Chapter 6, Problem 3.5C

The company purchased the equipment 600,000. The interest rate of bank is 12,400. The loan is denominated in OMR, matures on March 31 2019. The spot rate of OMR 2.50. What is the value of interest expenses?Select one:a. OMR 12,400b. OMR 1,500,000c. OMR 31,000d. None of the other points

. Midwest Enterprises made the following entry on December 31, 2020. Interest Expense    10,000       Interest Payable   10,000   (To record interest expense due on loan from Anaheim National Bank)     What entry would Anaheim National Bank make regarding its outstanding loan to Midwest Enterprises? Explain why this must be the case.

On January 1 of this year, Shannon Company completed the following transactions (assume a 9% annual interest rate): (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.)   Bought a delivery truck and agreed to pay $61,900 at the end of three years. Rented an office building and was given the option of paying $11,900 at the end of each of the next three years or paying $34,000 immediately. Established a savings account by depositing a single amount that will increase to $93,800 at the end of seven years. Decided to deposit a single sum in the bank that will provide 9 equal annual year-end payments of $41,900 to a retired employee (payments starting December 31 of this year).   Required: a. What is the cost of the truck that should be recorded at the time of purchase? (Round your answer to nearest whole dollar.)           b. Which option for the office building results in the lowest present value?   multiple choice Pay in three…

ACCRUALS & DEFFERALS Answer and explain thourougly  For the following items, make a journalentry of the original transaction (ifapplicable) and make the correspondingadjusting entry on December 31. 1Paid $24,000 for a 1-year fire insurance policy tocommence on September 1. the amount ofpremium was debited to Prepaid Insurance. 2Borrowed $100,000 by issuing a 1-year note with7% annual interest to Century Savings Bank onOctober 1. 3Paid $160,000 cash to purchase a delivery van ofJanuary 1. The van was expected to have a 3-yearlife and a $10,000 salvage value. Depreciation iscomputed on a straight-line basis. 4Received an $18,000 cash advance for a contractto provide services in the future. The contractrequired a 1-year commitment, starting April 1. 5Purchased $6,400 of supplies on account. Atyear’s end, $750 of supplies remained on hand. 6Invested $90,000 cash in a certificate of depositthat paid 4% annual interest. The certificate wasacquired on May 1 and carried a 1-year term…

Beyoncé Corporation factors $175,000 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. Instructions a.    What conditions must be met for a transfer of receivables with recourse to be accounted for as a sale? b.    Assume the conditions from part (a) are met. Prepare the journal entry on August 15, 2020, for Beyoncé to record the sale of receivables, assuming the recourse obligation has a fair value of $2,000.

Set up expressions initially with functional notation like P/F,i,n 1. The owner of small business borrows $40,000 on a 2-year contract at 5% interest compounded annually, with the loan to be repaid in two equal EOY $21,512.20 installments. Complete the table below by constructing a similar table with your work shown below.

On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:Accounts                         Debit           CreditCash                              $23,800Accounts Receivable         5,200Supplies                            3,100Land                                50,000Accounts Payable                              $ 3,200Common Stock                                  65,000Retained Earnings                              13,900Totals                            $82,100       $82,100During January 2021, the following transactions occur:January 2 Purchase rental space for one year in advance, $6,000 ($500/month).January 9 Purchase additional supplies on account, $3,500January 13 Provide services to customers on account, $25,500.January 17 Receive cash in advance from customers for services to be provided in the future, $3,700.January 20 Pay cash for salaries, $11,500.January 22 Receive cash on accounts receivable, $24,100.January 29 Pay cash on…

A credit sale of Rs.105,000 is made on March 10, terms 2/10, n/30. A return of Rs.5,000 is granted on 13 March. Calculate the amount received as payment in full on March 18? ( Show proper working of solution)

Solve in digital format STEP BY STEP please (Show the complete procedure please, the equations you used and the substitutions) A company requested a bank loan of $ 100,000 agreed for a two-year term, at an interest rate of 18%, with a monthly capitalization clause. What is the future amount or value of the operation?