RAS Corporation issued a one-year, 12%, $200,000 note on August 31, 2010. Interest expense for the year ended December 31, 2010 was: a. $6,000. b. $10,000. c. $24,000. d. $8,000
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- RAS Corporation issued a one-year, 12%, $200,000 note on August 31, 2010. Interest expense for the year ended December 31, 2010 was: a. $6,000. b. $10,000. c. $24,000. d. $8,000AnsDe Meaning Corporation issued a one-year 6% $400,000 note on April 30, 2017. Interest expense for the year ended December 31, 2017 was: Group of answer choices $24,000. $18,000. $16,000. $14,000.
- On January 1, Year 1, Zero Company obtained a $52,000, four-year, 6.5% installment note from Regional Bank. The note requires annual payments of $15,179, beginning on December 31, Year 1. The December 31, Year 2 carrying amount in the amortization table for this installment note will be equal to )a. $26,000 b. $21,642 Oc. $28,402 Od. $27,635On June 1, Davis Inc. issued an $76,100, 12%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a.$1,522 b.$9,132 c.$761 d.$2,308Rice Inc. issued a 120-day note in the amount of $150,000 on October 31, 2013 with an annual rate of 6%. What amount of interest has accrued as of December 31, 2013? Select one: A. $1,500 B. $1,125 C. $4,500 D. $ 750 E. Zero. The interest is accrued at the end of the 120 day period.
- On July 8, Action Co. issued an $80,000, 6%, 90-day note payable to Scanlon Co. Assuming a 360-day year, what is the maturity value of the note? a.$84,800 b.$78,800 c.$80,000 d.$81,200AOn June 1, Davis Inc. issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using the 360-day year, what is the amount of interest revenue (rounded) recognized by Garcia in the following year? a.$4,200 b.$1,600 c.$700 d.$1,050
- A company is holding a $6,000, 90-day, 6% note receivable, dated December 1. The entry to record accrued interest at the end of its fiscal year on December 31 will include: Select one: a. An increase interest income for $90 b. An increase to cash for $6,090 c. A decrease to note receivable for $6,000 d. An increase to interest receivable for $30On January 1, Year 1, Platte Corporation issues a 5-year note payable for $5,000. The interest rate is 5% and the annual payment of $1,156, due each December 31, includes both interest and principal. Which of the following correctly shows the effect of the issuance of the note on Platte's financial statements? Assets = Liabilities + n/a n/a (5,000) 5,000 A. 5,000 B. 5,000 C. (5,000) D. 5,000 Multiple Choice O Option A O 0 0 Option B Option D Balance Sheet Option C Stockholders' Equity 5,000 5,000 n/a n/a Revenue 5,000 5,000 n/a n/a Income Statement - Expense n/a n/a n/a n/a = Net Income 5,000 5,000 n/a n/a Statement of Cash Flows. 5,000 FA 5,000 IA (5,000) IA 5,000 FAAmenadiel Co. has an 8% note receivable dated June 30, year 1, in the original amount of 150,000. Payments of 50,000 in principal plus accrued interest are due annually on July 1, year 2, year 3, and year 4. In its June 30, year 2 balance sheet, what amount should Amenadiel Co. report as a current asset for interest on the note receivable? *