Case 1 Instructions

Amount 1,200,000.00 Interest 12% 1/1/2020 12/31/2022 Date Due Date The note is compounded interest bearing Compute for the interest in Year 2021? O 161,280 O 150,000 O 130,000 O 144,000

Question 2 The capital balance in a sole proprietorship was R800 000 on 29 February 2020, the end of the financial year. The net profit and drawings for the year ended 29 February 2020 amounted to R300 000 and R100 000 respectively. The capital balance on 01 March 2019 was Select one: a. R1 000 000 b. R400 000 c. R600 000 d. R1 200 000

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EXHIBIT 8-10 2023 Earned Income Credit Table Qualifying Children 0 1 2 34 0 1 2 3+ (1) Maximum Earned Income Eligible for Credit $7,840 11,750 16,510 16,510 (2) Credit % 7.65% 34 40 45 (3) Maximum Credit (1) x (2) Married taxpayers filing joint returns $16,370 28,120 28,120 28,120 (4) Credit Phase-Out for AGI (or earned income if greater) over This Amount $ 600 3,995 6,604 7,430 7.65% 34 40 45 $7,840 11,750 3,995 16,510 6,604 16,510 7,430 Source: Internal Revenue Code. "Rev. Proc. 2022-38." www.irs.gov All taxpayers except married taxpayers filing joint returns $ 600 (5) Phase-Out Percentage $9,800 21,560 21,560 21,560 7.65% 15.98 21.06 21.06 7.65% 15.98 21.06 21.06 No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] $24,210 53,120 59,478 63,398 $17,640 46,560 52,918 $56,838

OSS 4E MYE 2021 On 1 July 2020, Cooky Land obtained a bank loan of $500 000 from BT Bank. The loan is to be paid equally over 5 years. The first payment, together with the interest, falls on 30 June 2021. The interest incurred for the year ended 31 December 2020 was $5 000. REQUIRED (a) Prepare journal entries to record the following transactions: (i) the borrowing on 1 July 2020 and (ii) the interest expense for the year ended on 31 December 2020. Narrations are not required. (b) Prepare the expense section of the statement of financial performance for the year ended 31 December 2020. (c) Prepare the liabilities section of the statement of financial position for the year ended 31 December 2020. (d) Explain the difference between bank loan and bank overdraft.

Module 11 Part I: Chapter Problems B, Assignment Please complete the following item: Assume Strand Corp borrowed $200,000 from the bank on 7/1/20; Strand is a calendar year-end. Interest rate 6%. It is a 1 year note, payable at the end of 1 year. Make the necessary journal entry on 7/1/20, 12/31/20 and 6/30/21 If vou are not familiar with

View Policies Current Attempt in Progress Windsor Industries borrows $18800 at 8% annual interest for six months on October 1, 2022. Which is the appropriate entry to accrue interest if Windsor employs a December 31, 2022, fıscal year? O Dr Interest Expense $1504 Cr Interest Payable $1504 O Dr Interest Expense $376 Cr Interest Payable $376 O Dr Interest Expense $376 Cr Notes Payable $376 O Dr Notes Payable $1504 Cr Interest Payable $1504 Save for Later Attempts: 0 of 1 used Submit Answer

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

Problem 24 Safari Bank granted a loan to a borrower on Jan. 1, 2020. The interest on the loan is 8% payable annually starting Dec. 31,2020. The loan matures in three years on Dec. 31,2022. Data related to the loan are: Principal amount Origination fees charged against the borrower Direct Origination cost incurred 1,500,000 50,000 130,150 After consideration of the origination fees charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. Required: 1. Compute the carrying amount of the loan receivable on December 31,2020, December 31,2021, December 31,2022. 2. Prepare a table of amortization for the loan receivable. 3. Prepare the journal entries for 2020, 2021 and 2022.

Exercise 10-13 (Algo) Installment note entries LO C1 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. Note: Round your intermediate calculations and final answers to the nearest dollar amount. 1 Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] View transaction list 2 On January 1, 2021, Eagle Company borrows $33,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $9,524, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. 3 4 Eagle borrows $33,000 cash by signing a four-year, 6% installment note. Record the issuance of the note on January 1, 2021. Record the payment of the first installment payment of interest and principal on December 31, 2021. Record the payment of the second installment payment of interest and principal on December 31, 2022. Record the payment of…

Suppose a business receives a 907000 long term bank loan on December 31 2019 the borrowing arrangement requires the business to pay 226 750 by September 2020 show how the business will report both current and long term liabilities on its December 31 2019 balance sheet .

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ACC 122 Fall 2020Comprehensive ProjectBestValue Corporation's Trial Balance at December 31, 20XX is presented below.All 20XX transactions have been recorded except for the items described on the next page.Debit CreditCash $ 109,890Accounts Receivable 28,789Inventory 25,540Debt Investments 0Land 55,674Buildings 215,850Equipment 75,120Allowance for Doubtful Accounts $ 1,027Accumulated Depreciation-Buildings 63,306Accumulated Depreciation-Equipment 16,048Accounts Payable 35,278Interest Payable 0Unearned Rent Revenue 48,900Dividends Payable 0Income Tax Payable 0Bonds Payable 0Discount on Bonds Payable 0Common Stock ($2 par) 29,200Paid in Capital in Excess of Par-Common Stock 44,580Preferred Stock ($60 par) 0Paid in Capital in Excess of Par-Preferred Stock 0Retained Earnings 107,904Treasury Stock 0Cash Dividends 0Sales Revenue 776,068Rent Revenue 0Gain on Sale of Land 0Bad Debt Expense 0Interest Expense 0Cost of Goods Sold 478,542Depreciation Expense 0Other Operating Expenses 53,274Salaries…

Question Content Area Assuming a 360-day year, when a $15,586, 90-day, 7% interest-bearing note payable matures, total payment will be a.$1,091 b.$16,677 c.$15,859 d.$273

Only exercise 10-4A please and thank you?

Problem 14-5A (Algo) Installment notes LO C1 On January 1, 2021, Norwood borrows $540,000 cash from a bank by signing a five-year installment note bearing 7% interest. The note requires equal payments of $131,701 each year on December 31. Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Norwood borrows $540,000 cash by signing a five-year, 7% installment note. (b) Record the first installment payment on December 31, 2021. (c) Record the second installment payment on December 31, 2022. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Complete an amortization table for this installment note. Note: Round your intermediate calculations to the nearest dollar amount. Period Ending Date Beginning Balance Debit Interest Expense Debit Notes Payable Credit Cash Ending Balance 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Total

transcribed image text: Luna's savings account had the following balances. Date 04/01/2019 04/17/2019 05/28/2019 06/22/2019 Balance 726,000 782,000 800,000 How much is Luna's ADB for the 2nd quarter of 2019? 535,000 O P752,670.33 O P752,380.43 O P760,648.35 O P761,033.33

Problem 24Safari Bank granted a loan to a borrower on Jan. 1, 2020. The interest on the loan is 8% payable annually starting Dec. 31,2020. The loan matures in three years on Dec. 31,2022. Data related to the loan are:Principal amount 1,500,000Origination fees charged against the borrower 50,000Direct Origination cost incurred 130,150After consideration of the origination fees charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. Required:1. Compute the carrying amount of the loan receivable on December 31,2020, December 31,2021, December 31,2022.2. Prepare a table of amortization for the loan receivable.

Problem 24Safari Bank granted a loan to a borrower on Jan. 1, 2020. The interest on the loan is 8% payable annually starting Dec. 31,2020. The loan matures in three years on Dec. 31,2022. Data related to the loan are:Principal amount 1,500,000Origination fees charged against the borrower 50,000Direct Origination cost incurred 130,150After consideration of the origination fees charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. Required:1. Prepare a table of amortization for the loan receivable.2. Prepare the journal entries for 2020, 2021 and 2022.

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Accounting principal 2  chapter-14 Q:- On April 1,2019 Cowell Company issued $3000000, 20 year year,ond at 95 so that investors would receive a 6% return their investments. Interest is payable semi-annually. A) Record the Journal entry April 11, 2019 B)Record  the journal entry  for September 30, 2019(straight-line method of amortization) C)  same as B except use the effective interest method. D)Record the adjusting entry Dec. 31, 2019(straight-line method) E)Record the necessary closing entry

Question Content Area A $36,000, 60-day, 5% note, dated May 1, is received from a customer on account. Assume a 360-day year, the maturity value of the note is a. $36,000 b. $36,300 c. $37,800 d. $300

Question 1 of 5 Construction loan-12% interest, payable semiannually, issued December 31, 2019 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 TamariskFurniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $12,000,000 on January 1, 2020. Tamarisk expected to complete the building by December 31, 2020. Tamarisk has the following debt obligations outstanding during the construction period. -/5 Avoidable Interest $ $4,800,000 3,600,000 2,400,000 Assume that Tamarisk completed the office and warehouse building on December 31, 2020, as planned at a total cost of $12,480,000, and the weighted-average amount of accumulated expenditures was $8,640,000. Compute the avoidable interest on this project. (Use interest rates rounded to 2 decimal places, e.g. 7.58% for computational…

Required information Exercise 7-10 (Static) Other accrued liabilities-real estate taxes LO 7-5 [The following information applies to the questions displayed below.] Glennelle's Boutique Incorporated operates in a city in which real estate tax bills for one year are issued in May of the subsequent year. Thus, tax bills for 2022 are issued in May 2023 and are payable in July 2023. Exercise 7-10 (Static) Part c-Journal entry -2. Assume that the actual tax bill, received in May 2023, was for $47,600. Record the journal entry to show the effects of the appropriate adjustment to the amount previously accrued. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1 No Event 1 Real estate tax expense Real estate taxes payable Cash Answer is not complete. General Journal Debit Credit 44,800 × 2,800 47,600

Document1 - Word References Mailings Review View Help Search A A Aa A E E E EE AaBbCcDd AaBbCcDd AaBbC AaBb AaBbCcD. AaB A D A v AaBbC 三三、 、田 1 Normal 1 No Spac. Heading 1 Heading 2 Heading 3 Title Subtit Paragraph $1 Styles 11) Jennifer's pension plan is an annuity with a guaranteed return of 5% per year (compounded monthly). She can afford to put $300 per month into the fund, and she will work for 45 years before retiring. If her pension is then paid out monthly based on a 20- year payout, how much will she receive per month? (Round your answer to the nearest cent.) 2$ 12) n chows annual rates for yarjous types of loans in 2015. Assume monthly

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2020 commmon size liabilities accounts payable $41,498.00 notes payable $18,064.00 2021 common size common based year 14.67% $46,484.00 6.38% $17,635.00 14.52% 5.50% 1.1201

Problem 8-16 On March 1, 2019, Alpha Company borrowed P1,000,000 and signed a 2 year note bearing interest at 12% per anum compounded annually. Interest is payable in full at maturity on February 28,2021. 1. What amount should be reported as accrued interest payable on December 31, 2020? A. 100,000 B. 120,000 C. 232,000 D. 240,000

Problem 6-8 (AICPA Adapted) Frame Company has an 8% note receivable dated June 30. 2021, in the original amount of P1,500,000. Payments of P500,000 in principal plus accrued interest are due annually on July 1, 2022, 2023 and 2024. 1. What is the balance of note receivable on July 1, 2022? a. 1,500,000 b. 1,000,000 500,000 d. C. 2. On June 30, 2023, what amount should be reported as accrued interest receivable on the note receivable? a. 120,000 b. 40,000 c. 80,000 d.

EXHIBIT 8-11 2021 Earned Income Credit Table (4) (1) (3) Maximum Earned Credit Phase-Out for AGI (or earned income Income Eligible Maximum Credit Qualifying Children (2) if greater) Over This Amount for Credit Credit % (1) × (2) Married taxpayers filing joint returns 01100 11 LIS 0 $9,820 15.3% $1.502 $14,820 1 10,640 34 3,618 25,470 15.98 2 14,950 40 5,980 25,470 21.06 3+ 14.950 45 6.728 25,470 21.06 All taxpayers except married taxpayers filing joint returns ORD CHIT EL 0 $9,820 15.3% $ 11,610 $1.502 3,618 1 10,640 34 19,520 2 14.950 40 5,980 19,520 3+ 14,950 45 6,728 19.520 Source: Internal Revenue Code. "Rev. Proc. 2020-45. " www.irs.gov. SI DU નવીura વ (5) Phase-Out Percentage 15.3% 15.3% 15.98 21.06 21.06 No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] $24,637 48,108 53,865 57,414 $21,427 42,158 47,915 51.464

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Question 6 On Octobel 31, 2020, Tarling Company neguiated a one year 100.000-eanc loan kon a f n bank at an intert rate of 3% per yea tont paymen e mae s on Odb 31, nd peincipal wilf be repaid on October 31 2021 Tarling prepares US dolla financial tatoments and han a Deconber 31 year end Date ranc Rate October 31, 2020 30 49 December 31, 2020 S0 55 October 31, 2021 50 65 Required: Assuming the above information Prepare all jounal entries related to thi foreign orency bonowing