EX 8-19 Determine due date and interest on notes 0 Determine the due date and the amount of interest due at maturity on the following notes: Face Amount Interest Rate Term of Note 6% 120 days 4 30 days 8 45 days 5 90 days 7 90 days Date of Note January 5* February 15* May 19 August 20 October 19 a. b. $90,000 21,000 C. 68,000 d. 34,400 50,000 e. * Assume a leap year in which February has 29 days.
Q: Describe the objectives behind FASB ASC Topic 740, Income Taxes, and the income tax provision…
A: Every financial statements includes current tax and deferred tax expense and provision thereof. ASC…
Q: Which of the following audit techniques would most likely provide an auditor with the least…
A: Effective Internal control will satisfy company objectives. Internal controls will identify and…
Q: Ries, Bax, and Thomas invested $28,000, $44,000, and $52,000, respectively, in a partnership. During…
A: Lets understand the basics. Partnership is an agreement between two or more person who works…
Q: 16) Rainbow Co. owns the following investment in other companies. Green Co. Red Co. Blue Co Select…
A: Consolidated accounts means the financial statements of group companies presented together by…
Q: Selected financial data from Crew Restaurant is provided below. $64.000 $235,000 $267,000 Short-Term…
A: Quick ratio is calculated by dividing the quick assets by the total current liabilities. Quick ratio…
Q: The Paulson Company's year-end balance sheet is shown below. Its cost of common equity is 18%, its…
A: Market value of equity :— It is calculated by multiplying market price per share with number of…
Q: The cash balance of Mendoza Company consists of the following on December 31, 2020: Cash on hand,…
A: A cash balance is the amount of money that a corporation currently has on hand. This money is held…
Q: (a) Did Troy pay Riker before or after delivery of the vehicle? (b) Prepare the journal entry Riker…
A: Time value of money is the mostly used by the companies or by any individuals so that the worth of…
Q: 16.3 Brondon Corp. purchased a put option on MyKia common shares on July 7, 2023, for $480. The put…
A: Common Shares As evidence of the funds invested in a corporation, common shares are granted to…
Q: Match each business that follows with the job cost system it would most likely utilize. Clear All…
A: Lets understand the basics. Process costing system is followed by the business which follow…
Q: ent Attempt in Progress ura Leasing Company signs an agreement on January 1, 2020, to lease…
A: Lease - Contracts or documents that transfer property from one party to another for a predetermined…
Q: JOINT PRODUCTS: Machintosh Company produces two products from a common input. Common Input Question…
A: Split Off Point :— It is the separation point of joint products. Common cost is incurred for the…
Q: When the allowance method of recognizing bad debt expense is used, the entries at the time…
A: 1. b. Increase in net income. At the time of written off of debtors the profit and loss…
Q: Sentra Sporting Company sells tennis rackets and other sporting equipment. The purchasing department…
A: As calculated for October: Budgeted purchases = Budgeted cost of goods sold + Desired ending…
Q: On January 1, 2023, Caroline Lampron and Jenni Meno formed a computer sales and service enterprise…
A:
Q: A subsidiary that is 75% owned by its parent company pays a dividend of R100 00. On consolidation…
A: Lets understand the basics. When inter company transaction are happen between the parent company and…
Q: Ehrlich Corporation earned $360,000 during a period when it had an average of 100,000 shares of…
A: Introduction:- The following formula used as follows under:- Basic earnings per share = (Net income…
Q: Required: Prepare a statement to convert variable costing income to absorption costing income for…
A: Introduction:- Under Absorption Costing accumulate all the manufacturing costs into the cost of a…
Q: Minty Fresh Co. manufactures and sells chewing gums direct to malls. Last month, the company…
A: Gain on sale :— It is the difference between sale proceeds and book value of asset. It is…
Q: Moyas Corporation sells a single product for $20 per unit. Last year, the company's sales revenue…
A: Break even point represents the situation where the company does not earn profit nor it incur the…
Q: Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $200,000 in return…
A: Adjusted tax basis refers to the cost basis of the asset which is adjusted for different events…
Q: 4. Manufacturing equipment has a capital cost of $86,000 with an asset life of 3 years. Compute the…
A: Modified accelerated cost recovery system was a depreciation system introduced by the revenue…
Q: . ● Cost of Goods Sold Selling Expenses . Administrative Expenses Dividend Revenue Interest Expense…
A: Statement of comprehensive income is a statement which shows net income and all unrealised gains…
Q: Has § 1202, which relates to qualified small business stock, been widely used since its enactment?…
A: § 1202 The Internal Revenue Code (IRC) section 1202, generally known as the Small Business Stock…
Q: The cost of direct materials transferred into the Bottling Department of the Mountain Springs Water…
A: Formula: Cost per equivalent unit of Materials = Total cost of direct materials / Total equivalent…
Q: Nitai, who is single and has no dependents, was planning on spending the weekend repairing his car.…
A: Requirement:-a-1 Strictly considering tax factors, should Nitai work or repair his car if the $400…
Q: Required: 1. Calculate the company's total estimated direct labor cost for each quarter of the the…
A: Budgeting is a tactical planning made by business to spend its money efficiently. A business need to…
Q: $35,770. What liability should Fins report on its balance sheet as of December 31, 2021?
A: Liability that Fins should report on its balance sheet as on December 31,2021
Q: QUESTION 3 Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $110,000 of…
A: Answer:- Income tax meaning:- The taxpayer must pay income tax on all income, including wages,…
Q: BE1-4 Use the accounting equation to answer each of the following questions. (a) The liabilities of…
A: Accounting Equation :— It is the relationship between assets, liabilities and shareholders’ equity.…
Q: WCC Corporation has a $145,000 net operating loss carryover to 2022 from a previous year. Assume…
A: Net operating loss (NOL) is an excess of deductions (for expenses from the operation of a…
Q: married on January 1 of last year. Robin has a ous marriage. Joshua works as an audit manage obin is…
A: Gross income refers to the sum value of money that is gained by an entity through its business…
Q: Year 2014 2015 2016 2017 2018 Totals Actual Sales in Gallons Weight 2016 2017 2018 424,000 425,000…
A: Every company has some goals, vision, and mission. There are some risks and uncertainties in…
Q: Problem 9-6 (IFRS) Purple Company has correctly classified the packaging operation as a disposal…
A: Lets understand the basics. As per IFRS 5 "Non current asset held for sale", discontinued operation…
Q: O O owners' equity. O profits. assets.
A: Lets understand the basics. Bank has sole purpose of obtaining deposits from the customer, paying…
Q: ASSETS Date Cash + Accts Rec+ Supp + LIABILITIES Accts Pay + Interest Pay Capital + + + OWNER'S…
A: Introduction A company's cash balance as shown in its accounting records is known as the book…
Q: Kim paid her nanny $20,000 during 2021 to watch her three children, Finn (3). Rachel (5) and Caltlyn…
A: Dependent care credit: It implies to a tax credit that allows and assist a taxpayer in paying for…
Q: ENTERPRISES 2019 and 2020 Partial Balance Sheets Assets Liabilities and Owners’ Equity 2019 2020…
A:
Q: Payment of salaries
A: An internal service fund
Q: On 1 January 2020, Halwani Construction Company entered into a two-year lease for an excavator. The…
A: Lease liability refers to amount which states the obligation in order to make the lease payments as…
Q: please show all work and preferably on paper Question 2. The marketing manager for Tim Hortons is…
A: The selling price is a combination of cost and markup value. So we can calculate the selling price…
Q: Use the accounting equation to answer each of the following questions. (a) The liabilities of Alli…
A: Accounting equation is the equation which is used to represent the asset, liabilities and owner's…
Q: P11.
A: Break even point means if company reaches to its break even point it will not earn a single penny.…
Q: QRC Company is trying to decide which one of two alternatives it will accept. The costs and revenues…
A: Differential revenue = Alternative B revenue - Alternative A revenue
Q: Russell Preston delivers parts for several local auto parts stores. He charges clients $0.75 per…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Presented below are the 2016 income statement and comparative balance sheets for Santana Industries.…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Tremaine would like to organize UTA as either an S Corporation or a C corporation in either form,…
A: Tax Tax is the term used to describe the requirement that any government agency must impose on a…
Q: In two years Boris plans to enroll at Cleese University, a prestigious university in the Pacific…
A: Answer : Current Tuition fee = PV = $23,500 Interest rate = r = 6% Future value = PV ( 1+r)^time
Q: Bramble Corp. had the following accounts and balances: Accounts payable Accounts receivable…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.…
Q: Melanie company had 750,000 ordinary shares issued and outstanding at December 31, 20A. During 20B,…
A: Basic earnings per share is the amount per share earned by the ordinary share holders out of the…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseDetermine due date and interest on notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 5* $87,000 6% 120 days b. February 15* 27,000 4 30 days c. May 19 65,000 8 45 days d. August 20 32,000 5 90 days e. October 19 A 48,000 7 90 days *Assume a non-leap year in which February has 28 days. Assume 360 days in a year when computing the interest. Note a. b. C. d. e. Due Date InterestCalculate the due date, interest due, and maturity value of the following notes: Date of Note Face Amount Interest Rate Term of Note Due Date Interest Due Maturity Value a. 24-Apr $70,000 3% 60 days b. 13-Jul 30,000 5% 120 days c. 9-Aug 40,000 4% 45 days d. 12-Sep 60,000 8% 90 days e. 5-Nov 50,000 6% 30 days
- Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 10* $40,000 5% 90 days b. March 19 18,000 8. 180 days C. June 5 90,000 7 30 days d. September 8 36,000 3 90 days November 20 27,000 60 days е. *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. С. d. е. II b.Compute the maturity date and interest for the following notes.( use 360 days for calculation) Dates of notes Terms Principal Interest Rate a. April 17 45 days 48,000 3% b. August 11 2 months 72,000. 7% Maturity date. Interest a. ? $? b. ? $?Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Face Amount Interest Rate Term of Note Date of Note January 10* $40,000 5% 90 days a. b. March 19 18,000 8. 180 days June 5 90,000 7. 30 days C. d. September 8 36,000 3. 90 days November 20 27,000 4. 60 days e. Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. Apr. 10 V b. Sept. 15 C. July 5 d. Dec.7- e. Jan 19
- Determine the due date and amount of interest due at maturity on the following notes. Assume 360 days per year. OriginationDate FaceAmount Termof Note InterestRate MaturityDate InterestAmount a. Mar. 15 $8,000 60 days 9% $fill in the blank 2 b. May 1 $12,000 90 days 8% $fill in the blank 4Determine the due date and amount of interest due at maturity on the following notes Origination Face amount Tern of Note Interest rate Maturity Interest Date a Mar 15 8,000 60days 9%Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 10* $40,000 5% 90 days b. March 19 18,000 8 180 days c. June 5 90,000 7 30 days d. September 8 36,000 3 90 days e. November 20 27,000 4 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. Apr. 10 $ b. Sept. 15 c. July 5 d. Dec. 7 e. Jan. 19
- Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of the following notes: (Use 360 days for interest calculation. Round to the nearest dollar.) Date ofNote Principal InterestRate Term a. August 5 $6,000 8% 190 days b. May 10 16,800 7% 160 days c. October 20 24,000 9% 115 days d. July 06 4,500 10% 130 days e. September 15 9,000 8% 145 days Maturity Date Month Day Interest a. Answer Answer Answer b. Answer Answer Answer c. Answer Answer Answer d. Answer Answer Answer e. Answer Answer Answer PreviousSave AnswersFinish attempt ...Hide or show questions Progress:28/29 items Determine the due date and amount of interest due at maturity on the following notes. Assume 360 days per year. OriginationDate FaceAmount Termof Note InterestRate MaturityDate InterestAmount a. Mar. 15 $8,000 60 days 9% $fill in the blank 2 b. May 1 $12,000 90 days 8% $fill in the blank 4Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes. When calculating interest amounts, assume there are 360 days in a year. Round intermediate calculations to 4 decimal places, and round your final answers to the nearest whole dollar. Date of Note a. January 15 April 1 b. C. d. e. a. b. C. d. e. June 22 August 30 October 16 Due Date Feb. 14 Jun. 38 Aug. 6 Dec. 28 Dec. 5 Face Amount $44,175 $ 12,350 19,800 20,535 10,935 Interest Due at Maturity Interest Rate 9% 9 13 13 8 Term of Note 30 days 90 days 45 days 120 days 50 days