Kieso Company borrowed $720,000 on a 120-day note at 10 percent interest. The money was borrowed for 45 days in 2014 and 75 days in 2015; the note and interest were to be paid upon maturity in 2015. (Assume 360 days in a year.) How much interest expense, if any, would be reported in 2014 and in 2015?
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Kieso Company borrowed $720,000 on a 120 day note at 10 percent interest. Give correct calculation of this general accounting
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- Example 14.5: JN Min Corporation, a calendar-year company, borrowed $1,000,000 on August 15, 2015. The note specifies an 8% interest rate and is due in three years. Interest is paid quarterly. The fiscal year ends on December 31. The current market rate is 12%. Interest is compounded quarterly. JN Min prepares quarterly financial statements. Prepare the amortization table for the note and the journal entries for 2015. Given Solve for PV N 12 I/Y 3.00% PV 900,460 PMT -20,000 FV - 1,000,000 Excel Formula =PV(0.03,12,-20000,-1000000)B. ESD Company borrowed 5 million pesos from a bank on September 30, 2015. The loan principal is payable every six months starting march 31, 2016 at the rate of 1,000,000. The loan has an annual interest rate of 10%. Determine the interest cxpense related to this loan in 2015, 2016,2017 and 2018.Included in Allen Corp.'s balance sheet at June 30, 2015 is a 10%, $3,000,000 note payable. The note is dated October 1, 2013 and is payable in three equal annual payments of $1,500,000 plus interest. The first interest and principal payment was made on October 1, 2014. In Allen's June 30, 2015 balance sheet, what amount should be reported as accrued interest payable for this note? A. $75,000. B. $112,500. C. $337,500. D. $225,000.
- Frisco Company borrowed $76,000 cash on October 1, 2022, and signed a nine-month, 9% interest-bearing note payable with interest payable at maturity. The amount of interest expense to be reported during 2023 is which of the following? $3,420. $2,565. $1,710. $1,026.1.) FInd the oddinary interest on 500,000 at 5.5% invested fro, April 1 to December 24, 2017 using actual time and approximate time. 2.) Find the simple interest on 20,000 borrowed on May 1 and will be paid after 6 months at 6.25% interest using exact time. 3.) What Amount should be paid on July 5, 2017 on a loan of 100,000 made on January 25, 2018 with 4.7% simple interest? 4.) An eligible Pag-IBIG member may borrow up to a maximum of 80% of his total accumulated value (TAV) subject to the terms and conditions of the program. After a strong typhoon, Mang Liloy applied for a calamity loan of 30,000. The current interest rate for the calamity loan is 5.95% per annum. How much interest does Mang Liloy have to pay at the end of 1 year?10) The maturity value of a five-month promissory note issued May 31, 2013, is $2134.00. What is the present value of the note on the date of issue if money is worth 6.3%?
- I need this question answer general AccountingOn May 3, 2020, Leven Corporation negotiated a short-term loan of $885,000. The loan is due October 1, 2020, and carries a 6.90% interest rate. Use ordinary interest to calculate the interest. What is the total amount Leven would pay on the maturity date? (Use Days in a year table.) Note: Do not round intermediate calculations. Round your answer to the nearest cent. X Answer is complete but not entirely correct. Maturity value $ 910,095.21 X Return to questionOn May 3, 2020, Leven Corporation negotiated a short-term loan of $660,000. The loan is due October 1, 2020, and carries a 5.40% interest rate. Use ordinary interest to calculate the interest. What is the total amount Leven would pay on the maturity date? (Use Days in a year table.) Note: Do not round intermediate calculations. Round your answer to the nearest cent.
- Rice Inc. issued a 120-day note in the amount of $150,000 on October 31, 2013 with an annual rate of 6%. What amount of interest has accrued as of December 31, 2013? Select one: A. $1,500 B. $1,125 C. $4,500 D. $ 750 E. Zero. The interest is accrued at the end of the 120 day period.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, 800Liana Ltd bought a bank bill on 7 January 2012 for $976 751 and sold it on 3 March 2012 for $987 618. a. What simple interest rate (annual rate) did Liana Ltd earn? b. What annual effective interest rate did Liana Ltd earn? Please help to solve the following question with detailed steps and explanation. thank you