Lacoste Inc. receives a 90 day 6% note receivable from a client for the repair of 5 sets of computers for P25.000 October 31. How much is the interest income to be recognized on December 31? (Use 360 days in a year)

Q: TORR, Inc. issues a $600,000, 9%, five-year note payable on January 1, 20X5. If the monthly payment…

A: Interest for first month = face value of the note payable x interest rate  x no. of months/12 =…

Q: arla Vista Co. receives a $60,400, 6-year note bearing interest of 7% (paid annually) from a…

A: Computation Present value of the note receivable by carla vista [Amount received * interest *…

Q: An employee at LaserKinetics.com borrows $10,000 on May 1 and must repay a total of $10,700 exactly…

A: Interest rate is the rate of return paid from an investment. Amount borrowed = $10,000 Repaid =…

Q: Hall Company sells merchandise with a one-year warranty. In the current year, sales consist of 4,413…

A: Warranty expense is the amount that a company estimates to be incurred in a warranty period or is…

Q: B Company offered a cash rebate of P20 on each P150 package of ballpen sold during the current year.…

A: Rebate expense = No of sold items x Rebate per product x % in mail rebate form

Q: Hidden Hills Company manufactures and sells electronic games. Each game costs $50 to produce, sells…

A: Product Warranty expense = Sales x % of estimated warranty = (6500 games x $90) x 7% = $40,950

Q: warranty

A: Provision for warranty = Number of units sold * Percentage of units returned for repair * Warranty…

Q: Cloudrain Co gives a one-year warranty with all products and the rate of returns under warranty is…

A: Total Units sold= 52500 Expected returns= 12% Total Returns made= 63000 units  Total cost for the…

Q: Dirk Ward borrowed $10,000 for investment purposes on May 10 on a demand note providing for a…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: ​USA, a tire​ manufacturer, guarantees its tires against defects for five years or​ 60,000 miles,…

A: Note: A journal entry is a form of accounting entry that is used to report a business transaction in…

Q: Blue Jay, Inc., manufactures and sells computer monitors with a three-year warranty.Warranty costs…

A: Given information is: Blue Jay, Inc., manufactures and sells computer monitors with a three-year…

Q: Yummy sold $656,000 of consumer electronics during July under a one-year warranty. The cost to…

A: Contingent liability may or may not arise on the occurrence of future events. Warranty liability is…

Q: On March 1, 2012, Jason's Deli loaned $12,000 to Mark Johnson for one year at 5 percent interest.…

A: Introduction: Interest refers to the amount charged by the lender on the lent amount. The borrower…

Q: During June, Vixen Company sells $850,000 in merchandise that has a one year warranty. Experience…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: A company borrowed P45,200 from a savings and loan association that charges 14% converted quarterly.…

A: Let us make an amortization table to solve the question. Please note the formula used to calculate…

Q: Dirk Ward borrowed $12,000.00 for investment purposes on May 8 on a demand note providing for a…

A: Accrued Interest - It is the amount of interest has been incurred over a specific period / date, on…

Q: Marin loans money to Luck Corporation in the amount of $480,000. Marin accepts an 6% note due in 4…

A: A  note payable seems to be a documented promissory note. A borrower gets a specified quantity of…

Q: On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day…

A: Answer -    PART 1 - No Date General journal Debit Credit           1 Nov-11 Cash   $…

Q: B Company offered a cash rebate of P20 on each P150 package of ballpen sold during the current year.…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Charm Company sells 1,000 units of radio sets at P9,000 each for cash. Each radio set is under…

A: Total estimated warranty expense = Sales units x 60% x warranty cost per unit = 1000 units x 60% x…

Q: During Year 2, Going-Going-Gone sold 100 hot air balloons for $4,000 each. The balloons carry a…

A: Estimated repair cost = Total ales x 4% = (100 x $4,000) x 4% = $16,000

Q: Company X is a merchandiser of NBA Hats. One of their biggest customers calls Company X and…

A: given $10,000 owed to Company X  Company X agrees to covert the Receivable into a 90-day note with…

Q: Excom sells radios, and each unit carries a two-year replacement warranty. The cost repair defects…

A: EXPLANATION A replacement indicates that the originally sold radio was scrapped  and completely…

Q: Dirk Ward borrowed $12,000.00 for investment purposes on May 19 on a demand note providing for a…

A: Here, Borrowing Amount is $12,000 Interest Rate on May 19 is 4% Interest Rate from 1st August is…

Q: One retailer charges $1027 for a certain computer. A firm of tax accountants buys 7 of these…

A: The given problem can be solved using PMT function in excel. PMT function computes installment…

Q: Hall Company sells merchandise with a one-year warranty. In the current year, sales consist of 2,105…

A: The warranty expense refers to the cost expected to be incurred for repair or replacement after the…

Q: A factory operator bought a diesel generator set for P 10,000.00 and agreed to pay the dealer…

A: Present Value of annuity refers to the present value of all the future payments of and series of…

Q: Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest…

A: Payment should be credit by cash. Interest expense and LT notes payable is debited.

Q: Homeland Plus specializes in home goods and accessories. In order for the company to expand its…

A: Solution to A Outstanding principal balance on December 31 of the first year that is computed for…

Q: A company restores and resells notebook computers. It originally acquires the notebook computers…

A: Warranty is estimated at $26,500 ($530,000*5%) On December 31.

Q: Hall Company sells merchandise with a one-year warranty. In the current year, sales consisted of…

A: Introduction: An income statement is a critical financial record for every company. It illustrates…

Q: Excom sells radios and each unit carries a two-year replacement warranty. The cost of repair defects…

A: Sales = 110*$40 Sales = $4,400

Q: Dirk Ward borrowed $11,000.00 for investment purposes on May 21 on a demand note providing for a…

A: 1). (May 21 to July 31) May  • $11,000 × 6/100 × 11/365 = $19.89 June & july • $11,000 × 6/100 ×…

Q: Fantastic Co. sold $150,000 of kitchen appliances during August under a six month warranty. The cost…

A: In an accounting cycle, journal entry can be defined as the process of systematically recording all…

Q: Homeland Plus specializes in home goods and accessories. In order for the company to expand its…

A: Interest accrued on december 31 of first year = Principal x rate of interest = $700000*8.70% =…

Q: Cook-Rite sold $152,000 of consumer electronics during July under a one-year warranty. The cost to…

A: The warranty Expenses are estimated on the basis of past year experiences.

Q: Homeland Plus specializes in home goods and accessories. In order for the company to expand its…

A: A)Determination of outstanding principal balance on December 31 Loan amount = 730,000 EMI = 90,000…

Q: Oven Roasted sold $394,000 of consumer electronics during July under a two-year warranty. The cost…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: EZ Wheels Corporation manufactures kick scooters. The company offers a one-year warranty on all…

A: Liability created during the year = Net Sales * 4% *30% = $2850 * 4% *30% = $34.20 million

Q: the monthly payment is $5,800, what is the note's carrying value after the first month's payment is…

A: The original cost of an asset, as recorded in the books or balance sheet of a corporation, less the…

Q: On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day…

A: Journal entry is a first step in recording accounting transaction in the books of the company. It…

Q: On January 1, a company purchases equipment with a $5,000 down payment and $5,000 due on January 1…

A: Down payment on January 1 = $ 5000 Interest rate = 8 % Due of next 5 years of each year $ 5000.…

Q: Quantas Industries sold $325,000 of consumer electronics during July under a nine-month warranty.…

A: a. Prepare the journal entry to record the estimated warranty expense on July 31 for July sales.

Q: On January 1, 2022 Hideki Matsuyama provides services in exchange for a $10,000 zero-interest…

A: Solution: Present value of note on Jan 1, 2022 = $10,000 * PV of 1 at 15% for 4 periods = $10,000 *…

Q: Excom sells radios and each unit carries a two-year replacement warranty. The cost of repair defects…

A: The cost of a company's or manufacturer's promise to fix or replace a product if it fails to perform…

Q: Oven Roasted sold $394,000 of consumer electronics during July under a two-year warranty. The cost…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…