Wildhorse Co. issued a five-year interest-bearing note payable for $324000 on January 1, 2019. Each January the company is required to pay $65000 on the note. How will this note be reported on the December 31, 2020, balance sheet?

Q: On April 15, 2021, Sampson Consulting provides services to a customer for $99,000. To pay for the…

A: Journal entries are primary reporting of the transactions occurring in the business, in the books of…

Q: On January 1, 2020, Sunland Company, a calendar-year company, issued $897000 of notes payable, of…

A: Solution: Current liability = Amount due in next 1 year = 224,250 Long term Debt = Due after 1 year…

Q: Florenda Quino Forwarders borrowed P600,000 from the bank on Sept. 1, 2019. The note carried an 8%…

A: Solution: The interest rate is missing, so I looked for similar questions and found that it is 8%:…

Q: Fame Company has an 8% note receivable dated June 30, 2019 in the original amount of P 1,500,000.…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: On October 12, 2020, Golf Co. received from one of its customers, Ping Co., a $30,500, 8% 90 day…

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

Q: On October 1, 2019, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000.…

A: Maturity date of Note = Issue date + Period = October 1, 2019 + 1 years = October 1, 2020 No. of…

Q: Lennon Company signed a 12-month, $51,000, 8% note on June 1, 2019. The amount of interest to be…

A: Option (A) $2,380 is the correct answer.

Q: Samson Corporation issued a 4-year, $75,000, zero-interest-bearing note to Brown Company on January…

A: Zero-interest bearing note is an obligation of an organization to pay its creditors in near future…

Q: On December 31, 2019, Bart Company purchased a machine in exchange for a noninterest bearing note…

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

Q: On the first day of each month, Bell Company received from Kaye Company an escrow deposit of…

A: The term escrow means the holding of an asset or money by a third person or party before…

Q: On September 1, 2020, Bramble Corp. issued a note payable to Fidelity Bank in the amount of…

A: Accrued interest = Principal outstanding * rate of interest * Time period

Q: On September 1, 2019, Donna Equipment signed a one-year, 8% interest bearing note payable for…

A: Note means an instrument acknowledging as debt due from one party to another party. Interest bearing…

Q: On January 1, 2019, Brooks Inc, borrows $90,000 from a bank and signs a 5% installment note…

A: While making annual payment to bank, the annual payment consists of some portion of principal…

Q: On January 1, 2021, IYY Inc. issued a 5,000,000 non-interest bearing note with maturity date of…

A: Issuing the financial instruments will increase the capital as well as the capital of the company.…

Q: On February 10, 2021, after issuance of its financial statements for 2020, Crane Company entered…

A: Short term debt is the debt which matures within a period of an year. In simple words, the debt that…

Q: The 90-day non-interest bearing note amounting to ₱50,000 was issued on November 30, 2019. The…

A: Interest on non interest bearing bond can be calculated by charging interest on the face value of…

Q: . Prepare the journal entries of Clear Glass to record the preceding information, the related…

A: Discounting the note implies, the realization of a note amount for a discount before the due date of…

Q: On March 1, 2020, LINGATONG Company has received a P10,000, two year note bearing interest at 12%…

A: Lingatong Company Receive P10,000  Accrued Interest Receivable at 31st Dec,2021 is Interest Expense…

Q: On Jan. 1, 2020, EC Company reported a note payable of P 1,200,000. The note is dated Oct. 1, 2019,…

A: Given that,  Notes payable as on Jan 1 2020 = P1200000  Rate of interest = 12%

Q: Flipco signed a 10-year note payable on January 1, 2018, of $800,000. The note requires annual…

A: Calculate the interest expense:

Q: On January 1, 2019, Diggs Co. lends some money in exchange for a 10% $100,000 10-year note. The…

A: Solution d: Note Amortization Schedule - Effective interest method Date Cash Paid Interest…

Q: On January 1, 2019, ABC Company sold an equipment with carrying amount of P1,500,000. The customer…

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

Q: Frame company has an 8% note receivable dated June 30, 2021, in the original amount of P1,500,000.…

A: Original Amount of Note receivable = 1500000 Yearly principal payment = 500000 Interest rate = 8%…

Q: On 1 September 2019, J & J Co. issued a note payable to National Bank in the amount of P900,000,…

A: The amount borrowed from a bank by signing a formal written contract is reported as notes payable in…

Q: Sammy Company, a calendar-year company, has a 6% note receivable dated November 1, 2020 in the…

A: Answer) In the given question, the company had note receivable of P 3,000,000 on November 1, 2020…

Q: On January 1. 2020, Sheridan Company, a calendar-year company, issued S608000 of notes payable, of…

A: A current liability is an obligation which needs to be settled within a period of 12 months and any…

Q: On July 1, 2021, a company loans one of its employees $27,000 and accepts a eight-month, 8% note…

A:

Q: On January 1, 2019, Northern Manufacturing Company bought a piece of equipment by signing a…

A: Notes payable are long-term commitments that indicate the amount of money owing by a company to its…

Q: In connection with this note, how much Jane Co. would pay at March 31, 2019?

A: Given information is: Jane's Donut Co. borrowed OMR 50,000 on March 1, 2018, and signed a one-year…

Q: The business receives a promissory note of P50,000, carrying an interest rate of P10%. The note is…

A: Accrued income is that income which are earned by the business but the amount is yet to be received…

Q: On October 1, 2021, Chrysanthemum Co. purchased equipment by issuing a four-year, 9% promissory note…

A: Lets understand the basics. When any asset is purchase against notes payable then asset needs to be…

Q: Windsor, Inc. lends Flint industries $43200 on August 1, 2022, accepting a 9-month, 6% interest…

A: The note receivable is prepared for the amount due from the debtors.

Q: December 11, 2019, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign…

A: Journal is the book of original entry in which all the financial transactions of the business are…

Q: A 5-year promissory note for $B200 issued on September 15, 2018, with interest at 6.5% compounded…

A: FORMULA FOR PROMISSORY NOTE: P=M1+RT M=MATURITY VALUE RRATE T=TIME

Q: t Chocolate Company had a 12% note receivable dated June 30, 2020 in the original amount of…

A: The interest expenses are to be shown on the in balance sheet each year.

Q: The following are three notes held by SANDMAN Company starting January 1, 2019: a. 5 year term note,…

A: Present value of a note = sum of all present values of future cash flows from the note = present…

Q: PINK Company reported a 10% note payable of ₱3,600,000 on June 30, 2021. The note is dated October…

A: Accrued interest is the amount of bond interest that has accumulated since the last time a bond…

Q: Flipco signed a 10-year note payable on January 1, 2018, of $800,000. The note requires annual…

A:

Q: Philip Company has a P200,000, 9%, 120-day note receivable outstanding on December 31. The note is…

A: Here in this question, we are required to pass journal entry for the interest accrual. When any…

Q: On January 1, 2019, Eagle Company borrows $100,000 cash by signing a four-year, 7% installment note.…

A: MEANING OF AMORTISATION TABLE It is a table which shows the details of each periodic payment of the…

Q: On January 1, 2019, Brooks, Inc. borrows $90,000 from a bank and signs a 5% installment note…

A: Interest accrued on 12/31 = Amount borrowed x rate of interest x year = $90,000 x 5% x 1 years =…

Q: Coldwell, Inc. issued a $100,000, 4-year, 10% note at face value to Flint Hills Bank on January 1,…

A:

Q: On September 1, 2019, Silang Trading issued a note payable to Far East Bank in the amount of…

A: Accrued interest on the note = Face value of the note x rate of interest x no. of months/12

Q: On January 1, 2021. This Company acquired a machine by issuing a 3-year, 3%, P4,000,000 note…

A: As per IFRS 9, a Financial instrument, the financial liability is initially recognized at amortized…

Q: On January 1, 2019, Eagle Company borrows $19,000 cash by signing a four-year, 8% installment note.…

A: The loan is a value that is borrowed from external sources like banks and this amount is repaid…

Q: On October 1, 2021, Chrysanthemum Co. purchased equipment by issuing a 9% promissory note with face…

A: Interest payable on Decemeber 31,2022  = 9% x (1500000-400000) x3/12= 24750

Q: On April 1, 2020, MMM company issues a $105,000, three -month, zero-interest-bearing note to Al-Ahli…

A: A journal entry is done to record the transaction that took place in the books of accounts.

Q: On July 1, 2020, ABC Company issued a five-year note payable with a face amount of P5,000,000 and an…

A: Balance sheet means where all assets , liabilities and capital is shown. Current liability means the…