QUESTION 2 On May 1, 2018, Bodie Co. accepted a $9300 face value note as evidence of a loan it made to T Company. The note had a 8 percent interest rate and a one- year term. What is the interest revenue recognized by Bodie in 2019?

Q: 1. Costco Wholesale Corporation borrows $640,000 on September 1, 2021. Costco signs a nine- month,…

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

Q: Blue Devil Corp. reported Notes Payable of $122793 on its 2019 Balance Sheet. If the notes don't…

A: A note payable may be a long-term note payable or a short-term note payable. A long-term note…

Q: Allen Inc. took out a 1-year, 8%, $100,000 loan on March 31, 2018. Interest is due upon maturity of…

A: Formula: Interest expense = Loan amount x Interest rate x Time period

Q: On November 1, 2024, Backpacking Training Corporation borrows $47,000 cash from Community Savings…

A: Notes payable is one of important liability for business. It can be short term or long term,…

Q: 20140.01 35 On September 1, 2024, Daylight Donuts signed a $160,000,8%, six-month note payable with…

A: For  an accounting purposes the interest on a note payable is recorded as an expense on the income…

Q: On May 1, 2020, Zachary Corporation borrowed $2,500 on a two-year, 6% note payable. Interest is due…

A: The company borrowed amount on the dated May 1, 2020. Interest will be payable after six months.…

Q: 1. CJ, Inc. issued a promissory note to AJ, Inc. in the amount of $400,000 on January 1, 2014, the…

A: Journal entry records the accounting transactions of a business in a journal book. All the business…

Q: On January 1, 2018, Allgood Company purchased equipment and signed a six =year mortgage note for…

A: For calculating interest expense, we will need to make amortization schedule of loan over a period…

Q: On January 1, 2022, Balance Bar Co. receives a 5-year, $100,000 zero-interest-bearing note for…

A: Fv=100,000 N=5 years i=6% Then principal:$100,000 (PVF$5,6%) = $100,000 x .74726 =$74,726…

Q: nts) On April 1 each year, TAEL Co. receives interest on a $161,000, 6%, 6 year note receivable. On…

A: Interest income is what a business receives from its investments or obligations. Due to the accrual…

Q: P10.6A (LO 2) AP On January 1, 2019, Hopewell Company began a warranty program to stimulate sales.…

A: The warranty expenses are an accounting estimate. If there is any change in the warranty expenses…

Q: Vi.2

A: To determine the amount of interest payable when the note matures, we can compute the interest…

Q: Alaska Inc. borrowed $16,000 by signing a one-year note payable on November 1, 2020. The note bears…

A: Journal: Recording of a business transactions in a chronological order.

Q: 16. On October 1, 2020, Zachary's Balloons borrowed $4,000 on a 12%, one-year note payable. Interest…

A: Semiannual Interest = $4,000 * 12% * 6/12 Semiannual Interest = $240

Q: On January 1, 2022, Balance Bar Co. lends Bio Foods $100,000 in exchange for a $100,000, 5-year note…

A: Since Balance Bar Co. lends Bio Foods $100,000 in exchange for a $100,000, 5-year note bearing…

Q: On October 1, 2020 John's Barber Shop borrowed $14,000 at 8% interest, with principal and interest…

A: Interest will be booked on proportionate basis, which means that the interest shall be booked for…

Q: . Interest has not yet been recorded on the notes payable which was taken out on March 1, 2020 with…

A: Please check the step 2 below:-

Q: Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of…

A: The interest rate and the technique used to calculate interest are specified in the note. This…