On October 1 of the current year, an entity received a one-year note receivable bearing interest at the market rate. The face amount of the note receivable and the entire amount of the interest are due on September 30 of next year. The interest receivable on December 31 of the current year would consist of an amount representing   Group of answer choices Three months of accrued interest income The excess on October 1 of the present value of the note receivable over its fact amount Nine months of accrued interest income Twelve months of accrued interest income

Q: Recording Entries for an Installment Note Payable On January 1 of Year 1, a borrower signed a…

A: Written agreements called "notes payable" state that one party will give the other party a specific…

Q: Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a…

A: Interest Expense = Note payable amount * Interest Rate * Period

Q: Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $147,750,…

A: Given that: Instalment note value = $147750 Period = 4 years interest rate = 7%

Q: TORR, Inc. issues a $600,000, 9%, five-year note payable on January 1, 20X5. If the monthly payment…

A: Interest for first month = face value of the note payable x interest rate  x no. of months/12 =…

Q: 2, 69 st dol

A: Answer : Interest = Notes value * Interest rate * Days Interest = $75,972 * 6%*120/360 Interest =…

Q: Determine due date and interest on notes Determine the due date and the amount of interest due at…

A: The promissory notes can be defined as a legal lending document that consists of the promise made by…

Q: On October 12, 2020, Golf Co. received from one of its customers, Ping Co., a $30,500, 8% 90 day…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: On June 1, Davis Inc. issued an $76,100, 12%, 120-day note payable to Garcia Company Assume that the…

A: No. of days for which interest to be recognized in the following year = Total days of notes - total…

Q: The following journal entry was made by your predecessor to record the annual payment on a 5%,…

A: Note payable refers to a composed promissory note. Under this understanding, a borrower gets a…

Q: Determine the due date and the amount of interest due

A: Required details are given below

Q: Require (a): Your business issued a 14%, $300,000, one-year, note payable on April 1, 20x1. Both the…

A: Solution Adjusting entry is a entry in a company's general ledger that occurs at the end of an…

Q: A $12,000 non-interest-bearing promissory note is discounted at 6% compounded monthly, three years…

A: Maturity amount (MV) = $12,000 Interest rate = 6% Monthly interest rate (r) = 6%/12 = 0.50% Period =…

Q: On June 8, Williams Company issued an $85,200, 9%, 120-day note payable to Brown Industries.…

A: Note payable is issued by the debtor as a. Promise note that he would make the payment on time with…

Q: A 100-day note with a face amount of $54,000 and interest rate of 9% is issued on June 1. Required:…

A: 1.

Q: the first day of the fiscal year, a company issues $45,000, 8%, six-year installment notes that have…

A: Journal Entries Record The All Business Transactions In Accounting Journal. It Is First Step Of…

Q: on June 8th Alton Co issued an $70620 11% 120 Day note payable to seller Co. Assuming a 360 day year…

A: Interest on Note = Face value of Note x rate of interest x No. of days /360 days =…

Q: Recording Entries for an Installment Note Payable On January 1 of Year 1, a borrower signed a…

A: Written agreements called "notes payable" state that one party will give the other party a specific…

Q: How do I find the carrying amout for each year?

A: Requirement a:   Prepare an amortization table.

Q: Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $32,000,…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: Journalize the following, assuming a 360-day year is used for interest calculations: ​ Apr. 30…

A: Interest Expense = 150,000 x 6% x 30 / 360 = $750

Q: On January 1, Year 1, Bryson Company obtained a $147,750, four-year, 7% installment note from…

A: a.

Q: Determine the due date and the amount of interest due at maturity on the following notes: Face…

A: For the calculation of Due date - The number of days are counted from the date of note.Interest =…

Q: Determine the due date and the amount of interest due at maturity on the following notes. When…

A: Answer:- The note payable is the amount which the company has to pay and it is considered as a…

Q: On the first day of the fiscal year, a company issues $89,000, 6%, five-year installment notes that…

A: Long-term notes payable: Long-term notes payable represent a legal and written promise made by the…

Q: On February 20th, a 5 month note for $2,900 was received by Lucky Company to settle an amount owing…

A: A you have asked multiple sub-parts we can solve only first three part for you please repost the…

Q: TORR, Inc. issues a $500,000, 6%, six-year note on January 1, 20X1. If the monthly payment is…

A: A note is one of the debt instruments that is issued by companies in order to raise funds. Note…

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.