Interest on note: $1,137.50interest rate: 10%Note dated: 3/17/2024Note due date: 10/13/2024Days in year (ordinary interest) 3601.What is the term of the loan (in days)?2. What is the principal in on the note?
Q: Sheridan Crossburgers Inc. charges an initial franchise fee of $75,000. Upon the signing of the…
A: A journal entry is a record of a financial transaction in a company's accounting journal. It's the…
Q: Break-Even Analysis The general formula for calculating break-even units is Break-even Units = Total…
A: The Break-Even Point is the point of sales where a company neither earns profit nor incurs any loss.…
Q: For Bramble Corp. at a sales volume of 4000 units, sales revenue is $71000, variable costs total…
A: The contribution margin is the difference between the sales and the variable cost. The contribution…
Q: Current Attempt in Progress Culver Company is involved in producing and selling high-end golf…
A: TARGET COSTINGTarget Costing initiates cost management at the earliest stages of Product development…
Q: Use the Adjusted Winner Procedure to determine which candy will be split between Larry and Balki.
A: The adjusted winner procedure was proposed by Brams and Taylor. This procedure helps to allocate…
Q: From 2012 to 2014, does it appear that LA Fitness, 24 Hour Fitness, and Planet Fitness comprise a…
A: Ratio analysis is a powerful tool used by businesses, investors, and financial analysts to evaluate…
Q: Required information [The following information applies to the questions displayed below.] Oslo…
A: The contribution margin ratio can be calculated as follows:Contribution margin ratio = (Contribution…
Q: Iberico plc, a Spanish firm whose functional currency is EUR, bought goods from a British supplier…
A: The products and inventories that a company keeps in stock in order to resell them or use them for…
Q: There are no deferred taxes at the beginning of 2025. Your answer is correct. pute taxable income…
A: Temporary difference refers to the variation between the taxable income and the pretax financial…
Q: Pension Question Sophia Consultants Inc. has had a defined benefit pension plan since January 1,…
A: Dear student, find a detailed answer and step by step solution in the explanation part…
Q: a. McGraw-Hill Education uses $2,765 worth of electricity and natural gas in its headquarters…
A: Accruals and AdvancesThe company prepares its accounts on an accrual basis. It means the company…
Q: SkyChefs, Incorporated, prepares in-flight meals for a number of major airlines. One of the…
A: Direct labor variance is the difference between standard direct labor cost for actual production and…
Q: The Evanston plant of Fit-for-Life Foods Corporation produces low-fat salad dressing. The following…
A: Equivalent units of production represent the number of units finished during the year based on the…
Q: McKenzie placed in service qualifying equipment (7-year MACRS class) for his business that cost…
A: Bonus depreciation (cost recovery) is different from section 179 expense. Unlike section 179, there…
Q: In 2023, Tom and Alejandro Jackson (married filing jointly) have $200,000 of taxable income before…
A: Tax liability is the tax owed to the local, state or federal government based on the income earned…
Q: Wildhorse Arrow Ltd. purchased a new bus on October 1, 2024, at a total cost of $200,720. Management…
A: Depreciation is referred to a method of expensing the cost of a capital asset over its useful life.…
Q: Revenues are normally recognized when the company transfers promised goods or services in the amount…
A: Revenue recognition is one of the accounting principle being used in business. As per this…
Q: Gurung Co. has a noncontributory, defined benefit pension plan adopted on 1 January 20X5. On 31…
A: A pension worksheet helps to know about the benefits or losses from the particular scheme. It is…
Q: Required information [The following information applies to the questions displayed below.]…
A: According to first in first out methods the inventory is sold in the same order it is purchased. It…
Q: Complete the following table by filling in missing amounts. Note: Use 360 days a year. Principal of…
A: Notes are also known as promissory notes which are a sort of debt instrument stating a promise to…
Q: Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2024 and…
A: Balance sheet:The balance sheet is drafted by the company to show the balance of the trial balance…
Q: Smith Industries reported a deferred tax liability of $8 million for the year ended December 31,…
A: The income tax expense represents the liability for income taxes to be paid on the income earned.…
Q: The Can Division of Concord Corporation manufactures and sells recyclable containers externally for…
A: By setting a minimum transfer price, management can more accurately evaluate the performance of each…
Q: As the newly appointed Controller of Lynbrook, Inc. you have been asked to evaluate several…
A: Special ordersThe company receives special orders at a point in time when the company has to decide…
Q: The management of Nixon Company must decide between locating a new branch office in foreign…
A: To compute the tax costs of operating in both jurisdictions, we need to calculate the property tax…
Q: Function: IF, SUM; Formula: Multiply; Cell Referencing BE5.5 - Using Excel to Evaluate a…
A: Calculate the Relevant Costs for Making Internally:Direct materials cost: $2.80Direct labor cost:…
Q: Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan…
A: Tax is the amount that is charged by the government to individuals and businesses on the income…
Q: A company just starting business made the following four inventory purchases in June: Number of…
A: The inventory method that will result in the highest gross profit for June is: the FIFO…
Q: Sunland Diesel owns the Fredonia Barber Shop. He employs 4 barbers and pays each a base rate of…
A: The break even point is the point where the company earned no profit and no gain. The break even…
Q: Break-Even Analysis The general formula for calculating break-even units is Break-even Units = Total…
A: Break-even pointThe break-even point is the amount and units of sales which provided no profit or no…
Q: Amanda would like to organize BAL as either an LLC (taxed as a sole proprietorship) or a C…
A: Taxes refer to compulsory financial charges imposed by governments on individuals, businesses, or…
Q: On January 1, Year 1, Amco Ltd. and Newstar Inc. formed Bearcat Resources, a joint venture. Newstar…
A: Journal entries are the systematic recordings of financial transactions in a company's accounting…
Q: Vaughn's is a brand of lotion created specifically for sensitive skin. The company, which goes by…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: i need solution :
A: The objective of the question is to prepare general journal entries to record each transaction for…
Q: When using the perpetual system for inventory, the journal entry to record a purchase of inventory…
A: The objective of the question is to identify the correct journal entry to record a purchase of…
Q: Rosman Company has an opportunity to pursue a capital budgeting project with a five-year time…
A: Net present value is difference between present value of cash inflows and present value of cash…
Q: Sysco Corporation, formed in 1969, is the largest global distributor of food service products,…
A: All financial transactions can be tracked in the journal, starting at the earliest date and ending…
Q: You have the following information for Blossom Company. Blossom Company uses the periodic method of…
A: a) Cost of Goods sold to maximize gross profit$211,090.00Cost of Goods sold to maximize gross…
Q: Sheffield Corporation uses a periodic inventory system and the gross method of accounting for…
A: Under the periodic inventory system, a company determines the cost of goods sold and the cost of…
Q: Exercise 9-1 (Algo) Prepare a Flexible Budget [LO9-1] Puget Sound Divers is a company that provides…
A: A budget helps the business in estimating the flow of cash i.e., inward or outward over a specific…
Q: Shoes Wisely, Inc. allocates overhead using machine hours as the allocation base. The following…
A: The Manufacturing overhead, also referred to as factory overhead is the cost incurred in factory a…
Q: On December 31, 2023, Green Bank enters into a debt restructuring agreement with Windsor Inc., which…
A: Financial statement:The financial statement is a record or statement that the business prepares…
Q: Meg O'Brien received a gift of some small-scale jewelry manufacturing equipment that her father had…
A: The objective of the question is to determine the depreciable basis for the jewelry manufacturing…
Q: In Control produces screens for use in various smartphones. The company reports the following…
A: TOTAL COSTTotal Cost is the cost which is incurred to manufacture a product. Total Cost Includes…
Q: Last month, Bramble Corporation purchased and used the same quantity of material in producing its…
A: Total direct material variance :— It is the difference between standard direct material cost for…
Q: All tax calculations should be based on the 2020 Tax Rate Schedules. Figures should be rounded to…
A: Capital gain refers to the increase in the value of an asset or investment, such as stocks, real…
Q: Prepare the journal entries needed to record the asset disposal on June 1, of the current year.…
A: Accumulated depreciation is the total depreciation expense accumulated on an asset over its useful…
Q: Blossom Corporation had the following tax information: Year Taxable Income Tax Rate Taxes Paid 2020…
A: Operating Loss:When a business is not able to make enough revenue to cover its operating expenses…
Q: Rustic Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below…
A: InventoryInventory is the material available to the company for the process of production and sale.…
Q: 9. Several years ago, Western Electric Corp. purchased equipment for $20,000,000. Western uses…
A: The income tax expense represents the tax payable on the current year's taxable income. The taxes…
Interest on note: $1,137.50interest rate: 10%Note dated: 3/17/2024Note due date: 10/13/2024Days in year (ordinary interest) 3601.What is the term of the loan (in days)?2. What is the principal in on the note?
Unlock instant AI solutions
Tap the button
to generate a solution
Click the button to generate
a solution
- 3. Assume the following information regarding a note received by LENDYOU Company: January 1, 2020 6 months Date of note Term of note Interest rate 12% Date of discounting Discount rate March 1, 2020 15% Accrued interest on note P15,000 How much is the carrying amount of the note receivable on March 1, 2020?Determine due date and interest on notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 5* $87,000 6% 120 days b. February 15* 27,000 4 30 days c. May 19 65,000 8 45 days d. August 20 32,000 5 90 days e. October 19 A 48,000 7 90 days *Assume a non-leap year in which February has 28 days. Assume 360 days in a year when computing the interest. Note a. b. C. d. e. Due Date InterestWhat is the amount of total interest earned on a note receivable based on the following information: Principal 25,000 Annual Interest Rate 4.00% Term (in days) 90
- Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 787.5 6 months $1,575 9Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400, and the cash proceeds received and available to use for the 60-day period is RO19600 what is the actual interest rate on this note? a. 12.24% b. 12.00% c. 10.00% d. 12.45%2. Assume the following information regarding a note received by HEERHUM YU Company: P1,500,000 October 1, 2020 120 days December 1, 2020 Principal amount of note receivable Date of note Term of note Date of discounting Discount rate 12% Interest income for 120 days P50,000 Compute the interest rate charged to customer. How much is the principal amount of the note receivable?
- 1. For each note below, calculate and record the maturity date and interest. No. of Note Date of Note 1 Mar. 5 2 Mar. 16 3 Apr. 12 4 May 9 Principal Interest Rate Time of Note Maturity Date $700.00 14% 180 days 10% 120 days 11% 90 days 12% 60 days $1,500.00 $650.00 $1,800.00 InterestCompute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 11 1 1//2 years $495Compute the maturity date and interest for the following notes.( use 360 days for calculation) Dates of notes Terms Principal Interest Rate a. April 17 45 days 48,000 3% b. August 11 2 months 72,000. 7% Maturity date. Interest a. ? $? b. ? $?
- 65. Borrowed P100,000 by issuing a 1-year note with 7% annual interest to Century Savings Bank on October 1, 2021. What is the adjusting entry on December 31, 2021? A. Debit: Interest Expense and Credit: Interest Payable P1,750 B. Debit: Interest Expense and Credit. Interest Payable P7,000 C. Debit: Interest Expense and Credit: Interest Payable P3,500 D. Debit: Interest Expense and Credit: Interest Payable P5,250Problem: ABC Company issued a promissory note to RCBC Bank. Details from the promissory note are as follows: Date of note: November 1, 2020 Term of note: 180 days Principal: P120,000 Interest rate: 12% Determine the following: 1. What is the account to be credited on the adjusting entry on December 31, 2020? 2. How much is the amount to be credited on December 31, 2020? 3. How much is the total interest expense for the full term of the note.Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest 12 1- years $1,080 Need Help? Read It