Need help with this financial accounting question Global Tours Ltd. borrowed $600,000 on October 1, 2023,and signed a 12-month note bearing interest at 8%. Interestis payable in full at maturity on September 30, 2024. Inconnection with this note, Global Tours Ltd. should reportinterest payable at December 31, 2023, in the amount of:

Step 1: Define Interest PayableInterest payable is the amount of interest expense incurred but not…

Answered: Global Tours Ltd. borrowed $600,000 on…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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On September 30, 2022 World Company borrowed P1, 000, 000 on a 9% note payable. The entity paid the first of four quarterly payments of P264, 200 when due on December 31, 2022. 1. What amount should be reported as interest expense for 2022? A. 90, 000 В. 22,500 C. 67,500 D. 30,000 2. On December 31, 2022, what is the carrying amount of the note payable? A. 758, 300 В. 750, 000 С. 825, 800 D. 735, 800
On October 1, 2023, Galaxy Tours Ltd. borrowed $240,000 by signing a 1-year note with an 8% annual interest rate. The interest is payable at maturity on September 30, 2024. What amount of interest payable should Galaxy Tours report on December 31, 2023? a) $12,800 b) $9,600 c) $6,400 d) $4,800
On September 1, 2020, Halley Co. issued a note payable to Fidelity Bank in the amount of $2,700,000, bearing interest at 10%, and payable in three equal annual principal payments of $900,000. On this date, the bank's prime rate was 11%. The first payment for interest and principal was made on September 1, 2021. At December 31, 2021, Halley should record accrued interest payable of: O $99,000. O $90,000. O $60,000. O $198,000. 4
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Global Tours Ltd. borrowed $600,000 on October 1, 2023, and signed a 12-month note bearing interest at 8%. Interest is payable in full at maturity on September 30, 2024. In connection with this note, Global Tours Ltd. should report interest payable at December 31, 2023, in the amount of: