Need Answer Of Accounting Question Zahn Inc. sold 18,000 annual magazine subscriptionsfor $63 during December 2014. These new subscriberswill receive monthly issues, beginning in January 20Y5.Zahn Inc. issued a $179,000, 180-day, 5% note payableon December 1, 20Y4. On March 31, 20Y5, Zahn Inc.had accounts payable of $25,000 and accrued wagespayable of $6,000.Prepare the Current Liabilities section of the balancesheet for Zahn Inc. on March 31, 20Y5.

Step 1: Define Current LiabilitiesCurrent liabilities are those obligations of an organization that…

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Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 11E

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Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
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Bon Nebo Co. sold 12,000 annual subscriptions of Bjorn for $44 during December 2015. These new subscribers will receive monthly issues, beginning in January 2016. In addition, the business had taxable income of $332,000 during the first calendar quarter of 2016. The federal tax rate is 38 %. A quarterly tax payment will be made on April 12, 2016. Prepare the "Current liabilities" section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Bon Nebo Co. Current Liabilities Section of Balance Sheet March 31, 2016 Line Item Description Current liabilities: Advances on magazine subscriptions Federal income taxes payable Total current liabilities Amount 1000
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Alfred Company lends $40,000 with 9% interest to a customer on August 1, 2015, in exchange for a nine month note. The principal and interest will be paid when the note matures. Alfred’s journal entry on December 31, 2015 will credit Interest Revenue for:
Jenkins Inc. had the following transactions. Sep 1 Loaned $20,000 to an employee, who signed a 9-month, 9% note. Interest and principal will all be due on May 31. Dec. 31- Accrued interest on the note. (Round to the nearest whole dollar amount.) May 31 Received the interest on the note's maturity date. PE May 31 amount.) Required: Prepare the required journal entries. Use the MSWord link for the table to write your journal entries. After you have written the journal entries on the table in the MSWord document provided, Received the principal on the note's maturity date. (Round to the nearest whole dollar
Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. Wha is the accumulated interest entry if 9 months have passed since note establishment? $1 $2,000,000 $9,360 $2,992.50
Rice Inc. issued a 120-day note in the amount of $150,000 on October 31, 2013 with an annual rate of 6%. What amount of interest has accrued as of December 31, 2013? Select one: A. $1,500 B. $1,125 C. $4,500 D. $ 750 E. Zero. The interest is accrued at the end of the 120 day period.

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