The business is expected to make principal payments totalling $300,000 towards the loan during the fiscal year to June 30 ,2023 Question 1 Would this information be included in the balance sheet for year end june 2022 if they had until June 2023 to make the payments
Q: Record the January 1, 2022 entry Blank #1 Blank #2 A/
A: Stock Investment is purchasing the shares of the listed companies which provides ownership rights to…
Q: Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses…
A: Budgeting can help companies better manage their cash flow by identifying times when cash may be…
Q: What is the purpose of the accounting system, and how does it help businesses achieve their…
A: An accounting system is a set of processes, procedures, and tools used to record, classify, analyze,…
Q: Required information [The following information applies to the questions displayed below.] Diego…
A: Break-even point in units = Fixed costs ÷ Contribution margin per unit. Your break-even point in…
Q: The following information applies to the questions displayed below.] Diego Company manufactures one…
A: Using Variable costing income statement, the contribution margin is calculated as difference between…
Q: Consider a borrower who purchased a $300,000 home using conventional conforming financing at 90%…
A: Mortgage insurance refers to the protection of the lender from the possibility of defaulting on…
Q: Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req 84…
A: Statement of cash flows is a financial statement prepared by the companies to summarize cash flows…
Q: e proceeds from the sale of debt with detachable stock warrants should be allocated between the two…
A: The proceeds from the sale of debt with detachable stock warrants should be allocated between the…
Q: Why are the proceeds from the samples sold deducted from the calibration and testing costs if they…
A: It is not uncommon for companies to deduct the proceeds from the samples sold from the calibration…
Q: Tamarisk Corporation began its latest fiscal year on January 1, 2023, with 550,000 common shares…
A: The weighted average number of shares outstanding number of shares outstanding that is multiplied…
Q: Date Description Beginning Inventory Purchase 1 Sale 1 June 1 9 14 22 29 Sale 2 Assume that Bordeaux…
A: Under periodic inventory system the inventory is counted at year end and hence cost of goods sold is…
Q: Sharman Athletic Gear Incorporated (SAG) is considering a special order for 17,000 baseball caps…
A: a special order is a one-time order that is outside of a company's normal operations. It is…
Q: ray (1988) hypothesises that "the higher a country ranks in terms of Uncertainty Avoidance and the…
A: The Gray hypothesis was basic idea about how the accounting values and accounting standards are…
Q: 2. Adjusted Trial Balance - GEGG's Shipping Supplies Ltd- Barbados Branch Adjusted Trial Balance As…
A: Income Statement - An income Statement is a financial statement. This statement contains revenue…
Q: On January 4, 2021, Brown Company paid $270,000 for a computer system. In addition to the basic…
A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…
Q: Cheyenne Company specializes in manufacturing a unique model of bicycle helmet. The model is well…
A:
Q: Please prepare classified balance sheet and statement of owners equity.
A: Balance sheet lists all the assets which is owned by the business, owner's equity band liabilities…
Q: What is the optimal level of safety stock for Pingleni?
A: The optimal level of the safety stock is the stock in which the cost of the all the items involved…
Q: Required information Skip to question [The following information applies to the questions displayed…
A: The investment in equity securities or in debt securities classified as available for sale security,…
Q: Superior Company provided the following data for the year ended December 31 (all raw materials are…
A: The overhead is applied to the production on the basis of pre-determined overhead rate. The overhead…
Q: A company sells bags. Next month's budget is as follows: Selling Price=$50/bag Variable Expenses…
A: Break Even Point :— It is the point of production where total cost is equal to total revenue. At…
Q: E13.10 (LO 1) (Entries for Bond Transactions) On January 1, 2025, Aumont Company sold 12% bonds…
A: The bonds are the financial instruments that are issued to raise funds from the market or investors.…
Q: Sharp Company makes and sells pencil sharpeners. The variable cost of each sharpener is $20. The…
A: Lets undestand the basics. Break even point is a point at which no profit no loss condition arise.…
Q: An electronic game listed at $155.00 less 30%, 5%, 4% is offered at a further reduced price of…
A: The discount decreases the price of goods or services. The entity offers discounts to attract…
Q: On January 2,
A: this is used in case of lump-sum money accumulates in the future if interest is charged on periodic…
Q: Simpson Company adds material at the start of production. The following production information is…
A: A concept known as equivalent units of production in conversion is used in process costing to…
Q: Advanced Products Corporation has supplied the following data from its activity-based costing…
A: Activity-based costing is a costing approach in which a company's activities are identified and the…
Q: Calculate the price of the bond.
A: Given in the question: Face value of the bond = $10,000 Bond pays semi-annually Coupon Rate = 6.25%…
Q: The federal dividend tax credit cannot be claimed if you receive: Eligible dividends. Non-eligible…
A: The dividend tax credit for dividends received after 2005 depends on the type of corporation paying…
Q: Required information [The following information applies to the questions displayed below.] t Diego…
A: Variable costing is a managerial accounting cost concept. Under this method, manufacturing overhead…
Q: The income statement for the year ended December 31, 20Y6, is as follows: Sales $1,638,590 Cost of…
A: The precise cash flows related to the elements that have an impact on cash flow are presented using…
Q: Shankar Company uses a perpetual system to record inventory transactions. The company purchases…
A: ACCOUNTING EQUATION Accounting Equation is a Financial Accounting Technique which represents the…
Q: Required 1. Prepare the necessary adjusting journal entries on June 30, 2022. (narrations are not…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: What do firms use to record the sales value of a transaction when a note receivable has either an…
A: Notes receivable are defined as the instruments in which a written promise is made to disburse a…
Q: The following purchase transactions occurred during the last few days of Yellow Orange Company's…
A:
Q: Which of the following is NOT a purpose of an audit of financial statements? a.To express an opinion…
A: Introduction:- The main purpose of audit on entity financial statements to express an opinion as to…
Q: F) Fill in the Income Statement below. (fill the fields not highlighted in grey). Tax = $ 1500 Cost…
A: Income statement :— It is one of the financial statement that shows profitability, total revenue and…
Q: 3 Which of the following is a better description of MANAGERIAL accounting than it is of FINANCIAL…
A: Introduction:- Branches of accounting classified into more than 10 types but The following three…
Q: 8 4 7 9 0 56 3 1 2 Willow Clinic bases its budgets on patient-visits. The clinic has provided the…
A: A flexible budget - is a type of budget that is changed or adjusted with the changes in the entity's…
Q: Alt Partnership, a cash-basis, calendar-year entity, began business on October 1, 2021. Alt incurred…
A: Given, Legal fees = $12,000 Accounting fees = $15,000
Q: comparative staten subsid were prepared incorrectly as at December 31 and are shown in the table…
A: Solution: Consolidated income statement :…
Q: Munoz Company makes and sells lawn mowers for which it currently makes the engines. It has an…
A: Production is the process of making or manufacturing goods and products from raw materials or…
Q: Discuss the importance of an internal risk assessment and auditing process in relation to Washington…
A: An internal risk assessment is the process by which an organization identifies and evaluates…
Q: ABC, Incorporated, has a beginning receivables balance on January 1st of $620. Sales for January…
A: The accounts receivable period is 60 days, so all the balance on January 1 will be clear by…
Q: Yankee Construction agreed to lease payments of $762.79 on construction equipment to be made at the…
A: Original Lease Payment (P) = $ 762. 79 No. of payments (n) = 6 years * 12 = 72 Interest rate (i) =…
Q: The account below appears in the December 31, 20A trial balance of Metro Cagayan Sales Corporation:…
A: Total Shareholders' Equity = Authorized Ordinary Share - unissued ordinary share + Subscribed…
Q: Exercise 12-32 Segmented Income Statement; TV Cable Company (LO 12-5) Countywide Cable Services,…
A: Answer:- Income statement:- An income statement is one of the most important part of the financial…
Q: brenda, an accounts payable employee, is going out on maternity leave for three months. susan,…
A: Internal control is need of present business environment in order to get qualitative output in a…
Q: The following data relates to one accounting period. During the period the following data were…
A: The overhead analysis statement is the statement under which manufacturing overhead incurred is…
Q: Compare the annual percentage yield (APY) of loan A, with nominal interest rate 10% and quarterly…
A: EAR is the effective annual rate which is considered to evaluate the real adjusted required rate of…
The business is expected to make principal payments totalling $300,000 towards the loan during the fiscal year to June 30 ,2023
Question 1
Would this information be included in the
Step by step
Solved in 2 steps
- The business is expected to make principal payments totalling $90,000 towards the loan during the fiscal year to June 30 ,2021 journal entryThe business is expected to make principal payments totalling $400,000 towards the loan during the fiscal year to December 31, 2021. Given that the note payable (long term) is $2,500,000. How to record this in the general journal?On December 1, 2021, your company borrowed $48,000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2022, $6,400; 2023, $9,600; 2024, $12,800; and 2025, $19,200. Show how this loan will be reported in the December 31, 2022 and 2021 balance sheets, assuming principal payments will be made when required. Balance Sheet (Partial) As of December 31 2022 2021 Total Liabilities
- How much shall be reported as interest income for 2022? ALVR Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 12% payable annually starting December 31, 2022. The loan matures in three years on December 31, 2024. Pertinent information on the loan is provided below: Principal amount Origination fee received from the borrower Direct origination cost Indirect origination cost incurred After considering the origination fee received from the borrower and the direct origination cost incurred, the effective rate on the loan is 9%. 1,000,000 44,900 120,856 12,000How much shall be reported as interest income for 2022? ALVR Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 12% payable annually starting December 31, 2022. The loan matures in three years on December 31, 2024. Pertinent information on the loan is provided below: Principal amount Origination fee received from the borrower Direct origination cost Indirect origination cost incurred After considering the origination fee received from the borrower and the direct origination cost incurred, the effective rate on the loan is 9%. 1,000,000 44,900 120,856 12,000 O 90,000 O 96,836 O 120,000 O 129,115 O Answer not givenAll In Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 10% payable annually starting December 31, 2022. The loan matures in three years on December 31, 2024. Pertinent information on the loan is provided below: Principal amount, P 1,000,000 Origination fee received from the borrower, P 55,200 Direct origination cost paid, P 30,770 Indirect origination cost paid, P 5,000 After considering the origination fee received from the borrower and the direct origination cost incurred, the effective rate on the loan is 11%. At what amount shall the loan be initially measured on January 1, 2022?
- All In Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 10% payable annually starting December 31, 2022. The loan matures in three years on December 31, 2024. Pertinent information on the loan is provided below: Principal amount, P 1,000,000 Origination fee received from the borrower, P 55,200 Direct origination cost paid, P 30,770 Indirect origination cost paid, P 5,000 After considering the origination fee received from the borrower and the direct origination cost incurred, the effective rate on the loan is 11%. What is the carrying value of the loan receivable on December 31, 2023 in Megabank's accounting books?For items 1 to 2 China Bank granted a loan to a borrower on January 1, 2023. The interest rate on the loan is 10% payable annually starting December 31, 2023. The loan matures in five years on December 31, 2027. The data related to the loan are: Principal amount Direct loan origination cost Indirect loan origination cost Origination fee received from borrower P4,000,000 104,410 72,880 526,450 Note: Round-off to four decimal places the PV Factors. The effective interest rate of the loan is? (Round off answer to nearest whole number, e.g. 4%)Assume that on December 1, 2015, your company borrowed $15,000, a portion of which is to berepaid each year on November 30. Specifically, your company will make the following principalpayments: 2016, $2,000; 2017, $3,000; 2018, $4,000; and 2019, $6,000. Show how this loan willbe reported in the December 31, 2016 and 2015 balance sheets, assuming that principal paymentswill be made when required.
- ABC Bank granted a loan to a borrower on Jan. 1, 2019. The interest on the loan is 10% payable annually starting Dec. 31,2019. The loan matures in five years on Dec. 31,2023. The data related to the loan are:Principal amount 8,000,000Origination fees received 700,000Direct Origination cost incurred 123,000The effective rate on the loan after considering the direct origination cost and the origination fee received is 12%. 1.What is the entry to record the receipt of the interest income on December 31, 2019?2.What is the interest income for 2019?ABC Bank granted a loan to a borrower on Jan. 1, 2019. The interest on the loan is 10% payable annually starting Dec. 31,2019. The loan matures in five years on Dec. 31,2023. The data related to the loan are:Principal amount 8,000,000Origination fees received 700,000Direct Origination cost incurred 123,000The effective rate on the loan after considering the direct origination cost and the origination fee received is 12%.1.What is the entry to record the receipt of the interest income on December 31, 2019?What is the interest income for 2021? Philippine Bank granted a loan to a borrower on January 1, 2021. The interest on the loan is 8% payable annually starting December 31, 2023. Principal amount Origination fee charged against the borrower Direct origination cost incurred 3,000,000 100,000 260,300 After considering the origination fee charged to the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. a. 240,000 O b. 189,618 c. 252,824 O d. 180,000