) What is the maturity value of the note? c) What is the maturity date of the note?
- BE11-2 Peralta Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (b) Prepare the journal entry to record accrued interest at December 31, assuming adjust- ing entries are made only at the end of the year.on June 8th Alton Co issued in 62700 8% 120 Day note payable to seller Co. Assume that the fiscal year of seller co ends june 30. using a 360 day year in your calculations, what is the amount of interest revenue recognized by seller in the following year? When required, round your answer to the nearest dollar.How do I find the carrying amout for each year?
- On November 1, 2021, Ayayal Corp, which uses a calendar year as its fiscal year, signs a $28200, 8 %, six-month note payable. Which of the following entries correctly records the payment of the note and entire interest on May 1, 2022? O Dr Notes Payable $28200 Dr Interest Expense 752 Dr Interest Payable 376 Cr Cash $29328 O Dr Notes Payable $30456 Cr Cash $30456 O Dr Notes Payable $29328 Cr Cash $29328 O Dr Notes Payable $28200 Dr Interest Expense 1128 Cr Cash $29328 Multi Que Multi Que Ques Multip Ques Multip Ques MultiplOn January 1, Year 1, Bryson Company obtained a $12,000, four-year, 9% installment note from Campbell Bank. The note requires annual payments of $3,704, beginning on December 31, Year 1. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Note: Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. In Year 4, round the amount in the Decrease in Notes Payable column either up or down to ensure that the Carrying Amount zeroes out. Amortization of Installment Notes Year EndingDecember 31 January 1Carrying Amount Note Payment(Cash Paid) Interest Expense(9% of January 1Note CarryingAmount) Decrease inNotes Payable December 31Carrying Amount Year 1 $ $ $ $ $ Year 2 Year 3 Year 4 0 $ $ $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.
