Homework Answers
| a | ||||
| Date | General Journal | Debit | Credit | |
| June 01 | Notes Receivable | 336000 | ||
| Cash | 336000 | |||
| b | ||||
| Interest Revenue | ||||
| December 31,Year 1 | 13720 | =336000*7%*7/12 | ||
| December 31,Year 2 | 23520 | =336000*7% | ||
| December 31,Year 3 | 23520 | =336000*7% | ||
| June 1,Year 4 | 9800 | =336000*7%*5/12 | ||
| c | ||||
| Date | General Journal | Debit | Credit | |
| December 31 | Interest Receivable | 13720 | ||
| Interest Revenue | 13720 | |||
| December 31 | Interest Receivable | 23520 | ||
| Interest Revenue | 23520 | |||
| December 31 | Interest Receivable | 23520 | ||
| Interest Revenue | 23520 | |||
| d | ||||
| Date | General Journal | Debit | Credit | |
| June 01 | Cash | 406560 | ||
| Interest Receivable | 60760 | =13720+23520+23520 | ||
| Interest Revenue | 9800 | |||
| Notes Receivable | 336000 |
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Revise your calculations based the new information provided below and then answer the questions that follow....
Revise your calculations based the new Information provided below and then answer the questions that follow....
Revise your calculations based the new Information provided below and then answer the questions that follow. A company lends $378,000 to an owner and accepts a three year, 7% note in return. The note was issued on June 1st of the current year, and will be due on June 1st of the final year of the note. Required: (a) Prepare the journal entry to be made when the company makes the loan and accepts the note in return. (If no...
Required information (The following information applies to the questions displayed below.) On January 1, 2021, Splash...
Required information (The following information applies to the questions displayed below.) On January 1, 2021, Splash City issues $380,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 9%, the bonds will issue at $349,051. 2. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If...
thank you Required information The following information applies to the questions displayed below.] On January 1,...
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Required information The following information applies to the questions displayed below.] On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $470,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Required: 1. If the market interest rate is 8%, the bonds will issue at $470,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on...
Required information [The following information applies to the questions displayed below.) On January 1, 2021. Splash...
Required information [The following information applies to the questions displayed below.) On January 1, 2021. Splash City issues $300,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $279.615. Required: 1. Complete the first three rows of an amortization table. (Round your intermediate and final answers to the nearest whole dollar.) Date Cash Paid...
[The following information applies to the questions displayed below.] At the beginning of Year 2, Oak...
[The following information applies to the questions
displayed below.]
At the beginning of Year 2, Oak Consulting had the following normal
balances in its accounts:
Account
Balance
Cash
$
31,800
Accounts receivable
20,900
Accounts payable
14,900
Common stock
23,900
Retained earnings
13,900
The following events apply to Oak Consulting for Year 2:
Provided $65,500 of services on account.
Incurred $3,500 of operating expenses on account.
Collected $46,800 of accounts receivable.
Paid $39,100 cash for salaries expense.
Paid $16,560 cash as...
thank you Required information (The following information applies to the questions displayed below) On January 1,...
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Required information (The following information applies to the questions displayed below) On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $470,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. 2. If the market interest rate is 9%, the bonds will issue at $431,721. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June...
Required information [The following information applies to the questions displayed below.] Precision Castparts, a manufacturer of...
Required information [The following information applies to the questions displayed below.] Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.1 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 9% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end. Required: Prepare the journal entries on October 1,...
Quiz i Saved Required information [The following information applies to the questions displayed below On January...
Quiz i Saved Required information [The following information applies to the questions displayed below On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $410,000 of 6 % bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year Required: 1. If the market interest rate is 6 % , the bonds will issue at $410,000. Record the bond issue on January 1, 2021, and the first two...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, White...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, White Water issues $530,000 of 6% bonds, due in 20 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 7%, the bonds will issue at $473,852. Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar.) Date Cash Paid Interest Expense Increase in Carrying...
Required information [The following information applies to the questions displayed below.] Donnie Hilfiger has two clas...
Required information [The following information applies to the questions displayed below.] Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 300 shares of preferred stock and 3,400 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 1,100 shares of common stock for $36 per share. May 15 Purchase 400 shares of treasury stock for $29 per share. July...
Revise your calculations based the new Information provided below and then answer the questions that follow. A company lends $378,000 to an owner and accepts a three year, 7% note in return. The note was issued on June 1st of the current year, and will be due on June 1st of the final year of the note. Required: (a) Prepare the journal entry to be made when the company makes the loan and accepts the note in return. (If no...
Required information (The following information applies to the questions displayed below.) On January 1, 2021, Splash City issues $380,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 9%, the bonds will issue at $349,051. 2. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If...
thank you
Required information The following information applies to the questions displayed below.] On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $470,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Required: 1. If the market interest rate is 8%, the bonds will issue at $470,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on...
Required information [The following information applies to the questions displayed below.) On January 1, 2021. Splash City issues $300,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $279.615. Required: 1. Complete the first three rows of an amortization table. (Round your intermediate and final answers to the nearest whole dollar.) Date Cash Paid...
[The following information applies to the questions
displayed below.]
At the beginning of Year 2, Oak Consulting had the following normal
balances in its accounts:
Account
Balance
Cash
$
31,800
Accounts receivable
20,900
Accounts payable
14,900
Common stock
23,900
Retained earnings
13,900
The following events apply to Oak Consulting for Year 2:
Provided $65,500 of services on account.
Incurred $3,500 of operating expenses on account.
Collected $46,800 of accounts receivable.
Paid $39,100 cash for salaries expense.
Paid $16,560 cash as...
thank you
Required information (The following information applies to the questions displayed below) On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $470,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. 2. If the market interest rate is 9%, the bonds will issue at $431,721. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June...
Quiz i Saved Required information [The following information applies to the questions displayed below On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $410,000 of 6 % bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year Required: 1. If the market interest rate is 6 % , the bonds will issue at $410,000. Record the bond issue on January 1, 2021, and the first two...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, White Water issues $530,000 of 6% bonds, due in 20 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 7%, the bonds will issue at $473,852. Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar.) Date Cash Paid Interest Expense Increase in Carrying...
Required information [The following information applies to the questions displayed below.] Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 300 shares of preferred stock and 3,400 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 1,100 shares of common stock for $36 per share. May 15 Purchase 400 shares of treasury stock for $29 per share. July...
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