Theyare notcentributingComplete the table belowbut thy are• On 1 March 20.5 a trader bought equipment for R65 000, Depreciationmust be próvided at the rate of 15 % p.a. according to the Diminishingbalance method. Complete the details in the table below for the period1 March 20. 5-28 February 20.9. Round of calculations to the Rand.monA person's staLike subsidiesAccumulatedRate ofCarrying/book valueCostDepreciationDepreciationPriceDepreclationYear28February20.628xamples of wants and basFebruary20.728February20,828February20.910

The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…

Answered: omplete the table below On 1 March 20.5…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 10%, $35,000 note payable along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 note payable. Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $42,000 cash from Fargo Bank by signing a 60-day, 88, $42,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 ? Paid the amount due on the note to Fargo Bank at the maturity date. 4. Determine the interest expense recorded in Year 2. Note: Do not round your Intermediate calculations. Use 360 days a…
A 7% p.a. demand loan was paid off with payments of $3,000 on April 10th, $2,000 on September 25th and a final payment of $5,447.13 on December 5th. If it uses the standard declining balance method, what was the original amount of the loan back on March 8?
EX.06.144 On April 7, Wilhelm, Inc. sold goods for $50,000 and accepted a 10%, 60-day note. On April 22, the company sold the note to a bank at a 13% discount rate. Required:Compute the amount of interest revenue and the loss on sale of the note. Assume a 360-day year. Round your answers to two decimal places. Interest revenue $ Loss on sale of note $
nces On 1 October 20X6, Halpern Co borrowed $180,000 from Canada Bank The note has a two-year term, and requires that interest of 9% be paid each 30 September, with the principal payable 30 September 20X8 Required: Provide all entries for the note from 20X6 to 20X8 (If no entry is required for a transaction/event. select "No journal entry required" in the first account field.) View transaction list 1 Record the borrowings from Canada Bank. 2 Record the accrual of intest for the period ending 31st December 20x6. a Record the interest payment on 30 September 20x7. 4 Record the accrual of interest for the period ending 31st December 20X7 5 Record the interest payment on 30 September 20X8. Record the repayment of borrowings to Canada Bank 6 Note: journal entry has been entered Record entry Clear entry EX - - 2 Credit View gener al journal
Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation.) (a) (b) (c) Date of Note April 1 July 2 March 7 Terms 60 days 30 days 6 months Maturity Date May 31 August 1 September 7 Principal $570,000 93,600 115,000 Annual Interest Rate 10 % % 11 % $ tA $ Total Interest $702
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
During your review of the records of X Factor Corporation for the year 20A, you noted that X Factor sold a machine with carrying amount of P640,000 (cost is P1.6M) on June 30, 20A. X Factor received an P800,000 non-interest bearing note due in 3 years. There is no established market value for the machine. The yield rate for this type of note is 12%. X Factor recorded the transaction by debiting Note receivable for P800,000 and crediting Machinery for P640,000 and Gain on sale for the difference. Interest income for the year ended December 31, 20B is
Current Attempt in Progress Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation. Do not round intermediate calculations.) Date of Note April 1 July 2 March 7 Save for Later Terms 60 days 30 days 6 months Maturity Date # Principal $720,000 90,000 125,200 Annual Interest Rate 5% $ 9% $ Total Interest Attempts: 0 of 1 used $600 Submit Answer
Journalize and adjust with explanation the following transactions below in balance sheet approach and liability for advances: equipment costing P100,000 was purchased using P40,000 cash. The remaining amount of P60,000 is a one year note with an interest rate of 3.4% compounded monthly Adjustment: Payment for equipment At the end of 5 years the equipment salvage value is P10,000
Muscat Company borrowed OMR100,000 from the bank signing a 12 %, 3-month note on January 1. the adjusting entry that the company should make for interest on March 31, would be Select one: O a. None of the answers are correct O b. Debit Cash, OMR 3,000; Credit Interest Payable, OMR 3,000. O c. Debit Note Payable, OMR 3,000; Credit Cash, OMR 3,000. d. Debit Interest Expense, OMR 3,000; Credit Interest Payable, OMR 3,000. O e. Debit Interest Expense, OMR 12,000; Credit Interest Payable, OMR 12,000.
Additional information:i. Supplies as at 31st December 2019, RM34,500.ii. Insurance expense at the rate of RM850 per month.iii. Yearly depreciation on the non current assets as below:• furniture and fittings, RM5,175• motor vehicles, RM20,400.iv. Interest expense RM5,295 still payable by end of the yearv. Estimated doubtful debt at the rate of 2% of accounts receivable Question: 1. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31st December 2019. 2. Prepare the Statement of Financial Position as at 31st December 2019.
Bennett Enterprises isues a $480,000, 45-day, 9%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. 1. 2. b. Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. 1. 2. 00

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omplete the table below On 1 March 20.5 a trader bought equipment for R65 000, Depreciation must be provided at the rate of 15 % p.a. according to the Diminishing balance method. Complete the details in the table below for the period 1 March 20.5-28 February 20.9. Round of calculations to the Rand.