AutoSave OFFHome Insert DrawPastePage 47 of 95CalibriB I U20DesignVv16916 words50abX2VLayoutΑ Α΄x²AReferencesAa ✓ AΑνEnglish (United States)Mailings Review=16×16×¹6× | = =VVW= Packet Lecture-4ViewVTell me↓V12/31/XD Interest Receivable (A+)VNote Receivable (A-)Interest Revenue (R+→SE+)Accrual of interest on note (10,000 x .12 x 11/12)Then when the note is paid in January the company would record:1/31/XE | Cash (A+)Determine interest revenue for 20XA.Accessibility: InvestigateInterest Revenue earned in 20XE is $100 (10,000 x .12 x 1/12).Determine interest revenue for 20XBSaved to my Mac ✓AaBbCcDd EeDetermine interest revenue for 20XA.1 JRC NormalDetermine interest revenue for 20XB10,0001,100Interest Receivable (A-)Interest Revenue (R+→SE+)100Collection of note receivable, interest receivable and interest revenue (10,000 x .12 x 1/12)PracticeThe company lent $5,000 on July 1, 20XA at 10% interest for 9 months.Determine interest revenue for 20XCDetermine interest revenue for 20XB.AaBbCcDdEeCaptionThe company lent $9,000 on December 1, 20XA at 7% for 18 months.1,10011,200$The company invested $300,000 on September 30, 20XA at 4% for 4 months.$$$$AaBb CcDdFHeading 1$1,100AaBbCcDdEHeading 2AaBbCcDdEHeading 3FocusAaBbCcDdEHeading 4EShareFBIEditingStyles DictatePaneCommentsEEditor100%

Practice The company lent $5,000 on July 1, 20XA at 10% interest for 9 months. Determine interest revenue for 20XA. Determine interest revenue for 20XB The company lent $9,000 on December 1, 20XA at 7% for 18 months. Determine interest revenue for 20XA. Determine interest revenue for 20XB Determine interest revenue for 20XC Determine interest revenue for 20XB. $ The company invested $300,000 on September 30, 20XA at 4% for 4 months. X Accessibility: Investigate $ $ $ $ $ F

Practice The company lent $5,000 on July 1, 20XA at 10% interest for 9 months. Determine interest revenue for 20XA. Determine interest revenue for 20XB The company lent $9,000 on December 1, 20XA at 7% for 18 months. Determine interest revenue for 20XA. Determine interest revenue for 20XB Determine interest revenue for 20XC Determine interest revenue for 20XB. $ The company invested $300,000 on September 30, 20XA at 4% for 4 months. X Accessibility: Investigate $ $ $ $ $ F

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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XYZ Company borrowed $100,000 at a 9% interest rate on May 1, 20X1 for one year with interest and principal due on April 30, 20X2. How much cash will be paid for interest on December 31, 20X1? O $6,000 $0 O $9,000 O $3,000
Legitimate Financial Services made a loan at 9.75% interest for 252 days. If the amount of interest was $210.50, use the exact interest method to find the amount of principal borrowed. (Round to the nearest whole dollar amount.) 00 $2,159 $2,999 $3,127 $3,388
Bruce Wayne borrowed $14 300.00 for investment purposes on May 19, on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $1,300.00 on June 28, $1,450 on September 25, and $4,200.00 on November 15. How much is the final payment on December 31 if the rate of interest was 11.5% on May 19; 8.21% effective August 1; and 6.35% effective November 1? Payment Date Payment Interest Cost Principal Portion Outstanding Balance 19-May 14300 28-Jun 1300 0 1300 13000 25-Sep 1450 0 1450 11550 15-Nov 4200 0 4200 7350 31-Dec 7350 0 7350 0 Interest Calculation Dates Days Time = Days/365 R (rate of interest) Interest cost First Interest Payment May 19 to June 28 Second Interest Payment June 29 to July 31 Aug 1 to Sept 25 Total Interest Payment 0 Third Interest Payment Sept 26…
one received a loan of $51,000.00 at 3.50% compounded quarterly to purchase machinery for its factory. Calculate the time period of the loan if the total amount of interest paid was $17,582.10.
Company borrowed $5,000 on October 1, Year 1. The note had a one-year term and an annual interest rate of 6%. On December 31, Year 1 Gamma ognized accrued interest expense of $ (Enter your answer as a whole number.)
Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Halep Inc. will make payments of $8,264.70 at the end of each year. Annual Period Interest Expense Annual Payment Principal Payment Ending Balance 1 $1,200.00 $8,264.70 $7,064.70 $22,935.30 2 $917.41 $8,264.70 $7,347.29 $15,588.01 3 $623.52 $8,264.70 $7,641.18 $7,946.83 4 $317.87 $8,264.70 $7,946.83 $0 Principal Payment Cash Interest Income LT Notes Payable Annual Payment Interest Expense provide the journal entry for the first year payment: DR DR/CR? CR
EB11. 12.4 Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required
← Dirk Ward borrowed $13,000.00 for investment purposes on May 26 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $1000 on June 5, $100 on September 27, and $900 on November 24. How much is the accrued interest on December 31 if the rate of interest was 5% on May 26, 5.6% effective August 1, and 5.85% effective November 12 The accrued interest on December 31 is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
K Dirk Ward borrowed $13,000 00 for investment purposes on May 16 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $1000 on June 10, $200 on September 21, and $800 on November 16. How much is the accrued interest on December 31 if the rate of interest was 7% on May 16, 7.5% effective August 1, and 7.8% effective November 12 The accrued interest on December 31 is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
K Dirk Ward borrowed $13,000 00 for investment purposes on May 16 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $1000 on June 10, $200 on September 21, and $800 on November 16. How much is the accrued interest on December 31 if the rate of interest was 7% on May 16, 7.5% effective August 1, and 7.8% effective November 12 The accrued interest on December 31 is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
Dirk Ward borrowed $11,000.00 for investment purposes on May 7 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $600 on June 19, $100 on September 18, and $1100 on November 23. How much is the accrued interest on December 31 if the rate of interest was 6% on May 7, 6.3% effective August 1, and 6.9% effective November 1? The accrued interest on December 31 is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
K Dirk Ward borrowed $13,000 00 for investment purposes on May 16 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $1000 on June 10, $200 on September 21, and $800 on November 16. How much is the accrued interest on December 31 if the rate of interest was 7% on May 16, 7.5% effective August 1, and 7.8% effective November 12 The accrued interest on December 31 is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)