Creative Advertising obtained 12% 5-year loan of $20,000 from the bank. Which ?account is credited Capital Cash Bank loan Account receivable
Q: B Limited sells inventory to its parent, W Limited at cost price plus 125% mark-up. • Closing…
A: The term "parent company" indicates a corporation that has a significant ownership stake in another…
Q: Correction of Balance Sheet You may use the attached spreadsheet to help you complete this…
A: Introduction: A balance sheet is a financial statement that depicts a firm's assets and liabilities…
Q: How is skimming scheme fraud carried out?
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: 3 Interest expense of $250 was still outstanding. 4 Included in the motor expense was $700 paid for…
A: Financial statements are those reports and statements which are prepared at the end of accounting…
Q: (For accounts with no units in inventory, make sure to enter in the appropriate Equivalent Units…
A: To calculate equivalent units represents the number the direct material, direct labor and overhead…
Q: Indicate whether each decision is most likely to be made using managerial accounting information or…
A: Managerial accounting is that the observe of distinctive, measuring, analyzing, decoding, and act…
Q: What is significant influence and what factors are considered to determine if you have significant…
A: Lets understand the basics. Business combination is made by entity by acquiring another entity. It…
Q: Operation Margin, Current Ration, Mark-up Ratio Part 1: Explain the meaning and the purpose of each…
A: An accounting technique called ratio analysis uses financial data like income and balance sheets to…
Q: billing
A: Billing fraud- It aims to have a business make a payment to the employee and record that payment as…
Q: Using the information from your worksheet above, prepare appropriate journal entries to record the…
A: Depreciation Accounting :— Depreciation is the Decrease in Value of Assets due to wear, Tear and…
Q: Sales $ 1,066,000 Selling price per pair of skis $ 410 Variable selling expense per pair of skis $…
A: Income statement is one of the financial statements which is prepared to indicate the amount of…
Q: The management of MJW Corporation is considering the purchase of a new machine costing $400,000.…
A: Net present value refers to what is the value of one's cash flows at present in comparison to one's…
Q: I need all blanks with blue arrows filled please and thank you.
A: Since, this is the follow-up question and you have asked the requirement of your question which is…
Q: Utease Corporation has several production plants nationwide. A newly opened plant in Dubuque…
A: ROI :— It is calculated by dividing net operating income by average investment. ROS :— It is…
Q: You are the Certified Managerial Accountant (CMA) for Southwood Company. You have worked for the…
A: (Note: Since you have posted a multi-part question, we will solve the first three sub-parts of the…
Q: Refer to Chapter 10, page 567: Stated rate of interest versus the market rate of interest Required…
A: Bonds are a form of debt or liability being issued by the business, on which regular interest…
Q: Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2019. Demers reported common…
A: A consolidated financial statement refers to a statement that presents grouped information of a…
Q: Scatter Diagrams and High-Low Cost Estimation Assume the local Pearle Vision has the following…
A: Lets understand the basics. High low method is a method using which variable costs and fixed costs…
Q: Six selected transactions for the current month are indicated by 6 sets of letters in the following…
A: Job Order Cost Accounting System The cost of manufacturing each product is calculated using the job…
Q: Given the following list of accounts, calculate Total Assets: Accounts Receivable $ 10,000 Capital…
A: Total assets are equal to the sum of current assets and non-current assets. The term total assets…
Q: Sometimes, a newly implemented AIS may not receive proper support from the users. These behavioural…
A: Change is always tough to implement since every change in the organization may be a nightmare for so…
Q: Input no. of shirts Price per shirt Total Charges Discount Net Fee Free-shirts Sample Output 1:…
A: Net Fee=Total Charges-Discount
Q: Refer to Chapter 9, page 511: Current Liabilities The following transactions apply to Ozark Sales…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: Balance Sheet Calculations Fermer Company's balance sheet information at the end of 2019 and 2020 is…
A: The balance sheet is an essential part of financial statements and it represents a summary of…
Q: how is the selling price computed
A: Formula: Selling price=Cost100%-Gross profit ratio
Q: Geek plc trades in the children's toys sector. During the year it acquired 100% of Gifted Ltd, a toy…
A: Intangible Asset is an identifiable non-monetary asset without physical substance. Examples of…
Q: Your friend, Suzie Chang, has designed a new type of outdoor toy that helps children learn basic…
A: Product Cost is the cost incurred directly in making a product. costs Which is directly involved in…
Q: On July 1, 2020, Blue Construction Company Inc. contracted to build an office building for Gumbel…
A: Lets understand the basics. In percentage of completion method, revenue is recognized based on the…
Q: The following condensed information is reported by Sporting Collectibles. Income Statement…
A: Profitability ratios are financial metrics used to assess a business ability to generate earnings…
Q: List the four major categories of general controls, and Identify the objectives of each.
A: General controls refer to the information system activities to be applied in the whole…
Q: Is it the creditors who can earn the interest, but not the shareholders? Shareholders can only earn…
A: Shareholders and the creditors as the name states that both are different parties as per the…
Q: CJN Corporation is evaluating a project requiring a capital expenditure of $725,650. The project has…
A: The average rate of return refers to the income generated from the sum of cash flow over its…
Q: Teri, Doug, and Brian are partners with capital balances of $30,500, $28,500, and $59,200,…
A: A partnership is a type of business that permits two or more people to co-own a firm and agree to…
Q: The management of Ortega Manufacturing has three different proposals under consideration. The…
A: We can calculate annual cash inflow by using pay back period formula. Because payback period formula…
Q: An intangible asset with a finite useful life should be amortized over:
A: INTRODUCTION Intangible Asset: Any financial or non-financial item that cannot be physically…
Q: 20-30 EOQ, uncertainty, safety stock, reorder point. FootLove Shoe Co. produces and sells excellent-…
A: Economic order quantity :— It is the order size where total cost is minimum. EOQ = [(2×A×O)/C]1/2…
Q: 3. At the end of the first month of operations for Glenniel's Delivery Service, the business had the…
A: Liabilities are the obligations that an entity has to repay to its creditors or suppliers. These are…
Q: A 1 Chapter 1: Applying Excel 2 3 Data 4 Sales 5 Variable costs: 6 7 8 9 10 11 Cost of goods sold…
A: Gross Margin - Gross margin is referred to as the amount of profit before making a deduction of…
Q: Barry has applied for a loan in the amount of $10,500. A bank figures that Barry will repay the loan…
A: Interest rate refers to the amount of money which the lender charges to the borrower as well as it…
Q: As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed…
A: Tax refund is the amount which is to be received back by the taxpayer when the taxpayer has already…
Q: Monterey Co. makes and sells a single product. The current selling price is $14 per unit. Variable…
A: New selling price per unit for part (d) = $14 - $2 = $12 New selling price per unit for part…
Q: Required: Answer the following questions in section C2.6.1 Aligning COA and Tax Return. QBO COA 1.…
A: Taxes are generally major source of revenue for the government. Every individual or business needs…
Q: The following information is available for the year ended December 31: Beginning raw materials…
A: Raw Material Consumed :— It means How much of Raw material Used in Manufacturing of Product During…
Q: Use the following information for the Exercises below. (Algo) [The following information applies to…
A: Lets understand the basics. Cost of goods manufacture calculate how much cost is incurred to…
Q: Cost of Direct Materials Used in Production for a Manufacturing Company Walker Manufacturing Company…
A: Direct material consumed is calculated for assessing the cost of material used. It is used in…
Q: limit: 225 wor
A: The process of identifying analyzing selection and collecting the data is known as strategic…
Q: Geek plc trades in the children's toys sector. During the year it acquired 100% of Gifted Ltd, a toy…
A: The parent's assets are displayed in the consolidated statement of financial position, along with…
Q: Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following…
A: Introduction: The cost of goods sold is the total amount your employer pays as a cost directly…
Q: 23. A company grants 100 Share appreciation rights (SAR), payable in cash, to an employee on 1/1/Y1.…
A: Stock appreciation right (SAR) - Entitles an employee to receive stock/cash if the entity's stock…
Q: Seth and Beth have original investments of $50,000 and $100,000, respectively, in a partnership. The…
A: Introduction:- The following basic information as follows under:- Salary for Seth :…
Step by step
Solved in 2 steps
- Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan include a repayment of principal in eight, equal installments, paid annually from the April 1 date. The annual interest rate on the loan is 5%, recognized on December 31. (Round answers to the nearest cent, if needed.) A. Compute the interest recognized as of December 31 in year 1. B. Compute the principal due in year 1.Sunlight Growers borrows $250,000 from a bank at a 4% annual interest rate. The loan is due in three months. At the end of the three months, the company pays the amount due in full. How much did the company remit to the bank? A. $250,000 B. $10,000 C. $252,500 D. $2,500Campus Flights takes out a bank loan in the amount of $200,500 on March 1. The terms of the loan include a repayment of principal in ten equal installments, paid annually from March 1. The annual interest rate on the loan is 8%, recognized on December 31. (Round answers to the nearest whole dollar if needed.) A. Compute the interest recognized as of December 31 in year 1 rounded to the whole dollar. B. Compute the principal due in year 1.
- Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at the end of the month for 12 months. The interest rate is 12% annually. If the monthly payments are $888.49, what is the journal entry to record the cash received on Jan. 1 and the first payment made on Jan. 31?A ski company takes out a $400,000 loan from a bank. The bank requires eight equal repayments of the loan principal, paid annually. Assume no interest is paid or accumulated on the loan until the final repayment. How much of the loan principal is considered a current portion of a noncurrent note payable in year 3? A. $50,000 B. $150,000 C. $100,000 D. $250,000Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?
- Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.Pickles R Us is a pickle farm located in the Northeast. The following transactions take place: A. On November 6, Pickles borrows $820,000 from a bank to cover the initial cost of expansion. Terms of the loan are payment due in six months from November 6, and annual interest rate of 3%. B. On December 12, Pickles borrows an additional $200,000 with payment due in three months from December 12, and an annual interest rate of 10%. C. Pickles pays its accounts in full on March 12, for the December 12 loan, and on May 6 for the November 6 loan. Record the journal entries to recognize the initial borrowings, and the two payments for Pickles.
- Notes Payable Rogers Machinery Company borrowed $330,000 on February 1, with a 6-month, 10%, interest-bearing note. Required: 1. Record the borrowing transaction. 2. Record the repayment transaction.McMasters Inc. specializes in BBQ accessories. In order for the company to expand its business, they take out a long-term loan in the amount of $800,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 9%. Each year on December 31, the company pays down the principal balance by $50,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. B. Compute the interest accrued on December 31 of the first year. C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that first year.Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600