X X X 1. Perfect Pet Company gave a creditor a 90-day, 6% note payable for $28,000 on December 1, 2019. What amount of interest will be accrued as of December 31, 2019? 29,000 O6 1680, 1680 x 30/36D Where will this amount be reported in the company's financial statements? i 2. Calculate the interest accrued for each of the following notes payable owed by Boundas Resorts as of December 31, 2019: Lender Date of Note Principal Coupon Rate Term 6 months DDox (0 90 days 3600x (30/360 1 year (92 Roof Point 360 10/01/19 $90,000 10.0%1000 3600 Second Bank 60 12/01/19 $45,000 8.0% = Step Up १४ 3/31/19 $30,000 9.0% 270D Cambridge has 500,000 shares of $3 par value common stock outstanding. The current market price of the stock is $225 per share. Cambridge distributes a stock dividend of 15% of the outstanding shares of common 3. stock. SUo 000 x.IS 7Sj0 Required: Record the journal entry when the stock dividend is declared and the journal entry when the stock dividend is paid. 4. The August 1, 2019 balance sheet for Dress Company reported 24,000 shares of $10 par value common stock that were issued and outstanding: Common Stock $240,000 Additional Paid-in Capital $250,000 On August 2, 2019, the company splits its stock 2-for-1. Required: a. How many shares of common stock are issued and outstanding immediately after the stock split? b. What is the dollar balance of common stock immediately after the stock split? 48,000 Shares S par velnt ৭০ ,০৮৩
X X X 1. Perfect Pet Company gave a creditor a 90-day, 6% note payable for $28,000 on December 1, 2019. What amount of interest will be accrued as of December 31, 2019? 29,000 O6 1680, 1680 x 30/36D Where will this amount be reported in the company's financial statements? i 2. Calculate the interest accrued for each of the following notes payable owed by Boundas Resorts as of December 31, 2019: Lender Date of Note Principal Coupon Rate Term 6 months DDox (0 90 days 3600x (30/360 1 year (92 Roof Point 360 10/01/19 $90,000 10.0%1000 3600 Second Bank 60 12/01/19 $45,000 8.0% = Step Up १४ 3/31/19 $30,000 9.0% 270D Cambridge has 500,000 shares of $3 par value common stock outstanding. The current market price of the stock is $225 per share. Cambridge distributes a stock dividend of 15% of the outstanding shares of common 3. stock. SUo 000 x.IS 7Sj0 Required: Record the journal entry when the stock dividend is declared and the journal entry when the stock dividend is paid. 4. The August 1, 2019 balance sheet for Dress Company reported 24,000 shares of $10 par value common stock that were issued and outstanding: Common Stock $240,000 Additional Paid-in Capital $250,000 On August 2, 2019, the company splits its stock 2-for-1. Required: a. How many shares of common stock are issued and outstanding immediately after the stock split? b. What is the dollar balance of common stock immediately after the stock split? 48,000 Shares S par velnt ৭০ ,০৮৩
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I'm not sure if I'm doing question 3 right since my friend has a different answer. Can you please explain so we can see who is correct. Thanks
Transcribed Image Text:X X X
1. Perfect Pet Company gave a creditor a 90-day, 6% note payable for $28,000 on December 1, 2019. What
amount of interest will be accrued as of December 31, 2019? 29,000 O6 1680, 1680 x 30/36D
Where will this amount be reported in the company's financial statements?
i
2. Calculate the interest accrued for each of the following notes payable owed by Boundas Resorts as of
December 31, 2019:
Lender
Date of Note
Principal
Coupon Rate
Term
6 months DDox (0
90 days 3600x (30/360
1 year (92
Roof Point 360 10/01/19
$90,000
10.0%1000
3600
Second Bank 60 12/01/19
$45,000
8.0% =
Step Up
१४
3/31/19
$30,000
9.0% 270D
Cambridge has 500,000 shares of $3 par value common stock outstanding. The current market price of the
stock is $225 per share. Cambridge distributes a stock dividend of 15% of the outstanding shares of common
3.
stock.
SUo 000 x.IS 7Sj0
Required:
Record the journal entry when the stock dividend is declared and the journal entry when the stock dividend is
paid.
4. The August 1, 2019 balance sheet for Dress Company reported 24,000 shares of $10 par value common
stock that were issued and outstanding:
Common Stock
$240,000
Additional Paid-in Capital
$250,000
On August 2, 2019, the company splits its stock 2-for-1.
Required:
a. How many shares of common stock are issued and outstanding immediately after the stock split?
b. What is the dollar balance of common stock immediately after the stock split?
48,000 Shares S par velnt
৭০ ,০৮৩
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