3) A nore tor $ a90 dared gust , 7010 5 due with oumpound interest at f'a9%, 4 geao atter 0re On NOUember 2011 the holde of the nore has it discourned g a Tend er who charges I7,610 Coumpounded annudity-Determing the alue Of the atter 9 yeurs.
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- On October 1, 2019, Ball Company issued 9% bonds dated October 1, 2019, with a face amount of 200,000. The bonds mature in 10 years. Interest is paid semiannually on March 31 and September 30. The proceeds from the bond issuance were 205,294.53 to yield 8.6%. Ball Company has a December 31 fiscal year-end and does not use reversing entries. Required: 1. Prepare journal entries to record the issuance of the bonds and the interest payments for 2019 and 2020 using the effective interest method. 2. Prepare journal entries to record the issuance of the bonds and the interest payments for 2019 and 2020 using the straight-line method.Errors During the course of your examination of the financial statements of Burnett Co., a new client, for the year ended December 31, 2019, you discover the following: Inventory at January 1, 2019, was understated by 6,000. Inventory at December 31, 2019, was overstated by 5,000. During 2019, the company received a 1,000 cash advance from a customer for merchandise to be manufactured and shipped during 2020. It had credited the 1,000 to sales revenue. The companys gross profit on sales is 50%. Net income reported on the 2019 income statement (before reflecting any adjustments for the above items) is 20,000. Required: Next Level What is the correct net income for 2019?Credit for partial payment and net amount due if the invoice is $8303 and the partial payment is $2300 and the terms are 2/10, n/30
- A credit sale of $1800 is made on July 15, terms 4/10, net/30, on which a return of $100 is granted on July 18. What amount is received as payment in full on July 24? a.) $1632 b.) $1800 c.) $1728 d.) $17752. A credit sale of P750 is made on June 13, term 2/10, net/30. A return of P50 is granted on June 16. The amount received as payment in full on June 23 is: a. P700 b. P650 c. P686 d. P685Insert the answer for each of the following: A. P=$4,500, r=.06, t=4 years. Interest ?__________________________. B. p= $ 3,200, r=.023, t= 3months. interest ? ________________________. C. p=$ 1,700, r=.055, t= 90 days. interest ? ____________________________. D. sales $ 3,790, returns $ 390, sales terms 2/10 n 30. discount ________________? and E. remittance ( paid) __________________________? ( assume paid in discount period)
- Insert an answer for each of the following p= $ 3,200, r=.023, t= 3months. interest ? ________________________. p=$ 1,700, r=.055, t= 90 days. interest ? ____________________________. sales $ 3,790, returns $ 390, sales terms 2/10 n 30. discount ________________? and remittance ( paid) __________________________? ( assume paid in discount period)Goods are sold on 30.09.2022 to the company "PD" instead of the amount of €10,000, with promissory notes to our order due on 28.02.2023 to which interest of €500 is added (the company separates on 30.09.2022 the interest into: accrued and unearned accrued interest on notes receivable). which are the journal entries?n 28 February 2023, the end of the financial year, the Fixed deposit account had a balance of R100 000 and the interest on fixed depositccount reflected a total of R5 000. The interest rate is 8% p.a. and interest is not capitalised. An increase of R20 000 in fixed deposit accountwas made on 01 December 2022 and this has been recorded. How much was reflected as interest on fixed deposit in the statement ofcomprehensive income for the year ended 28 February 2023?O A. R6 800OB. R11 800O C. R5 200OD. R8 000
- *see attached What is the interest income for the current year? a. 1,297,905b. 1,357,905c. 900,000d. 870,168N7. ABC Auditor has agreed to perform an inventory count for XYZ on 12/31/Y1, but will allow them to pay over time. XYZ’s normal borrowing rate is 6%. ABC will require XYZ to pay a down payment of $15,000 at 12/31/Y1 and the remainder in the form of a $35,000 note, at 14% interest, due $12/31/Y6. Interest will be due semi-annually. Find the following: 1. Service Revenue for 12/31/Y1: $ 2. How much Interest Revenue was recorded year to date at 12/31/Y3:11th - Our business opened a 1-year maturity deposit account of 160,000 TL on 01.09.202. The interest rate is 18%. Which of the following accounts is correct to use in the accrual record to be made on 31.12.202. a) 181 Income Accruals Hs. 19.200 TL (Borrower) B) 642 Interest Income Hs. 9.600 TL (Creditor) NS) 642 Interest Income Hs. 8.800 TL (Creditor) D) 642 Interest Income Hs. 28.800 TL (Creditor) TO) 181 Income Accruals Hs. 34.500 TL (Borrower)