Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts:…
A: Interest Payable: Interest payable is the amount of interest on its debt and capital leases that a…
Q: To which element does the following definition correspond: It is a format where interest and…
A: Loan A loan refers to the amount which is borrowed from a financial or a non-financial institution.…
Q: Which of the following accounts is considered a permanent or real account?A. Interest RevenueB.…
A: Financial Statements: Financial statements are an assortment of outline-level reports about an…
Q: lease present i
A: PARTICULARS RETA sales $ 300,000 Less margin(12%)…
Q: Describe the repayment process for both a term loan and ab
A: Term loan and bonds are two different types of raising money.
Q: Which of the following will be included in the adjusting entry to accrue interest * ?income or…
A: Accrue interest income is the interest earned but not received.
Q: Show effects of the above transactions on the accounting equation using the following format.…
A: Assets = Liabilities + Equity
Q: Which of the following is an accrued liability? * Unearned subscriptions revenue Current portion of…
A: Liabilities that are recorded in the balance sheet are of two types they are - Current liabilities.…
Q: Making insurance payments in advance is an example of: Select one: a. An accrued receivable…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the…
Q: 3. Which ofthe foll owing is an expense? A. Interest paid on loan B. Withdrawal of cash made by the…
A: All the given options are discussed hereunder: 1) Interest paid on loan: This is the interest…
Q: . How much from the list od debt above? (items a to d, excluding accrued interests) should be…
A: There are two types of events occurring after the balance sheet date. Some events are adjusting…
Q: In a classified balance sheet, liabilities are separated into two categories based on a. The amount…
A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…
Q: Typically, the estimated amount available for short-term payments in a statement of affairs…
A: Statement of accounts: It is the periodic statements summarizing all the account activity of the…
Q: When the amount of interest accrued shown in the adjustments, then it has to be: a. Deducted from…
A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…
Q: Liabilities are classified on the balance sheet as current or O a. unearned. O b. deferred. O c.…
A: Liability can be defined as the amount owed by the firm to external parties. It is a payable amount…
Q: All of the following accounts are presented under liabilities, except: a.) Advances to Supplier b.)…
A: The liabilities are the amount due to be paid to the outsiders. The liabilities are recorded in the…
Q: Accounts payable is a Select one: A. current liability B. current asset C. long-term liability D.…
A: Accounts payable are short term obligation which should be paid to the vendors or suppliers for the…
Q: For the year ending 30 April 2017, 2018, 2019, show the: a) Provision for doubtful debts account b)…
A: Accounting Information Systems helps to perform the tasks in the job of Budget Analysis. An…
Q: Requirements: A. Determine the total payment to unsecured creditors. B. Determine the total net…
A: Liquidation means where the company decide to close out the operations , sell all the assets and…
Q: True or false if a balance sheet is prepared between the date of declaration and date of payment,…
A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…
Q: ne Hire Purchase Interest over the Sum of the digits method LC Account (as it will appear in
A: "Since you have asked multiple sub part question we will solve the first three sub part question for…
Q: which is an example of prepaid expense? A. unearned fees B. supplies C. unearned subscriptions…
A: Prepaid expense: Expenses of future period are paid in advance. These expenses are called prepaid…
Q: Notes receivable due in 390 days appear on the a.balance sheet in the current liabilities section…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…
A: Prepaid rent is the advance rent paid for the future period.
Q: how payment adjustments and loan balances are determined over the term for the ARMs
A: An adjustable mortgage (ARM) is the type of mortgage in which interest rate paid on the outstanding…
Q: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…
A: In financial accounting, The financial statements of balance sheet accounts are classified into…
Q: If the difference between current assets and curren is 88.7, bill payable 166.5, creditors 30,…
A: The correct answer is D As given, Current assets - current liabilities = 88.7 Current liabilities =…
Q: Answer the following questions correctly and show your Complete Solution. a. 3 1/5% is equivalent…
A: The person who borrows the money is known as borrower. When sufficient funds are not available with…
Q: are classified on the balance sheet as current or Select one: a. long-term. b. accrued. C. unearned.…
A: The balance shows the assets and liabilities of the business.
Q: he accountsfor the statement of financil postinandincame stadement d Altredo Escano, CPAare ollows:…
A: The financial statements of the business include the income statement and balance sheet of the firm.
Q: Unearned rent revenue is reported on: O A. O B. OC. Expenses section in the income statement…
A: The revenues that are received by the business but not earned yet are said to be Unearned revenue.
Q: a. What is the difference between permanent and temporary accounts? b. Calculate ROA from the…
A: Permanent Accounts : Cash Account, Equipment account, share capital and Retained earnings account…
Q: Unearned rent revenue is reported on: OA Expenses section in the income statement O B. O OD.…
A: unearned rent revenue is the rent amount received during the year but the rental income is related…
Q: 1.- To which element does the following definition correspond: It is a format where interest and…
A: A loan refers to the sum of money borrowed, which is expected to be paid to the lender along with…
Q: A promise to pay an amount on a specific future date plus interest is recorded in which account?…
A: Accounting is a term used to describe a wide range of activities. It may be defined as the process…
Q: If debt is used as the plug, this will create a circular reference; the debt level will depend on…
A: If debt is used as a plug, the debt is financed through issue of fresh debt. This would imply that…
Q: When the amount of rebate on bills discounted shown in the adjustments, then it has to be: a.…
A: When the amount of rebate on bills discounted shown in the adjustments, then it has to be Deducted…
Q: the unearned interest is credited in the adjusting entry, which of teh following will be affected?…
A: When Unearned Interest is credited, the following adjustment entry will be made: Account Titles…
Q: amount should the account payable be adjusted
A: Purchases at net amount = Purchases - Purchase discount - Purchase returns.
Q: On winding up, which debts or amounts must be paid first? Select one: a. Unsecured debts and loans…
A: Liquidation is the process of putting a company out of business. The company's assets and property…
Q: In the amortization of loans, interest must be paid at the beginning of each period calculated on…
A: Loans are amortized or paid off by way of scheduled and periodic regular payments. The payment…
Q: 1. Determine the correct amount of the following as of Dec. 31, 2019: a. Trade receivables, current…
A: Note: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you.…
Q: Which of the following accounts would probably need to be adjusted at year O Notes Payable Supplies…
A: Solution: Broadly there are 4 type of accounts that requires adjustment at year end. They are…
Step by step
Solved in 2 steps
- Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales for the year are $769,346. The balance at the end of 2017 was $325,300. What is the accounts receivable turnover rate for 2018 (rounded to two decimal places)? A. 2.02 times B. 2.25 times C. 2.15 times D. 1.13 timesAncient Grains Unlimited has an accounts receivable turnover ratio of 3.34 times. The net credit sales for the year are $567,920. What is the days sales in receivables ratio for 2018 (rounded to the nearest whole number)? A. 190 days B. 109 days C. 110 days D. 101 days
- Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?A Php 5,000 loan at 21% per annum was made from April 1, 2016, to March 29, 2018. Find it's ordinary and exact interest?Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and percentages to one decimal place.) AmountFinanced Number ofPayments MonthlyPayment FinanceCharge APR $18,500 72 $426.08 $ %
- Husemann Co.'s assets include notes receivable from customers. During fiscal 2019, the amount of notes receivable averaged $525,000, and the interest rate of the notes averaged 4.2%. b-2. Prepare a horizontal model to show the collection of this amount. (Use amounts with + for increases and amounts with – for decreases.)Use the information presented below in answering questions 11-15. On December 31, 2018, Tina Company, a financing institution lent P4,000,000 to Erika Corporation due three years after. The loan is supported by an 6% note receivable. Transaction costs incurred to originate the loan amounted to P100,000, P466,557 was chargeable to Erika as origination fees. Interest on the loan are collectible at the end of each year. The yield rate on the loan is 11%. Tina was able to collect interest as it became due at the end of 2019 and 2020. During 2021, however, due to Erika Corporation’s business deterioration and due to political instability and faltering global economy, the company was not able collect amounts due at the end of 2021. After reviewing all available evidence at December 31, 2021. Tina determined that it was probable that Erika would pay back only P2,500,000 is collectible as follows: December 31, 2023 0.5M December 31, 2024 1M December 31, 2025 0.6M December 31, 2026…Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table. (Round dollar amounts to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment FinanceCharge Finance Chargeper $100 APR $17,950 48 $551.47 $ $ %
- Colson Company has a line of credit with Federal Bank. Colson can borrow up to $457,500 at any time over the course of the 2018 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during the first four months of 2018. Colson agreed to pay interest at an annual rate equal to 1.50 percent above the bank’s prime rate. Funds are borrowed or repaid on the first day of each month. Interest is payable in cash on the last day of the month. The interest rate is applied to the outstanding monthly balance. For example, Colson pays 5.00 percent (3.50 percent + 1.50 percent) annual interest on $77,600 for the month of January. Month Amount Borrowedor (Repaid) Prime Rate forthe Month January $ 77,600 3.50 % February 121,600 2.50 March (21,800) 3.00 April 30,200 3.50 Compute the amount of interest that Colson will pay on the line of credit for the first four months of 2018.Colson Company has a line of credit with Federal Bank. Colson can borrow up to $457,500 at any time over the course of the 2018 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during the first four months of 2018. Colson agreed to pay interest at an annual rate equal to 1.50 percent above the bank’s prime rate. Funds are borrowed or repaid on the first day of each month. Interest is payable in cash on the last day of the month. The interest rate is applied to the outstanding monthly balance. For example, Colson pays 5.00 percent (3.50 percent + 1.50 percent) annual interest on $77,600 for the month of January. Month Amount Borrowedor (Repaid) Prime Rate forthe Month January $ 77,600 3.50 % February 121,600 2.50 March (21,800) 3.00 April 30,200 3.50 Compute the amount of Colson's liability at the end of each of the first four monthsAssume that on December 1, 2015, your company borrowed $15,000, a portion of which is to berepaid each year on November 30. Specifically, your company will make the following principalpayments: 2016, $2,000; 2017, $3,000; 2018, $4,000; and 2019, $6,000. Show how this loan willbe reported in the December 31, 2016 and 2015 balance sheets, assuming that principal paymentswill be made when required.
