On October 1, 2020, an entity borrowed cash and signed a three-year interest bearing note on which both the principal and interest are payable on October 1, 2023. On December 31, 2021, accrued interest payable should A. not be reported as a liability B. be reported as current liability C. be reported as noncurrent liability D. be reported as part of noncurrent note payable

Q: At December 31, 2020, Crane Corporation owes $ 514,900 on a note payable due February 15, 2021. (a)

A: A current liability is a debt that must be paid up either this year or next year, whichever comes…

Q: On July 1, 2019, John Deere signed a $100,000, one year, 6% note payable. The principal and interest…

A: The accrual basis concept is used to record the revenues and expenses in the income statement. The…

Q: In Leni Company's December 31, 2021 statement of financial position, a note receivable was reported…

A: A note receivable seems to be a written commitment to pay a certain sum of money to some other party…

Q: Takemoto Corporation borrowed $60,000 on November 1, 2020, by signing a $61,350, 3-month,…

A: Liabilities   Liabilities are an obligation of the business to pay to the creditors in future for…

Q: Included in Sheridan Company's December 31, 2020, trial balance are the following accounts: Accounts…

A: The balance sheet is also known as a statement of financial position considered as one of the most…

Q: An entity had a note payable P5,000,000 due June 15, 2021. The entity signed an agreement on…

A: The note payable is issued to creditors for the payment due from them.

Q: On October 2, 2020, a company borrowed cash and signed a 3-year,interest-bearing note on which both…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: n entity had a note payable P5,000,000 due June 15, 2021. The entity signed an agreement on December…

A: An entity has successfully refinanced a short-term note on a long-term basis before the issuance of…

Q: How much is the interest expense to be reported by the company for the year ended December 31, 2022?…

A: Interest expense on note payable is the amount of interest accrued on note payable calculated at the…

Q: On September 1, 2019, a company borrowed cash and signed a 1-year, interest-bearing note on which…

A: Current liabilities : The obligations owed by a company to creditors and suppliers and are to be…

Q: On January 1, 2021, Horton pays Damian a refundable deposit of $100,000 and agrees to four…

A: The accrual principle is one that suggests recording each expense and revenue in the period in which…

Q: Kohl Co. provides warranties for many of its products. The January 1, 2019, balance of the Estimated…

A: Warranty Expenses is computed by multiplying the Sales amount into the Warranty provision.

Q: On August 1, 2020, a company borrowed cash and signed a one-year interest-bearing note on which both…

A: A current liability is a liability that has a settlement period of less than 12 months whereas a non…

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: In 2021, XYZ made the mistake of not amortizing the Note Payable Discount account. Indicate the…

A: Income statement forms a part of financial statements and is prepared with a view to ascertain the…

Q: 2. If the collection of the note receivable is reasonably assured, what is the net income to be…

A: Franchise Account The Purpose of providing the franchise business to allow to use the reputation of…

Q: What amount should Jeba report as a liability for accrued interest at December 31, 2022?

A: The accrued liability would be calculated from 01st April 2021 to December 31, 2022. The accrued…

Q: What amount should be reported as warranty liability as of December 31, 2019?

A: Whenever a company makes sales with a warranty, then the company needs to recognize warranty…

Q: A corporation borrowed money through an 9-month, 8% note for $120,000 on September 1, 2020. The note…

A: Formula: Interest amount = Notes amount x Interest rate x Time period

Q: total current liabilities

A: Current liabilities are liabilities to be settled within one accounting year.

Q: On April 1, 2019, Char Company borrowed P5,000,000 and signed a 2-year note bearing interest at 12%…

A: Interest accrued for April 1, 2019 to March 31, 2020 = Amount borrowed x rate of interest x no. of…

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: Marylett Company accepted from a customer in settlement of an account a 4,000,000, 90-day 12% note…

A: The note receivable is a current asset for the business, which is issued as a promissory note by…

Q: At December 31, 2020 the following balances existed on the books of Kingsley Ltd.: Bonds Payable…

A: If the carrying value of the bonds is more than the redemption value, then there will be gain on…

Q: On September 1, 2019, a company borrowed cash and signed a 1-year,interest-bearing note on which…

A: the current liabilities are the liabilities that are to be paid off within one year.

Q: On November 1, 2019, Edwin Inc. borrowed cash and signed a $60,000, 1-year note payable.…

A: Every business transaction should indeed be documented in at least two locations, according to the…

Q: On June 2021, A Corporation loaned $1,000,000 from a bank, payable in 10 equal instalments. The…

A: A liabilities account in balance sheet is classified as current liabilities when such obligation is…

Q: On October 1, 2021, Smash Company discounted its own note of $500,000 at 10% for 1 year. In its…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: elmuth maintains a provision for doubtful debts of 4% of ach financial year. s debtors owed N$2 800…

A: Accounting is a medium of communication, like any language that we use. For example, two people can…

Q: On December 31, 2020, Glare Company provided the following information: Accounts payable, including…

A: A liability occurs when a company has undergone a transaction that has generated an expectation for…

Q: On September 1, 2020, a company borrowed cash and signed a 1-year interest bearing note on which…

A: Current liabilities: Liabilities which have to be paid  within one year or one operating cycle,…

Q: On an entity’s April 30,2021 balance sheet a note receivable was reported as a noncurrent asset and…

A: Note means an instrument issued by company acknowledging the debt due from company to bond holder.…

Q: Sunland Company lends Monty industries $49200 on August 1, 2022, accepting a 9-month, 9% interest…

A: Note ​Receivable: Note​ receivable is an instrument gives the holder right to receive the amount…

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: Greene Corporation loaned $150,000 to another corporation on December 1, 17) 2021 and received a…

A: solution note dear student as per the Q&A guideline we are required to answer the first question…

Q: Rodriguez Corporation includes the following items in its liabilities at December 31, 2020. 1.…

A: 1. If Rodriguez Corporation intends to refinance the liability of $25,000,000, it can exclude this…

Q: The company obtained a loan from bank amounting to P7,500,000 on November 1, 2020. On the same date,…

A: Accrued Interest Expenses:-These are those expenses that have been incurred but yet not paid. These…

Q: On July 1 of the current year, an entity received a one-year note receivable bearing an interest…

A: Journla Entry : Notes Receivable A/c          Dr.       To Accounts Receivable A/c (Being Notes…

Q: On October 1, 2021, Smash Company discounted its own note of P500,000 at 10% for 1 year. In its…

A: When a business makes discounting of its own note, then Notes payable will become a liability for…

Q: On January 1, 2020, Entity A issues a debt instrument for a price of P1,250,000. The principal…

A: Interest will be provided at the rate specified in the agreement .  Interest will be charged on the…

Q: Included in Witt Company’s liability account balance at December 31, 2021 were the following: 14%…

A: Current liabilities It is the debts a company owes that must be paid within one year.

Q: ncluded in Bonita Company’s December 31, 2020, trial balance are the following accounts: Accounts…

A: Liability refers to the amount which is owned by the company to the outsiders. On the basis of…

Q: An entity recognized the following transactions during 2019: The entity estimated its annual…

A: 8.Warrany expenses for the year ended December 31, 2019 is b. 1080000 Provision for liability.…

Q: Included in Adams Company’s December 31, 2020, trial balance are the following accounts: Accounts…

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: At December 31, 2017 (the end of the fiscal year), Bridgeport Corporation owes $1,600,000 on a note…

A: Current liabilities - Payable within 12 months It includes: Accounts payable Short term debt Notes…

Q: South Company borrows $88,500 on September1, 2019, from State Bank by signing an $88,500, 12%,…

A: The accrued interest is the interest due for payment but not paid yet.

Q: On April 1, 2021, MNO Company borrowed $15,000 on an 8% note payable. The maturity date of the note…

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

Q: At December 31, 2021, Sheridan Company had a five-month, 5%, $79,200 note receivable that was issued…

A: Adjusting Journal Entry While preparing adjusting journal entry which brings more fairness in the…

Q: Company gives warranties at the time of sale to purchasers of its product.  The entity undertakes to…

A: Accounting is essential to operating a company since it allows businesses to track income and…