Having sold the equipment, OPC pays off the note payable in full on 1/17. The amount paid is $23,613, which includes interest accrued in December and an additional $95 interest through January 17. Record the transaction.
Q: A firm trades in an old truck with a fair value of $25,000 and a carrying value of $20,000 for new…
A: The objective of the question is to determine the value at which the firm will record the new truck…
Q: Styles 9 10 11 12 1 13 14 15 Nugent Communication Corp. is investing $9,904,424 in new technologies.…
A: Step 1: The calculation of the discounted payback period ABCD1YearCashflowDiscounted CFCumulative…
Q: Sagar
A: I hope the answer was helpful. If any doubts please ask for clarification.Please give helpful rating…
Q: Four independent situations are described below. Each involves future deductible amounts and/or…
A: We can calculate the requested information for each situation using the following steps:Calculate…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: 1. **Types of Awards**: Target Corporation's share-based compensation includes three types of…
Q: Sagar
A: Here are some possibilities of what you might be looking for:Average phone bill: If you have a list…
Q: In 2021, Antiques, Inc. incorrectly recorded ending inventory as $1,200,000 instead of $800,000. The…
A: The objective of the question is to identify the correct accounting entry to rectify the error in…
Q: Hardev
A: For your convenience, i will solve once, step by step a).Barry must report the total income from BK…
Q: Don't give answer in image
A: Step 1:Sales per unit = $567000 / 21000 = $27Variable cost per…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: 1. **Sales Revenue Variance**: Actual Sales Revenue - Flexible Budget Sales Revenue $8,458,800…
Q: Opportunity costs refer to – Group of answer choices The costs that happened in the past The…
A: The objective of the question is to identify the correct definition of opportunity costs in the…
Q: Question Content Area Traditional manufacturing emphasizes all of the following except a. cost…
A: The objective of the question is to identify which of the given options is not a characteristic of…
Q: Your answer is incorrect. Sage Hill Company is negotiating to lease a piece of equipment to Oriole,…
A: Step 1: Introduction to leaseA lease is defined as a contractual agreement incorporated between two…
Q: If there is positive correlation between two sets of numbers, then _______. Group of answer choices…
A: The question is asking about the correlation coefficient (r) between two sets of numbers when there…
Q: Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 200 units…
A: Step 1:Computation of the cost of goods sold and ending inventory using the first-in, first-out…
Q: Magneto Magnets Ltd. completed the following transactions: Nov. 1, 2023 Sept. 14, 2023 Provided…
A: Step 1:Required journal entries for the given transactions are presented hereunder:Date Account…
Q: 3. Consider a non-dividend paying stock whose initial stock price is 62 and has a log- volatility of…
A: The objective of the question is to calculate the values of the binomial lattice for a 5-month…
Q: Timekeeper Corporation has two divisions, Distribution and Manufacturing. The company's primary…
A: Step 1:Transfer price per watch from the Manufacturing Division to the Distribution Division is…
Q: Question: Sedato Company follows the practice of pricing its inventory at LCNRV, on an…
A: Step 1: Definition of Inventory:Inventory refers to the goods or materials that a business holds to…
Q: how does it calculate the 500000 in 20x1 and 400000 in 20x0 in profit attribitable to ordinary…
A: The objective of the question is to understand how the profit attributable to ordinary shareholders…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: To express the asset, liability, and sales data in trend percentages using Year 1 as the base year,…
Q: In its May 31, 2017, annual report, Beyonce Ltd. (Beyonce) reported that it had an inventory of…
A: To analyze the cash paid to suppliers, we will calculate the cash paid for inventory using the…
Q: On April 30, Holden Company had an Accounts Receivable balance of $18,000. During the month of May,…
A: So,The amount of credit sales during May = $47,000 option B (47,000) is correct THANK YOU
Q: Oriole Company purchased land on February 1, 2020, at a cost of $2,102,000. It estimated that a…
A: Detailed calculation and explanation:Cost to purchase land -------2,102,000Less residual value…
Q: In Sandhill Company, materials are entered at the beginning of each process, and conversion costs…
A: Answer information:1 JanuaryMay Units to be accounted for Beginning work in process00 Started…
Q: Please do not give solution in image format... And give solution in steps by steps...
A: Myriad Products Company Cash Flow Statement (Indirect method) For the year ended December 31,…
Q: Help me please asap. Don't use any AI. It's strictly prohibited.
A: We must record the transactions appropriately in order to journalize the July 1 stock issuance and…
Q: None
A: Step 1:Computation of the amount of cash paid to the suppliers:SituationCost of goods soldInventory…
Q: Kevin is an employee in the finance department at Easy Trader Co. and is performing some financial…
A: "The most precise justification for assessing economic value added (EVA) is presented in option C,…
Q: A simple regression model for 10 pair of data resulted in a standard error of 3.95 (i.e., Se =…
A:
Q: A company has the following inventory-related information at the end of 2015: Item Quantity Unit…
A: Step 1: Apply the lower of cost or market value rule by choosing the lower inventory value between…
Q: You own a construction company with a revenue of $395,000. The direct costs of construction are…
A: Net Taxable Income: The Starting Point for TaxesGross Profit: We begin by calculating the gross…
Q: Office Tech Inc. is currently purchasing a standard part for $25 per unit which is used for…
A: The objective of this question is to determine the impact on operating income if Office Tech Inc.…
Q: ACME Company purchases for resale 1,000 widgets for $64 each. At year-end, the replacement cost is…
A: Cost of the inventory = ($64 per widget) Replacement cost = ($63 per widget) Net realizable value…
Q: 2 13 14 15 Styles 6 7 8 9 10 11 1 12 113 114 115 1 17 118- Onyx Company prepared a static budget at…
A: Step 1: Definition of Sales Volume Variance:The sales volume variance is calculated by taking the…
Q: Kevin Diesel owns the Fredonia Barber Shop. He employs 5 barbers and pays each a base salary of…
A: Computation of the unit variable costs per haircut and total monthly fixed costs: Variable cost per…
Q: Which of the following forms of corporation is designed for businesses that exist to make positive…
A: Correct answerThe correct answer is C) B Corporation. B Corporations, or Benefit Corporations, are a…
Q: Manji
A: Approach to solving the question: To approach solving this question, follow these steps:Understand…
Q: Give me one solid paragraph on how auditors manage day to day tasks
A: Auditors, as financial experts, have a variety of day-to-day tasks that they manage to ensure the…
Q: llj.1
A: For tax purposes, there are several options for the entity type of KBS, including a C corporation,…
Q: The current year financial statements for Blue Water Company and Prime Fish Company are presented…
A: Step 1:Step 2:Step 3: Step 4:
Q: a. Equipment with a book value of $82,000 and an original cost of $165,000 was sold at a loss of…
A: Based on the provided information, the cash flows from investing activities can be calculated as…
Q: Assume that in Case 1 the other items in the current assets section are as follows: cash $ 3,090,…
A: To find the missing amount (a), we need to calculate the total manufacturing costs for Case 1 and…
Q: Vikram Bhai
A: Year 2:Ordinary Income:Jack's share: $134,500 × 25% = $33,625Jill's share: $134,500 × 75% =…
Q: What is journal entry in accounting and it's rule
A: The objective of this question is to understand the concept of journal entry in accounting and its…
Q: Consider the following two mutually exclusive projects: Year - 0 (A)-347,000 (B) 49,500 1-A) -…
A: Payback period: The payback period is the amount of time that must pass before the initial…
Q: Purchase Terms: Purchase Price: $600,000 Earnest Money Deposit: $10,000 Financing: Conventional loan…
A: Synopsis of Purchase ConditionsThe salient features of the terms of purchase for a house are as…
Q: Manji
A: The company's net operating income under absorption costing is calculated by first determining the…
Q: Question: A company reports the following: Sales $4,400,000 Average total assets (excluding…
A: The objective of this question is to calculate the asset turnover ratio of a company. The asset…
Q: Biz Tech Inc. is currently purchasing a standard part for $50 per unit which is used for…
A: The objective of the question is to determine the change in differential costs if Biz Tech Inc.…
Step by step
Solved in 2 steps
- 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. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.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 June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
- 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?Clayco Company completes the following transactions during the year. July 14 Writes off a $750 account receivable arising from a sale to Briggs Company that dates to 10 months ago. (Clayco Company uses the allowance method.) 30 Clayco Company receives a $1,000, 90-day, 10% note in exchange for merchandise sold to Sumrell Company (the merchandise cost $600). Aug. 15 Receives $2,000 cash plus a $10,000 note from JT Co. in exchange for merchandise that sells for $12,000 (its cost is $8,000). The note is dated August 15, bears 12% interest, and matures in 120 days. Nov. 1 Completes a $200 credit card sale with a 4% fee (the cost of sales is $150). The cash is transferred immediately from the credit card company. 3 Sumrell Company refuses to pay the note that was due to Clayco Company on October 28. Prepare the journal entry to charge the dishonored note plus accrued interest to Sumrell Company’s accounts receivable. 5 Completes a $500 credit card sale with a 5% fee (the cost of sales is…FDNACCT Co. purchased merchandise and issued a twelve-month promissory note with 8% interest and principal of P850,000 on October 1, 2021. How much should be recorded as interest expense for the year ended December 31, 2021?
- On September 1, 20X1, Chabon Corp. purchased machinery costing $20,000 by issuing a 12-month, 12%, promissory note to the seller. The note's principal plus interest will be paid when the note matures on September 1, 20X2. Interest calculations are rounded to the nearest whole month. Required: Record the September 1, 20X1 transaction, the year-end adjustment for interest, and the loan repayment on September 1, 20X2.Hanna Company borrows $80,000 on July 1 from the bank by signing an $80,000, 10% one year note payable. Prepare the journal entry to record the proceeds of the note. Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year.Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer on account. (Assume a 360-day year when calculating interest.) a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. June 10
- Sheridan Company borrows $37,800 on July 1 from the bank by signing a $37,800, 8%, 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 adjusting entries are made only at the end of the year.Concord Company borrows $61,200 on July 1 from the bank by signing a $61,200, 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 adjusting entries are made only at the end of the yearOn November 1, Kotler Company accepted a 3-month note receivable as payment for services provided to Norman Company. The face value was $9,000, and it had a stated 6% annual rate of interest. Kotler Company made the required accrual on December 31. On February 1, the entry to record the collection of the note should include: Select one: a. A decrease to Interest Receivable for $135 b. An Increase to Interest Income for $45 c. A decrease to Notes Receivable for $8,135 d. An increase to Interest Income for $135