Week 1 - Textbook Questions

Sylvestor Systems borrows $75,000 cash on May 15 by signing a 60-day, 7%, $75,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 2B Interest at Maturity On what date does this note mature? Required 1 Required 2A On what date does this note mature? Required 2B General Journal P

Question 9 On 1 Dec. 2020, Segma Trading Co. borrowed $300,000 for 90 days at 5% by signing a note payable on the same amount Required: Select the right journal entry to record the payment of the note at its maturity date. O Dr. Note Payable $300,000 Dr. Interest Payable $2,500 Dr. Interest Expence $1,250 O Dr. Cash Cr. Cash $303,750 Cr. Note Payable $300,000 Cr. Interest Expence $2,500 Cr. Interest Payable $1,250 O Dr. Note Payable $300,000 Dr. Interest Expence $2,500 Dr. Interest Payable $1,250 Cr. Cash $303,750 O Dr. Note Payable $300,000 Dr. Interest Expence $3,750 Cr. Cash $303,750 $303,750

nkt.3

26. Subject : - Accountin

Question 30

please answer in detail

Question 1 Analyzing and Computing Accrued Interest on Notes Compute any interest accrued for each of the following notes payable owed by Penman, Inc., as of December 31 of the current year (assume a 365-day year). Round your answers to two decimal places. Coupon Lender Issuance Date Principal Rate (%) Term Accrued Interest Nissim 11/21 $18,000 10% 120 days $ Klein 12/13 14,000 90 days $ Bildersee 12/19 16,000 12 60 days $

Please help me

Question Sylvestor Systems borrows $69,000 cash on May 15 by signing a 60-day, 8%, $69,000 note. 1. On what date does this note mature?2-a. Prepare the entry to record issuance of the note.2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below.   Required 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal On what date does this note mature?           On what date does this note mature? Complete this question by entering your answers in the tabs below. Required 2A Prepare the entry to record issuance of the note.   Journal entry worksheet   Record the issuance of the note. Note: Enter debits before credits.         Date General Journal Debit Credit May 15…

22. Subject :-  Accounting  On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $120,300 onDecember 31, 2022. The proceeds of the note were $116,100.b. Calculate the effective interest rate (APR) on the loan.Note: Enter your answer as a percentage rounded to 1 decimal place (i.e., 32.1).Effective interest rate

Ind

Problem 1 On Jan. 1, 2020, Aldama Company has a note payable to bank in the amount of Php2,800,000. Transactions during 2020 and other information relating to liabilities are: - Principal amount of the note payable to bank is Php2.8M and bears a 12% interest. The note is dated April 1, 2019 and is payable in four equal annual installments beginning April 1, 2020. The first principal and interest payment was made on April 1, 2020. - On July 1, 2020, the entity issued for Php1,774,000 a Php2,000,000 face amount note to a wealthy shareholder. The note was dated July 1, 2020 and matures on July 1, 2021. No explicit interest rate is stated in the note and the entire face amount of the note payable is at maturity date Required: a. Prepare journal entries for 2020 b. Compute the total current liabilities on December 31, 2020 C. Determine the interest expense to be reported in 2020

A4

Zuhoor Muscat Company borrowed RO 240,000 from the bank signing a 8%, 6-month note on October 1, 2020. The recorded amount of accrued interest expense on December 31, 2020 will be: a. None of the options are correct. Ob. RO 40,000. O c. RO 240,000. Od. RO 4,800. O e. RO 9,600. NEXT PAGE 4440 025 Type here to search B. red by ws 10 S acer

Please provide answer in text (Without image)

Ex 7- Long-Term Note Payable a) What if the Einstein Corporation decided to raise capital (Cash) by issuing a Note instead of selling Stocks or Bonds. Journalize the entries for the following: 1) Issued the $500,000 3 year 8% Note to the First National Bank on January 1, 202X Account Name Debit Credit 2) Entry made on each December 31 to accrue interest expense for that year. Account Name Debit Credit 3) Entry made to pay off the Note at the end of the 3 years, after the entry for the accrual of interest for the third vear has been made Account Name Debit Credit Ex 8 - Installment Note Payable a) What if the Einstein Corporation decided to sign a $500,000, 12%, 20 year Mortgage Note Payable to First National Bank on January 1, 202X for the purchase of a new building. The Mortgage Note stipulates that $33,231 be paid each 6 months for the next 20 years. Journalize the entries for the following: 1) Issued the $500,000 20 year 12% Note to the First National Bank on January 1, Year 1.…

6

2

Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Kierland, Inc, on December 31: (Round to the nearest dollar.) Date of Interest Principal RateTerm Maker Abel November 21 $36,000 12% 120 days Baker December 13 32,000 996 90 days! Charlie December 19 42,000 6% 60 days! Note Abel Baker $ Charlie

Vishu Subject: acounting

Problem 4:Canton Cave Company provided the following schedule of liabilities on December 31, 2019:Accounts payable 6,500,000Notes payable-bank 8,000,000Interest payable 150,000Mortgage payable-10% 2,000,000Bonds payable 4,000,000*Bank notes payable include two separate notes payable to First Bank A ₱ 3, 000,000, 10% note issued March 1, 2018, payable on demand. Interest is payable every six months. A one-year, ₱5,000,000, 11% note issued January 2, 2019. On December 31, 2019, Canton Cave negotiated a written agreement with First Bank to replace the note with a 2-year, ₱5,000,000, 10% note issued January 2, 2020.*The 10% mortgage note was issued October 1, 2016 with a term of 10 years. Terms of the note give the holder the right to demand immediate payment if the entity fails to make a monthly interest within 10 days of the date the payment is due.On December 31, 2019, Canton Cave is three months behind in paying its required initial payment.The bonds payable are 10-year, 8% bonds,…

Zero Coupon Note Crafty Cave Products borrowed $200,000 cash by issuing a 48-month, $246,660 zero coupon note on January 1, 2024. The note matures on December 31, 2027.  Prepare the adjustments to recognize 2025 and 2026 interest. If an amount box does not require an entry, leave it blank. Dec. 31                 Record interest expense     Dec. 31                 Record interest expense

Knowledge Check 01 Kylah Enterprises signs a 3-month, noninterest-bearing note with a stated rate of 13.5% and a maturity value of $215,000? What is the cash proceeds available to the borrower? (Round your answer to 2 decimal places.) Cash proceeds available to the borrower 7,256.25 %24

Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Southland, Inc., on December 31: (Round your answer to the nearest dollar.)

Q1: Present value of note A? Q2: Present value of note C?

Dengar

QUESTION 3 On 1 January 2022, Rodney Inc. provided services to Smith Co. in exchange for Smith's $300,000, 2-year 8% note with interest compounded semi-annually on July 1 and January 1. The current market rate of similar notes is 12%. Rodney Inc. financial year ends December 31. REQUIRED: 1. Provide the following input values from your financial calculator: N = I/Y= PMT = $ 2. The note was issued at 3. The present value of the note is $ FV = $ %

★ Problem 1-6 (IAA) Cavalier Company provided the following information on December 31, 2021: Accounts payable Notes payable-bank Interest payable Mortgage note payable -10% Bonds payable ✰ 6,600,000 8,000,000 Bank notes payable include two separate notes payable to First Bank 150,000 2,000,000 4,000,000 A P3,000,000, 10% note issued March 1, 2020, payable on demand. Interest is payable every six months. A one-year, P5,000,000, 11% note issued January 2, 2021. On December 31, 2021, the entity negotiated a written agreement with First Bank to replace the note with a 2-year, P5,000,000, 10% note to be issued January 2, 2022. The 10% mortgage note was issued October 1, 2020 with a term of 10 years. Terms of the note give the holder the right to demand immediate payment if the entity fails to make a monthly interest payment within 10 days of the date the payment is due. On December 31, 2021, the entity is three months behind in paying the required interest payment. Required: Compute total…

C3.7

14. 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?

Vinubhai

PROBLEM 2 (MODIFIED) Winter Corporation received the following notes in 2020: NOTE DATE PRINCIPAL AMOUNT INTEREST RATE TERM A August 31 Php 200,000 10% 6 months B October 19 Php 250,000 12% 90 days C November 11 Php 300,000 11% 1 year   REQUIRED: Determine the due date, amount of interest, and maturity value of each note. Compute interest using a 360-day year for those notes with terms specified in days or years. Round all interest amounts to the nearest peso. Journalize a single adjusting entry at December 31, 2020 to record accrued interest revenue on all three notes. Journalize the collection of principal and interest on Note B. On the due date, the maker dishonored Note A. Prepare the journal entry to record the default of the maker.