On September 1, 2019, a company borrowed cash and signed a 1-year, interest-bearing note on which both the principal and interest are payable on September 1, 2021. How will the note payable and the related interest be classified in the December 31, 2019, balance sheet? Note payable Accrued interest current liability non current liability non current liability current liability current liability current liability non current liability no entry

Q: Company issued a short-term debt of $65,000 on July 1, 2021 for a period of 5 months with a note…

A: Notes Payable are the debt instrument which has been used by the organisation to arrange a short…

Q: At December 31, 2020, Sarasota Corporation has the following account balances: Bonds payable, due…

A: The balance sheet outlines the assets and liabilities at the end of the financial year while the…

Q: Prepare General Journal entries to record the above transactions. (If no entry is required for a…

A: The General Journal entries to record the above transactions are: Date Particulars LF Debit…

Q: Prepare working papers for the above account How would you present these notes on the balance sheet.

A: Notes payable account can be defined as those account balances whose amount is occurred as the…

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A: The objective of the question is to record the payment of interest on January 31, 2025, given the…

Q: Presented here are long term liabity itema for Marin inc. at December 31, 2017. Bonds payable (due…

A: Marin Inc. Balance Sheet (Partial) December 31, 2017 Long-term Liabilities(Non-Current):…

Q: ABC company issued a promissory note to DEF bank. Details from the promissory note as follows: Date…

A: Promissory note is the written note prepared where promisor promises to the promise to pay the…

Q: The following amortization schedule is for Pronghorn Ltd's investment in Spangler Corp.'s $1…

A: Bonds serve as a means for companies and governments to raise capital for financing projects,…

Q: At December 31, 2017, Burr Corporation owes $500,000 on a note payable due February 15, 2018. (a) If…

A: Current liabilities: Current liabilities are the liabilities that are payable within a period of one…

Q: Refer to the following list of liability balances at December 31, 2019. Accounts Payable $20,000 850…

A: The current liabilities part of a balance statement indicates the debts owed by a corporation that…

Q: 1 Assume that on July 1, 2021, General Mills bonowed $200,000 cash on a one-year note that required…

A: Notes payable: It implies to a written promise that is made by the maker of the note to other party…

Q: What should be the balance of the Discount on Notes Payable account on the books of ABC Company at…

A: Note payable- A promissory note or written agreement is referred to as a note payable. The…

Q: On January 1, 2020, Riverbed Corporation redeemed $400,000 of bonds at 96. At the time of…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: A corporation borrowed money through an 9-month, 8% note for $120,000 on September 1, 2020. The note…

A: Formula: Interest amount = Notes amount x Interest rate x Time period

Q: Preparing a Debt Disclosure As of December 31, 2020, Dole Company’s long-term debt consisted of the…

A: INTRODUCTION: The liability account for notes payable is a component of the general ledger.…

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Q: On September 1, 2019, Melanie Corp. borrowed $101,000 in cash and executed a 6-percent,…

A: The total rate of investment a lender pays on a debt obligation during the course of borrowing is…

Q: Question 1: What is the correct amount of accounts payable to be presented in the statement of…

A: The question pertains to determining the correct current and non current liabilities of the…

Q: On September 1, 2019, a company borrowed cash and signed a 1-year,interest-bearing note on which…

A: the current liabilities are the liabilities that are to be paid off within one year.

Q: Marigold, Inc., purchased $372,000 of its bonds at 95 on June 30, 2020, and immediately retired…

A: Bond's Payable = $372,000 Discount On Bond's Payable = $372,000 — $360,000 = $12,000   Cash =…

Q: On October 1, 2021, Smash Company discounted its own note of $500,000 at 10% for 1 year. In its…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: On January 2, 2018, Keystone Company borrowed $60,000 from Bank Three. The loan was to be repaid in…

A: Solution: Total borrowings = $60,000 Annual payments = $10,000 Balance borrowings at Dec, 31, 2019 =…

Q: On December 31, 2019, Kale Bank entered into a debt restructuring agreement with Miserable Corp.,…

A: Ans. P 56,000 Working Notes: Principle :  P 700,000 Rate of Interest: 8% Time : 1 Year

Q: On December 31, 2021, what total amount should be reported as current liabilities? a.) 1,066,000…

A: Calculation of Current Liabilities  Current liabilities = Accrued Liabilities expense + Unearned…

Q: Prepare the entry to record the retirement of half the bonds still outstanding on January 1, 2022…

A: Retirement of half of the bond still outstanding on January 1st, 2022, for the cash payment of…

Q: A company borrowed P71,550 from Feb. 24, 2019 to May 28, 2023 with 0.25 simple interest. Find the…

A: Amount borrowed = P 71,550 Total days Feb 24, 2019, to May 28, 2023, = 1554 days as there are 4…

Q: business borrowed $200,000 on January 1, 2019 to be paid back on January 1 2022. On January 1, 2019,…

A: Loan to be repaid as on 1st January 2022 is $200000 The present Value as on 1st January 2019 =  $…

Q: The following amortization schedule indicates the interest and principal to be repaid on an…

A: Note payable is a financial instrument which is used to make a certain amount of payment at the date…

Q: Your answer is incorrect. If Bridgeport refinances the obligation by issuing a long-term note on…

A: Liabilities are the debts owed by the corporation to third parties. It is a legal duty imposed on a…

Q: Greene Corporation loaned $150,000 to another corporation on December 1, 17) 2021 and received a…

A: solution note dear student as per the Q&A guideline we are required to answer the first question…

Q: Prepare the journal entry to record the payment of interest and the discount amortization on…

A: Step 1:Journal Entry to record the issuance of Bonds:Cash(Issued Price) = $730,000Discount on Bonds…

Q: On July 10, 2022, FDNACCT Services received from client a 60-day, 12%, P148,000 note for services…

A: Note​ payable: Note​ payable is an instrument through which borrower obtains money from lender and…

Q: Cullumber Company borrowed $760,000 on December 31, 2019, by issuing an $760,000, 8% mortgage note…

A: Introduction: Liabilities are legally binding promises that must be paid to some other person or…

Q: On October 1, 2021, Smash Company discounted its own note of P500,000 at 10% for 1 year. In its…

A: When a business makes discounting of its own note, then Notes payable will become a liability for…

Q: Able Inc. borrowed $60,000 on October 1, 2019 and agreed to pay back $75,000 on October 1, 2022. How…

A: Interest: It refers to the charge which is paid by a borrower to the lender for using his funds.

Q: Mar Company provides the following information on December 31, 2020: Income taxes withheld from…

A: Current liabilities are those types of obligations that must be fulfilled within a year. Creditors,…

Q: The Company issued a short-term debt of $65,000 on July 1, 2021 for a period of 5 months with a note…

A: A Journal is made to record all the business transactions in chronological order. It is the first…

Q: [The following information applies to the questions displayed below.] Greener Pastures Corporation…

A: Notes Payable is a Promissory Note issued by the borrower to the lender. It is a Written agreement…