Sc-QUESTION 13On February 1, 2024, a company lends cash and accepts a $8,000 note receivable that offers 18% interest and is due in six months. What wouldthe company record on August 1, 2024, when the borrower pays the correct amount owed? (Do not round intermediate calculations.)O CashInterest RevenueO CashNotes ReceivableOAO CashNotes Receivable.Interest RevenueNotes ReceivableCashNotes Receivable.O None of the aboveClick Save and Submit to save and submit. Click Save All Answers. save all answers.!1F1A2NIF2WS#380F3XED$4aF4RC%5F515T8,000Tv720MacBook Air< 68,0008,7208,720F6Y&78,7208,000B7208,7208,000F7H+008UFBN(DD9KSave All A0M0F10 QUESTION 12Kansas Enterprises purchased equipment for $79,500 on January 1, 2024. The equipment is expected to have a five-year service life, with aresidual value of $7,950 at the end of five years.Using the double-declining balance method, depreciation expense for 2025 would be: (Do not round your intermediatecalculations)O $19,080.O $28,620.O $31,800.$17,172.O None of the above

JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Sc - QUESTION 13 On February 1, 2024, a company lends cash and accepts a $8,000 note receivable that offers 18% interest and is due in six months. What would the company record on August 1, 2024, when the borrower pays the correct amount owed? (Do not round intermediate calculations.) O Cash Interest Revenue. Notes Receivable O Cash O Notes Receivable. O Cash. Interest Revenue Notes Receivable Cash Notes Receivable O None of the above Click Save and Submit to save and submit. Click Save All Answers save all answers. ! 1 0 F1 Q A @ 2 N 1 F2 W S #3 80 F3 X E H D $ 4 a F4 R C olo LO % 5 2: F5 13 T 8,000 720 8,000 8,720 MacBook Air ^ 8,720 6 F6 D Y & 7 8,720 8,000 B 720 8,720 8,000 F7 H *00 8 U DII FB N ( 9 F9 K Save All A 0 M 0 F10

Sc - QUESTION 13 On February 1, 2024, a company lends cash and accepts a $8,000 note receivable that offers 18% interest and is due in six months. What would the company record on August 1, 2024, when the borrower pays the correct amount owed? (Do not round intermediate calculations.) O Cash Interest Revenue. Notes Receivable O Cash O Notes Receivable. O Cash. Interest Revenue Notes Receivable Cash Notes Receivable O None of the above Click Save and Submit to save and submit. Click Save All Answers save all answers. ! 1 0 F1 Q A @ 2 N 1 F2 W S #3 80 F3 X E H D $ 4 a F4 R C olo LO % 5 2: F5 13 T 8,000 720 8,000 8,720 MacBook Air ^ 8,720 6 F6 D Y & 7 8,720 8,000 B 720 8,720 8,000 F7 H *00 8 U DII FB N ( 9 F9 K Save All A 0 M 0 F10

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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Problem 8-2 (with solution/explanation)
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What should be the TOTAL carrying value of the notes on December 31, 2020? N. 2-2 Notes Receivables The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000 for Notes Receivables broken as follows: Notes receivable from Company A Notes receivable from Company B 3,000,000 1,000,000 Total 4,000,000 Additional information: The notes receivable from Company A is a three-year non- interest bearing note, with face value of P3,000,000. The note was received in exchange for a piece of land sold by BLUE on May 1, 2020. The land was carried in the books at the date of sale at P2,600,000. The difference between the face amount of the note and the carrying value of the land was credited to gain on sale of land. The market interest rate for a note of this type is 10%. The notes receivable from Company B bears interest at 10%. The note was received from sale of goods in the normal course of business. The note is dated October 1, 2020 and matures on March…
Sh.13. December 31. 2024 January 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.0 million at the bank’s prime rate. February 1 Arranged a three-month bank loan of $2.0 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 13% was payable at maturity. May 1 Paid the 13% note at maturity. December 1 Supported by the credit line, issued $17.6 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 12% discount rate. December 31 Recorded any necessary adjusting entry(s). 2025 September 1 Paid the commercial paper at maturity. Required: Prepare the appropriate journal entries through the maturity of each liabil ity.
Proceeds from Notes Payable On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $37, 200. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. Sfill in the blank 1 b. Determine the proceeds of the note, assuming the note is discounted at 6%. Sfill in the blank 2
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L. How much interest income should be reported on December 31, 2020 with regards to the note from Company B? 2-2 Notes Receivables The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000 for Notes Receivables broken as follows: Notes receivable from Company A Notes receivable from Company B 3,000,000 1,000,000 Total 4,000,000 Additional information: The notes receivable from Company A is a three-year non- interest bearing note, with face value of P3,000,000. The note was received in exchange for a piece of land sold by BLUE on May 1, 2020. The land was carried in the books at the date of sale at P2,600,000. The difference between the face amount of the note and the carrying value of the land was credited to gain on sale of land. The market interest rate for a note of this type is 10%. The notes receivable from Company B bears interest at 10%. The note was received from sale of goods in the normal course of business. The note is dated October…
Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2024, and the principal and interest are due at maturity. For each situation, determine the proceeds received from the bank on discounting the note. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. 1. $ 60,000 3/31/2024 6% 6/30/2024 8% _____ 2. 60,000 3/31/2024 6% 9/30/2024 8% _____ 3. 60,000 3/31/2024 6% 9/30/2024 12% ______ 4. 85,000 6/30/2024 4% 10/31/2024 8% ______ 5. 85,000 6/30/2024 4% 10/31/2024 12% _____ 6. 85,000 6/30/2024 4% 11/30/2024 8% ______
LO 8-3 E8-10 Recording Notes Receivable Transactions, Including Accrual Adjustment for Interest domic The following transactions took place for Smart Solutions Inc. 2020 a. July 1 b. Dec. 31 2021 c. July 1 250 06 Loaned $70,000 to employees of the company and received back one-year, 10 percent notes. shunt at las Accrued interest on the notes. d. July 1 berupa wollReceived interest on the notes. (No interest has been recorded since December 31.) ele St Received principal on the notes. noxidoa bed to Jouons tedW oli ni songly Bubanu adi 11 sqx mis bs& lo tuoms isrw Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions.
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K. Company B on October 1, 2020? What is the carrying value of the note received from 2-2 Notes Receivables The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000 for Notes Receivables broken as follows: Notes receivable from Company A Notes receivable from Company B 3,000,000 1,000,000 Total 4,000,000 Additional information: The notes receivable from Company A is a three-year non- interest bearing note, with face value of P3,000,000. The note was received in exchange for a piece of land sold by BLUE on May 1, 2020. The land was carried in the books at the date of sale at P2,600,000. The difference between the face amount of the note and the carrying value of the land was credited to gain on sale of land. The market interest rate for a note of this type is 10%. The notes receivable from Company B bears interest at 10%. The note was received from sale of goods in the normal course of business. The note is dated October 1, 2020 and matures on…