Omega Corp. signed a one-year, 9%, $100,000 note on September 30, 2022. How much interest expense should Omega recognize on December 31, 2022? a. $2,250 b. $6,750 c. $3,000 d. $9,000
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- 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?Summit Inc. issued a one-year, 9%, $250,000 note on October 1, 2022. What was the interest expense for the year ended December 31, 2022? A. $5,625 B. $6,750 C. $22,500 D. $4,500On 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
- 33) Lennon Company signed a 12-month, $59,000, 8% note on June 1, 2023. The amount of interest to be accrued on December 31, 2023, is: (Round your final answer to the nearest dollar.) 59,000 A) $393. $2,360. $2,753. D) $4,720. ustomer account.January 1, 2022, Abel Co. exchanged services for a $200,000 noninterest-bearing note due on January 1, 2027. The prevailing rate of interest for a note of this type at January 1, 2022 was 10%. The present value of $1 at 10% for five periods is 0.621. What amount of interest revenue should be included in Abel's 2023 income statement? a. $0 b. $12,420 c. $13,662 d. $20,000Apex Company accepted from a customer P1,000,000 face amount, 6 month, 8% note dated April 1, 2021. On the same day, the entity discounted the note at 10% discount. What amount is the proceeds from discounting?
- On March 1, 2024, Lewis Services issued a 10% long - term notes payable for $24,000. It is payable over a 6– year term in $4000 principal installments on March 1 of each year, beginning March 1, 2025. Which of the following entries needs to be made on March 1, 2024? O A. Current Portion of Long - Term Notes Payable Long- Term Notes Payable 24,000 24,000 O B. Long - Term Notes Payable Accounts Payable 24,000 24,000 O C. Long - Term Notes Payable 4000 Cash 4000 O D. Cash 24,000 Long - Term Notes Payable 24,000On July 1, 20X1, ABC Corp received a P450,000 10% 3-year note from a customer. The principal and interest of the note is collectible in 3 equal payments every June 30, starting June 30, 20X2. How much is interest income at Dec 31, 20X2? 22,500 45,000 135,000 071. Sbject :- Accounting
- Sh5On 1 January 2022, Rodney Inc. provided services to Smith Co. in exchange for Smith’s $300,000, 2-year 8% note with interest compounded semi-annually on July 1 and January 1. The current market rate of similar notes is 12%. Rodney Inc. financial year ends December 31. ANSWER: Complete the following amortization schedule: Cash Interest Amortized Carrying Dates Received Income Amount Amount Jan 1, 2022 0 0 0 $ Jul 1, 2022 $ $ $ $ Jan 1, 2023 " " $ $ $ Jul 1, 2023 " " $ $ $ Jan 1, 2024 " " $ $ $ 2. Prepare the necessary journal entries for the following dates for Rodney Inc. Jan 1, 2022: Dr. Answer $ Cr. Answer $ Dec 31, 2022: Dr. Answer $ Dr. Notes receivable $ Cr. Answer $ Jan 1, 2023: Dr. Answer $ Cr. Answer $ $On August 15, 2022, Pharoah Company signs a $248000, 7%, twelve-month note payable. Which of the following entries correctly records the accrued interest on December 31, 2022? Dr Interest Expense $5786.67 Cr Interest Payable $5786.67 Dr Interest Expense $10850.00 Cr Interest Payable $10850.00 Dr Interest Expense $17360.00 Cr Interest Payable $17360.00 Dr Interest Expense $6510.00 Cr Interest Payable $6510.00