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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- Whirlie Inc. issued $300,000 face value, 10% paid annually, 10-year bonds for $319,251 when the market of interest was 9%. The company uses the effective-interest method of amortization. At the end of the year, the company will record ________. A. a credit to cash for $28,733 B. a debit to interest expense for $31,267 C. a debit to Discount on Bonds Payable for $1,267 D. a debit to Premium on Bonds Payable for $1.267On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)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. $27,635
- 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.$81,200On November 1, 2018, A-1 Products borrowed $64,000 on a 5%, 5-year note with annual installment payments of $12,800 plus interest due on November 1 of each succeeding year. On November 1, 2020, what is the balance of the Long-Term Notes Payable account? (Round your answer to nearest whole number.) OA. $38,400 OB. $64,000 OC. $12,800 O D. $51,200Question in image, thanks!
- E10-3A Accrued Interest Payable Compute the interest accrued on each of the following notes payable owed by Northland, Inc., on December 31: Lender Date of Note Principal Interest Rate Term Maple 11/21 $18,000 11% 120 day Wyman 12/13 14,000 8 90 days Nahn 12/10 16,000 12 60 daysOn January 1, Year 1, Zero Company obtained a $52,000, 4-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 3 carrying amount in the allocation of periodic payments table for this installment note will be equal to:- $6,463 $13,000 $14,252 $0A 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 $30
- On June 8, Williams Company issued an $75,972, 6%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? When Ⓒ required, round your answer to the nearest dollar. O a. $75,972 Ob. $77,491 Oc. $80,530 Od. $4,558 NextOn January 1, 20X1, the company received a $10,000 three-year note bearing interest at 10% annually. The annual interest is received at each December 31. The market interest rate is 12% annually. November 30 is the company’s reporting date. The company used the effective interest method to account for this long-term note receivable. Cash Received Interest Income Discount Amortized Carrying Amount Jan 1, 20x1 9,520 Dec 31, 20x1 1,000 1,142 142 9,662 Dec 31, 20x2 1,000 1,159 159 9,821 Dec 31, 20x3 1,000 1,179 179 10,000 Prepare journal entries on November…please help me
