Required information[The following information applies to the questions displayed below]Tyrell Company entered into the following transactions involving short-term liabilities.Year 1April 28 Purchased $37,508 of merchandise on credit fron Locust, terms n/30.May 19 Replaced the April 28 account payable to Locust with a 90-day, 9%, $35,000 note payable alongwith paying $2,500 in cash.July 8 Borrowed $66,080 cash from NBR Bank by signing a 120-day, 12%, $66,088 note payable.Paid the amount due on the note to Locust at the maturity date.Paid the amount due on the note to NBR Bank at the maturity date.November 28 Borrowed $24,08e cash from Fargo Bank by signing a 60-day, 8%, $24,000 note payable.December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.Year 2Paid the amount due on the note to Fargo Bank at the maturity date.

JOURNAL ENTRIES: DATEACCOUNT TITLE/DESCRIPTION DEBIT CREDIT Year 1 Apr-20Merchandise…

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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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Speedware Corporation A friend of yours reviewed the 20X5 Annual Report for Speedware Corporation. The following are extracts from the Report. 7. Finance Subsidiaries (continued) At December 31, 20x5, receivables of $898 included $595 of notes and accounts receivable and $303 due under non-cancelable leases, maturing as follows: Year ended December 31: 20x6 Years 2-5 Thereafter Less unearned income 18. Commitments Lease receivables ($millions) Total receivables $ 159 $ 357 190 535 15 364 61 $303 67 959 61 $ 898 At December 31, 20x5, the future minimum lease payments under finance leases and operating leases consisted of: Year ended December 31: 20x6 Years 2-5 Thereafter Total future minimum lease payments Less: imputed interest Present value of net minimum lease payments Finance leases Operating leases $ 5 14 $ 132 290 9 154 28 $576 8 $20 Rental expense on operating leases for the years ended December 31, 20x5, 20x4, and 20x3, amounted to $172, $170, and $131, respectively. Your friend…
On June 1, Davis Inc. issued an $64,900, 7%, 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.$379 b.$1,148 c.$757 d.$4,543
Required information [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 10%, $35,000 note payable along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 note payable. Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $42,000 cash from Fargo Bank by signing a 60-day, 88, $42,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 ? Paid the amount due on the note to Fargo Bank at the maturity date. 4. Determine the interest expense recorded in Year 2. Note: Do not round your Intermediate calculations. Use 360 days a…
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On July 8, Jones Inc. issued an $67,200, 9%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31. Using a 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? When required, round your answer to the nearest dollar. a. $6,048 b. $1,158 c. $386 d. $772
The transaction below pertains to Boyer Coe Company, whose fiscal year ends December 31. On November 1, 2019 Coe borrowed $25,000 at 6 percent for 6 months. The entry to record the November 1 borrowing transaction would include a: A. Credit to notes payable for $750 B. Credit to notes payable for $24,250 C. Debit to cash for $24,250 D. Debit to cash for $25,000

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