Question 41 ptsLime Key Corporation's trial balance for December 31, the end of its fiscal year, Included the following accounts:Accounts Receivable:$28,00055,000Inventories:Copyright:Allowance for Doubtful Accounts:Prepaid Insurance:Note Receivable, Due in Two Years:Investments in Treasury Bills (Short-term: 5,00018,0006,00010,00071,000Cash in Bank:9,500Investments are treasury bills that were purchased in November and mature on January 15. Prepaid insurance is a one-yearpolicy that was purchased on December 31.The amount that should be classified as current assets in the December 31 balance sheet is

Current assets are those assets which are expected to be realised in next 12 months. Hence current…

Question 4 1 pts Lime Key Corporation's trial balance for December 31, the end of its fiscal year, Included the following accounts: Accounts Receivable: $28,000 55,000 Inventories: Copyright: 18,000 Allowance for Doubtful Accounts: 6,000 Prepaid Insurance: Note Receivable, Due in Two Years: Investments in Treasury Bills (Short-term: 5,000 10,000 71,000 Cash in Bank: 9,500 Investments are treasury bills that were purchased in November and mature on January 15. Prepaid insurance is a one-year policy that was purchased on December 31. The amount that should be classified as current assets in the December 31 balance sheet is

Question 4 1 pts Lime Key Corporation's trial balance for December 31, the end of its fiscal year, Included the following accounts: Accounts Receivable: $28,000 55,000 Inventories: Copyright: 18,000 Allowance for Doubtful Accounts: 6,000 Prepaid Insurance: Note Receivable, Due in Two Years: Investments in Treasury Bills (Short-term: 5,000 10,000 71,000 Cash in Bank: 9,500 Investments are treasury bills that were purchased in November and mature on January 15. Prepaid insurance is a one-year policy that was purchased on December 31. The amount that should be classified as current assets in the December 31 balance sheet is

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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Question 13 On November 1, Fastly Co. sold goods and accepted a note of $72,000, six-month, with annual interest rate of 10% (real from the customer. The December 31 adjusting entry should be: Debit Interest Receivable 3,600; Credit Interest Revenue 3,600 Debit Interest Receivable 1,200; Credit Interest Revenue 1,200 O Debit Discount on Notes Receivable 1,200; Credit Interest Revenue 1,200 Debit Interest Revenue 3,600; Credit Interest Receivable 3,600
Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $63,000 cash on May 15 by signing a 120-day, 6%, $63,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 2B Interest at Required 2B General Required 1 Required 2A Maturity Journal On what date does this note mature? On what date does this note mature? < Required 1 Required 2A
Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $181,000 cash on May 15 by signing a 180-day, 6%, $181,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. es Required 28 Required 28 General Interest at Maturity Required 1 Required 2A Journal Use those calculated values to prepare your entry to record payment of the note at maturity. (Uee 360 days a year Round final answers to the nearest whole dallar.) View transaction llst View journal entry worksheet Debit Credit General Journal No Event A Interest expense Interest payable < Required 2B Interest at Maturity < Prey 2 of 2 Next
Quèstion 12 Classic Sales Company offers warranties on all their electronic goods. Warranty expense is estimated at 4% of sales revenue. In 2018, the company had $602,000 of sales. In the same year, it paid out $12,000 of warranty payments. Which of the following is the entry needed to record the estimated warranty expense? O Warranty Expense Estimated Warranty Payable O Warranty Expense Estimated Warranty Payable O Estimated Warranty Payable 24,080 24,080 18,060 18,060 12,000 Cash 12,000 O Warranty Expense 18,060 Sales Revenue 18,060
Knowledge Check 01 On January 1, Year 1, Luring Company purchased equipment and agreed to make a $10,000 cash payment on December 31, Year 5. At an interest rate of 12%, how much will the company need to deposit today to make the required cash payment on December 31, Year 5? Use Table E.1. (Round your answer to 2 decimal places.) Present value
1 Book Hint Print rences Keesha Company borrows $240,000 cash on December 1 of the current year by signing a 120-day, 10 %, $240,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Note: Use 360 days a year. Do not round intermediate calculations. View transaction list 1 No 1 2 Transaction (a) (b) Req 4 View journal entry worksheet Cash Notes payable Interest expense General Journal Debit 240,000 4,000 Credit Check my work 240,000 Jenil
1 Find the new balance, assuming that the bank charges 2-% per month on the unpaid balance. 2 Previous New Balance Payment Purchases $592.88 $81.26 A. $575.61 B. $572.61 C. $576.51 O D. $574.41 $50.00
The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Account Title Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits $ 47,000 112,000 61,000 201,000 8,000 92,000 421,000 111,000 11,000 $ 1,064,000 Credits $ 101,000 61,000 77,000 133,000 21,000 241,000 303,000 127,000 $ 1,064,000 Additional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $31,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year. 2. The land account includes land which cost $26,000 that the company has not used and is currently listed for sale. 3. The cash…
Question 12 of 20 View Policies Current Attempt in Progress During its first year of operations, Pharoah Company had credit sales of $3,124,900; $652,500 remained uncollected at year-end. The credit manager estimates that $36,100 of these receivables will become uncollectible. (a) Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 2 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above. *** Submit Answer
Check my work Exercise 9-4 (Algo) Accounting for note payable LO P1 Sylvestor Systems borrows $104,000 cash on May 15 by slgning a 30-day, 5%, $104,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record Issuance of the note. 2-b. First, complete the table below to calculate the Interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers In the tabs below. Required 2B Interest at Maturity Required 2B General Journal Required 1 Required 2A On what date does this note mature? On what date does this note mature? K Required Required 2A Fook Air
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