Chapter 13, Problem 13.8E

Pepare entries for the following:: Levy a prop tax of 60; expect to only collect 55 Place an order for goods of 75 The goods arrive but the price is 78 ( 2 entries) At Jan 1, the state legislature says we can spend 500 during this upcoming year. Receive a notice from the Fed govt that they will send us a gift of 1,000. Decide to transfer 200 to Fund X.

Question. Jamaica Corporation carried out the following transactions involving note payable. During the fiscal year ended December 31, 2020. Aug 6      Borrowed $ 15,200 from Tony Stark, issuing to him a 45 da, 14% note payable. Sept. 16   Purchased office equipment from Ikea Company. The invoice amount was $18,800 and Ikea Company agreed to accept as full payment a 3-month, 15% note for the invoice amount. Sept. 20   Paid Tony Stark note plus accrued interest. Nov.1      Borrowed $ 2,35,000 from Nation Commercial Bank at an interest rate of 12% per annum; signed a 90-days note payable for $ 2,42,256, which included  a $7,056 interest charge in the face amount. Dec.1      Purchased merchandise in the amount of $13,000 from Stephens & Co. Gave in settlement a 60-day note nearing interest at 15% (Perpetual inventory system is deployed). Dec. 16   The $18,800 note payable to Ikea Company matured today. Paid the interest accrued and issued new 30-days, 12% note to replace the maturing…

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The following transactions pertain to the general borrowings made during 2021 by Jeon Company in connection with the construction of the company’s new warehouse: • 8% bank loan- P2,400,000 • 6% short-term note- P1,600,000 • 8% long-term note- P2,000,000 The construction started on January 1, 2021 and the warehouse was completed on December 31, 2021. Expenditures on the warehouse were as follows: • January 1- P400,000 • March 31- P1,000,000 • June 30- P1,200,000 • September 30- P1,000,000 • December 31- P400,000 How much is the capitalizable borrowing cost of Jeon Company?Required to answer. Single choice.

TBTF Incorporated rents commercial real state to locally based businesses. TBTF purchased a large office complex on January 2, 2022. In exchange for the real estate, TBTF issued a noninterest bearing note to the seller. This note will be paid in equal instalments that include both principal and interest at the end of each calendar year. Other information pertaining to the purchase of the real estate follows: Annual instalment payment amount Market rate of borrowing for TBTF Number of years note will be outstanding Portion of the purchase price to be allocated to land Portion of the purchase price to be allocated to land improvements $ 253,134 8% 9 24% 14% TBTF has a year end date of December 31. Required: Prepare the journal entries required by TBTF to account for the note on each of the following dates: January 2, 2022 December 31, 2024

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he following selected transactions relate to liabilities of Food Emporium whose fiscal year ends on December 31.    January   26   Negotiated a line of credit with City Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $4.70 million at the bank's prime rate. March   1   Arranged a six-month bank loan of $380,000 with City Bank under the line of credit agreement. Interest at the prime rate of 9% is payable at maturity. September   1   Paid the 9% note at maturity.   Record the appropriate entries, if any, on January 26, March 1, and September 1. (Enter your answers in dollars, not in millions. Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Negotiated a line of credit with City Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $4.70 million at the bank's…

On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a $100,000 face value, four-year term note that had an 8 percent annual interest rate. The note is to be repaid by making annual cash payments of $30,192 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $52,000 cash per year.   Prepare an income statement, a balance sheet, and a statement of cash flows for each of the four years.

Kindly answer in good accounting form. Thank you!Chester Corporation established its Poblacion branch in 2019.Merchandise costing P120,000 is shipped to this branch. During the initialyear, the home office acquires an equipment for P80,000 to be carried inthe branch books, and the branch maintains physical possession and use.The equipment has a useful life of 4 years. The branch sells 60 percent ofthe inventory for P100,800 on account and subsequently collected half ofthe amount. The branch remits 80 percent in cash to the Home Office.What is the correct Home Office account balance on the records of thebranch?