GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
17th Edition
ISBN: 9781260218831
Author: Libby
Publisher: MCG CUSTOM
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Chapter 9, Problem 9.3AP
1.
To determine
Identify the balance of Company F at the end of the year.
2.
To determine
Identify the amount of unearned revenue that will be reported in the current year
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Required information
[The following information applies to the questions displayed below.]
Tyrell Company entered into the following transactions involving short-term liabilities.
Year 1
April 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30.
May 19 Replaced the April 20 account payable to Locust with a 90-day, 10%, $35,000 note payable along
with paying $5,250 in cash.
July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 note payable.
Paid the amount due on the note to Locust at the maturity date.
Paid the amount due on the note to NBR Bank at the maturity date.
November 28 Borrowed $42,000 cash from Fargo Bank by signing a 60-day, 88, $42,000 note payable.
December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
Year 2
? Paid the amount due on the note to Fargo Bank at the maturity date.
4. Determine the interest expense recorded in Year 2.
Note: Do not round your Intermediate calculations. Use 360 days a…
Required information
[The following information applies to the questions displayed below.]
Tyrell Company entered into the following transactions involving
short-term liabilities.
Year 1
April 20
Purchased $39,500 of merchandise on credit from
Locust, terms n/30.
May 19 Replaced the April 20 account payable to Locust
with a 90-day, 8%, $35,000 note payable along with
paying $4,500 in cash.
July 8
Borrowed $63,000 cash from NBR Bank by signing a
120-day, 12%, $63,000 note payable.
Paid the amount due on the note to Locust at the
_?- maturity date.
?
November 28
December 31
Paid the amount due on the note to NBR Bank at the
maturity date.
Borrowed $24,000 cash from Fargo Bank by signing a
60-day, 7%, $24,000 note payable.
Recorded an adjusting entry for accrued interest
on the note to Fargo Bank.
Year 2
_ ? Paid the amount due on the note to Fargo Bank at the
maturity date.
5. Prepare journal entries for all the preceding transactions and events.
Note: Do not round your intermediate…
!
Required information
[The following information applies to the questions displayed below.]
On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a $51,000 face value, four-year term note that
had an 7 percent annual interest rate. The note is to be repaid by making annual cash payments of $15,057 that include
both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that
generated rental revenues of $27,540 cash per year.
Required
a. Prepare an amortization schedule for the four-year period. (Round your answers to the nearest whole dollar amount.)
Year
Year 1
Year 2
Year 3
Year 4
Principal Balance
on January 1
BROWN CO.
Amortization Schedule
Applied to
Interest
Cash Payments
December 31
Applied to
Principal
Principal Balance
End of Period
Chapter 9 Solutions
GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
Ch. 9 - Prob. 1QCh. 9 - Prob. 2QCh. 9 - Prob. 3QCh. 9 - Prob. 4QCh. 9 - Prob. 5QCh. 9 - Prob. 6QCh. 9 - Prob. 7QCh. 9 - Define deferred revenue. Why is it a liability?Ch. 9 - Prob. 9QCh. 9 - Define working capital. How is working capital...
Ch. 9 - Prob. 11QCh. 9 - When a company signs a capital lease, does it...Ch. 9 - Prob. 13QCh. 9 - Define annuity.Ch. 9 - Prob. 15QCh. 9 - Prob. 16QCh. 9 - What is the present value factor for an annuity of...Ch. 9 - The university golf team needs to buy a car to...Ch. 9 - Which of the following best describes accrued...Ch. 9 - Prob. 4MCQCh. 9 - A company is facing a lawsuit from a customer. It...Ch. 9 - Which of the following transactions would usually...Ch. 9 - How is working capital calculated? a. Current...Ch. 9 - Prob. 8MCQCh. 9 - SmallFish Company borrowed 100,000 at 8% interest...Ch. 9 - Prob. 10MCQCh. 9 - Prob. 9.1MECh. 9 - Computing and Interpreting Accounts Payable...Ch. 9 - Prob. 9.3MECh. 9 - Prob. 9.4MECh. 9 - Prob. 9.5MECh. 9 - Prob. 9.6MECh. 9 - Prob. 9.7MECh. 9 - Prob. 9.8MECh. 9 - Prob. 9.9MECh. 9 - Computing the Present Value of an Annuity What is...Ch. 9 - Prob. 9.11MECh. 9 - Prob. 9.12MECh. 9 - Prob. 9.1ECh. 9 - Recording Payroll Costs Paul Company completed the...Ch. 9 - Prob. 9.3ECh. 9 - Recording a Note Payable through Its Time to...Ch. 9 - Prob. 9.5ECh. 9 - Prob. 9.6ECh. 9 - Prob. 9.7ECh. 9 - Prob. 9.8ECh. 9 - Reporting Contingent Liabilities Jones Soda is a...Ch. 9 - Prob. 9.10ECh. 9 - Prob. 9.11ECh. 9 - Prob. 9.12ECh. 9 - Computing Four Present Value Problems On January 1...Ch. 9 - Prob. 9.14ECh. 9 - Prob. 9.15ECh. 9 - Prob. 9.16ECh. 9 - Prob. 9.17ECh. 9 - Prob. 9.18ECh. 9 - Prob. 9.19ECh. 9 - Prob. 9.20ECh. 9 - Prob. 9.21ECh. 9 - Prob. 9.22ECh. 9 - Prob. 9.23ECh. 9 - Prob. 9.24ECh. 9 - Recording and Reporting Current Liabilities LO9-1...Ch. 9 - Prob. 9.2PCh. 9 - Prob. 9.3PCh. 9 - Recording and Reporting Accrued Liabilities and...Ch. 9 - Prob. 9.5PCh. 9 - Prob. 9.6PCh. 9 - Prob. 9.7PCh. 9 - Prob. 9.8PCh. 9 - Prob. 9.9PCh. 9 - Prob. 9.10PCh. 9 - Prob. 9.11PCh. 9 - Prob. 9.12PCh. 9 - Prob. 9.13PCh. 9 - Prob. 9.14PCh. 9 - ALTERNATE PROBLEMS AP9-1 Recording and Reporting...Ch. 9 - Prob. 9.2APCh. 9 - Prob. 9.3APCh. 9 - Prob. 9.4APCh. 9 - Prob. 9.5APCh. 9 - Prob. 9.6APCh. 9 - Prob. 9.7APCh. 9 - Prob. 9.8APCh. 9 - Prob. 9.1CONCh. 9 - Annual Report Cases Finding Financial Information...Ch. 9 - Finding Financial Information Refer to the...Ch. 9 - Prob. 9.3CPCh. 9 - Prob. 9.4CPCh. 9 - Prob. 9.5CP
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