On 15 April 2021, Growth Realty Ltd purchased a piece ofequipment worth $200,000 by accepting a 6 - monthdiscounted bank bill. The bill has a face value of $209,000and is due for settlement on 15 October 2023. Required:(a) State the items and amounts, if any, that wouldappear in each of Growth Realty Ltd's financialstatements on 30 June 2023 pertaining to the discountedbill. Provide your working process. (1) Income statementitems) and amount(s): (i) Balance sheet items) andamounts): (ili) Cash flow statement items) and amount(s)):

The objective of the question is to determine the items and amounts that would appear in each of…

Answered: On 15 April 2021, Growth Realty Ltd…

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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On November 1, 2022, Roberts Inc. provided consulting services in exchange for a one-year, 10% promissory note with a face value of $30,000. The note is interest-bearing. The note’s face value plus accrued interest compounded annually is due to be paid back when the nature matures on November 1, 2023. Roberts’s journal entry to record the collection of the note and interest on November 1, 2023, should include a: (round all calculations to the nearest whole dollar) Credit to “Interest Revenue” for $2,500. Credit to “Interest Revenue” for $3,000. Credit to “Interest Receivable” for $2,500. Credit to “Interest Receivable” for $3,000.
Cheyenne Corp. borrowed $1080000 from National Bank on May 31, 2019. The 3-year, 7% note required annual payments of $411536 beginning May 31, 2020. The total amount of interest to be paid over the life of the loan is O $75600. O $154608. O $301688. O $226800.
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None
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