01 ezto OBLEMS 3 M 6 6 M Search results - yaz... Required information [The following information applies to the questions displayed below.] On January 1, 2024, Stoops Entertainment purchases a building for $480,000, paying $100,000 down and borrowing the remaining $380,000, signing a(n) 7%, 20-year mortgage. Installment payments of $2,946.14 are due at the end of each month, with the first payment due on January 31, 2024. Required: 1. Record the purchase of the building on January 1, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the purchase of the building. Note: Enter debits before credits. Date January 01, 2024 General Journal HI B Debit Saved Credit < Prev 7 8 9 10 of 10 # Next >

01 ezto OBLEMS 3 M 6 6 M Search results - yaz... Required information [The following information applies to the questions displayed below.] On January 1, 2024, Stoops Entertainment purchases a building for $480,000, paying $100,000 down and borrowing the remaining $380,000, signing a(n) 7%, 20-year mortgage. Installment payments of $2,946.14 are due at the end of each month, with the first payment due on January 31, 2024. Required: 1. Record the purchase of the building on January 1, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the purchase of the building. Note: Enter debits before credits. Date January 01, 2024 General Journal HI B Debit Saved Credit < Prev 7 8 9 10 of 10 # Next >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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37-On 1st July 2020 Bashir purchase a machine for RO 15,000. The terms of purchase was 20% cash and the balance to be paid in monthly instalments of RO 500. What amount of the loan will be disclosed under current liabilities in the balance sheet on 31 Dec 2020? a. RO 7,000 b. RO 6,000 c. RO 5,000 d. RO 3,000
50. During the year 2020, Ali Al Shaibani group of companies made the total credit purchases worth RO 912500. For the accounting year 2020, the opening accounts payable of the company were RO 125000, and the closing accounts payable of the company was RO 75000. Using the information, calculate the Average Payment period of the company. (Consider 365 days in a year) a. None of the options b. 80 c. 42 d. 40
4/30/2020 Purchased a Building for $625,000. Paid $200,000 in cash and signed a 10 year note payable for $425,000 with Chase Bank. The interest is payable annually at a rate of 4.25%. what would be the adjusting entry at 12/31
A company purchased machinery on December 31, 2026, paying P80,000 down and agreeing to pay the balance in 4 equal installments of P60,000 payable each December 31. Implicit in the purchase price is an assume interest of 12%. What is the carrying amount of the note at December 31, 2027?(PVF 5 decimal)
E5.10 (LO 1) At the end of 2020, Montvale Associates borrowed $120,000 from the Bayliner Bank. The debt covenant specified that Montvale’s debt/equity ratio could not exceed 1.5:1 during the period of the loan. A summary of Montvale’s balance sheet after the loan follows. 2020 Assets Current assets $130,000 Long-term assets 350,000 Total assets $480,000 Liabilities and Shareholders’ Equity Current liabilities $130,000 Long-term liabilities 150,000 Shareholders’ equity 200,000 Total liabilities and shareholders’ equity $480,000 Compute Montvale’s debt/equity ratio immediately after the loan. How much additional debt can the company incur without violating the debt covenant?
E5.10 (LO 1) At the end of 2020, Montvale Associates borrowed $120,000 from the Bayliner Bank. The debt covenant specified that Montvale’s debt/equity ratio could not exceed 1.5:1 during the period of the loan. A summary of Montvale’s balance sheet after the loan follows. 2020 Assets Current assets $130,000 Long-term assets 350,000 Total assets $480,000 Liabilities and Shareholders’ Equity Current liabilities $130,000 Long-term liabilities 150,000 Shareholders’ equity 200,000 Total liabilities and shareholders’ equity $480,000 Compute Montvale’s debt/equity ratio immediately after the loan. How much additional debt can the company incur without violating the debt covenant? How large a dividend can the company declare and pay at the end of 2020 without violating the debt covenant?
E5.10 (LO 1) At the end of 2020, Montvale Associates borrowed $120,000 from the Bayliner Bank. The debt covenant specified that Montvale’s debt/equity ratio could not exceed 1.5:1 during the period of the loan. A summary of Montvale’s balance sheet after the loan follows. 2020 Assets Current assets $130,000 Long-term assets 350,000 Total assets $480,000 Liabilities and Shareholders’ Equity Current liabilities $130,000 Long-term liabilities 150,000 Shareholders’ equity 200,000 Total liabilities and shareholders’ equity $480,000 Compute Montvale’s debt/equity ratio immediately after the loan.
10 A dealer in securities has the following for the year 2018: Sale of securities held for sale in the ordinary course P4,000,000 Cost of securities held for sale in the ordinary course 2,500,000 Supplies expense, net of VAT 300,000 Rent expense, net of VAT 500,000 The OUTPUT VAT shall be:
1. On June 30, 2021, the Johnstone Company purchased equipment from Genovese Corp. Johnstone agreed to pay Genovese $27,000 on the purchase date and the balance in eight annual installments of $4,000 on each June 30 beginning June 30, 2022. Assuming that an interest rate of 10% properly reflects the time value of money in this situation, at what amount should Johnstone value the equipment?2. Johnstone needs to accumulate sufficient funds to pay a $570,000 debt that comes due on December 31, 2026. The company will accumulate the funds by making five equal annual deposits to an account paying 7% interest compounded annually. Determine the required annual deposit if the first deposit is made on December 31, 2021.3. On January 1, 2021, Johnstone leased an office building. Terms of the lease require Johnstone to make 20 annual lease payments of $137,000 beginning on January 1, 2021. A 10% interest rate is implicit in the lease agreement. At what amount should Johnstone record the lease…
ABC Limited purchased 6 computers on the 30 December 2022 for $600,000. Initial Allowance is 25% and annual allowance is 20%. What is the capital allowance claimable for 2022? a. $0 b. $120,000 c. $270,000 d. $150,000
The following information relates to Samson Engineering as at 30 June 2023: RProfit for the year180 000Drawings50 000Property920 000Long-term borrowings510 000Trade receivables380 000Plant and machinery250 000Trade payables180 000Short-term borrowings260 000Fixtures and fittings90 000Inventories420 000Equity at 1 July 20221 175 000Cash45 000Motor vehicles150 000 RequiredCalculate the following:The total non-current assets The total current assetsThe total assets
On January 1, 2021. Gundy Enterprises purchases an office building for St84.000 paying 44 down and borrowing the remaining \$140,000 signing year mortgage. Installment payments of $1625 52 are due the end of each month, with the first payment due on January 31, 2021 2. Complete the three rows of an amortization schedule(not round intermediate calculations. Round your final answers to 2 places .)