On July 1, Year 1, the Barley Company loaned $50,000 to the Jackson Co. The note has a stated interest rate of 10% and will mature on June 30, Year 2. All payments for principal and interest will be received at maturity. How much interest revenue will Barley report on its income statement for the year ended December 31, Year 1?

Q: Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent…

A: Interest expense is an expense which is reported on expense side under the statement of profit or…

Q: On 1 November, Year 1, Noble Co. borrowed P80,000 from South Bank and signed a 12%, six-month note…

A: Solution: Interest on note at maturity = P * R* T = P80,000 * 12%*6/12 = P4,800

Q: On May 1, Year 1, Benz's Sandwich Shop loaned $10,000 to Mark Henry for one year at 6 percent…

A: Workings. a) Given, Loan Amount=$10000,Interest Rate=6%,Time=8 months(i.e. from May to December)…

Q: On June 8, Alton Co. issued an $77,100, 7%, 120-day note payable to Seller Co. Assume that the…

A: Interest:   An interest is the cost of the funds loaned to the business by any lender.

Q: On March 1, 2018, Bodie Co. accepted a $7,900 face value note as evidence of a loan it made to T…

A: Solution: Time period in 2018 = March 1 to Dec 31 = 10 months Face value of note = $7,900 Interest…

Q: Martinez Co. borrowed $56,952 on March 1 of the current year by signing a 60-day, 8%,…

A: Interest expense for 60 days  = Amount borrowed×interest rate × 60 days/360 days

Q: rate was 11%. The first payment for interest and principal was made on September 1, Year 2. At…

A: The obligations require the company to pay interest within one year or operating cycle. Accrued…

Q: Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent…

A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount…

A: A promissory note can be described as a legal document that documents a loan between the lender and…

Q: On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 6 percent…

A: The interest amount is obtained when the loan amount is multiplied by the interest rate. Interest…

Q: On January 5, Daisy Co., which follows a calendar year accounting, issued $1,000,000 of notes…

A: Long term debt = Total notes payable - current portion = $1000000 - 250000 = $750,000

Q: Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent…

A: Principal is the amount lent to a person by another person for a return of benefit called as…

Q: On October 1, 2009, a company received a one-year note receivable bearing an interest rate at market…

A: Interest income represents the percentage of interest accrued on the amount lend. It is paid over a…

Q: On September 21, the firm received a 6% 90-day note for money lent to Ling Ying Wei amounting to…

A: Lets understand the basics. Adjustment entry is need to pass to record correct amount of revenue and…

Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…

A: A journal entry is a type of accounting entry that is used to record commercial transactions in a…

Q: On June 1, Davis Inc. issued an $81,200, 8%, 120-day note payable to Garcia Company Assume that the…

A: Interest revenue = face value of not x rate of interest x No. of days / 360 days

Q: On October 1, Bandor Company sold land (that cost $30,000) on credit for $35,000. The buyer issued…

A: Date Accounts title and explanation Debit ($) Credit ($) 1-Oct Note receivable $35,000…

Q: Keesha Company borrows $165,000 cash on December 1 of the current year by signing a 150-day, 9%,…

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

Q: On December 1, Milton Company borrowed $390,000, at 7% annual interest, from the Tennessee National…

A: Interest amount from December 1 to December 31 i.e. 1 month = 390,000 x 7% x 1 month/12 months…

Q: On July 8, Jones Inc. issued an $85,000, 8%, 120-day note payable to Miller Company. Assume that the…

A: From July 8 to July 31 = 23 days Interest expense has been accrued for 23 days for the note payable.…

Q: On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 7 percent…

A: a. Interest income = Loan amount x interest rate x no. of months/12 = $12000*7%*8/12 = $560

Q: On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note…

A: Formula: Discount amount = Face value amount x Discount rate

Q: Q#1. Show the size of each of the equal quarterly payments made to pay off the principal and the…

A: Loan amount =$15,000 Interest rate  =10% quarterly rate=10%/4 (2.5%) present value of annuity factor…

Q: The following selected transactions were taken from the books of Ripley Company for Year 1: 1. On…

A: 1) Cash paid for interest: $70000 x 6% x 4/12 = $1400 (2) Interest expense: $70000 x 6% x 4/12 =…

Q: On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $19,800. What…

A: Concept used:

Q: The business  is expected to make principal payments totalling $400,000 towards the loan during the…

A: Note payable is a liability account so by paying the principal amount of $ 400000 will reduce the…

Q: On September 1, 20X1, Chabon Corp. purchased machinery costing $20,000 by issuing a 12-month, 12%,…

A: Lets understand the basics. Management some time purchase asset using the loan. In that case if loan…

Q: abardeen corporation borrowed 58,000 from the bank on october 1, year 1. the note had a 4 percent…

A: d. Compute the total amount of cash (principal and interest) that was paid to bank on March 31, Year…

Q: On October 1, a company borrowed $200,000 on a two-year, 12% note, with interest and principal to be…

A: Given: Principal = $200,000 Interest rate = 12%   From Oct 1 to Dec 31 = 3 months

Q: Abardeen Corporation borrowed $90,000 from the bank on October 1, Year 1. The note had an 8 percent…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: On January 1, MM Co. borrows $340,000 cash from a bank and in return signs an 8% installment note…

A: An installment note is an obligation or liability that requires the borrower to repay the principal…

Q: On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the…

A: Under such type of loan arrangement as in the given case, the borrower obtains certain amount of…

Q: Slack Inc. borrowed $320,000 on April 1. The note requires interest at 12% and principal to be paid…

A: Accrual basis: Accrual basis is a method of accounting. In this method recording of revenues are…

Q: At year-end, Thor Company issued a P 1,000,000 face amount note payable in exchange for services…

A: >Note Payables are the liabilities. >It can be issued in case of: --when goods are…

Q: abardeen corporation borrowed 58,000 from the bank on october 1, year 1.  The note had a 4 percent…

A: Note payable: Note payable refers to the liability of the business, as business borrow money against…

Q: ⦁ ABC Corporation borrowed 24,000 on December 1, 2011, by issuing a two-month, 8 percent note…

A: Since there are multiple questions, we will solve first for you. To get the remaining questions…

Q: Abardeen Corporation borrowed $90,000 from the bank on October 1, Year 1. The note had an 8 percent…

A: A. AMOUNT OF CASH PAID : = $0   B. INTEREST EXPENSE : = $90,000 X 8% X 3MONTHS / 12 MONTHS  =…

Q: On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face…

A: We know that if a note is an interest-bearing note the borrower is obligated to pay the whole…

Q: On June 1, Davis Inc. issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the…

A: Solution: Days in current year = June 30 - June 1 = 29 days Days in following year = 120 - 29 = 91…

Q: Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent…

A: Interest:- An interest is the compulsory charge which is paid by the borrower to the lender of money…

Q: On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 6 percent…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: On December 1, a company signed a $6,000, 90-day, 5% note payable, with principal plus interest due…

A: Answer:   Option b.

Q: On June 1, 2018, Bodie Co. accepted a $9,300 face value note as evidence of a loan it made to T…

A: Solution: Interest revenue will be recognized in 2018 will be interest for 7 months that is from…

Q: On July 8, Jones Inc. issued an $76,900, 10%, 120-day note payable to Miller Company. Assume that…

A: Answer:   Option c.

Q: NYJ, Inc. borrowed $800,000 on July 1, 20X1, and signed a ten-month note bearing interest at 5%.…

A: Note payable is a financial instrument against which a payment needs to be made after a certain…

Q: Grant Co. had the following liabilities at December 31, the end of its fiscal year: Accounts Payable…

A: Solution: Under current laibilities, liabilities which are due in next one year are reported and…