Which of the following terms does not refer to the amount that is paid by the note issuer to the creditors at the end of the life of the note? a. Face value b. Maturity value c. Carrying value d. Principal amount

Which of the following terms does not refer to the amount that is paid by the note issuer to the creditors at the end of the life of the note? a. Face value b. Maturity value c. Carrying value d. Principal amount

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 13MC: Which of the following is not a characteristic of a short-term note payable? A. Payment is due in...

See similar textbooks

Related questions

Q: PA4-1 (Algo) Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance [LO…

A: Trial balance is the statement which is prepared to summarize the balances of the ledger accounts…

Q: efficiency

A: Step 1 Disclaimer: â€œSince you have posted a question with multiple sub-parts, we will solve the…

Q: A company purchases 48000 pounds of materials. The materials price variance is $12000 favorable.…

A: Materials price variance is the difference between the price paid to purchase the actual quantity…

Q: How much is the expense to be recognized by ABC in 2021?

A: For every P200 spent - 1 point is granted For every P1 spent - 1/200 i.e.0.005 point is granted…

Q: Hou Company applies factory overhead to its production departments on the basis of 90% of direct…

A: calculation of applied overhead amount.

Q: 6. The local non-profit symphony is planninga concert fundraiser. The organization estimates that…

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

Q: How do you get 41,539,082 for the number of shares?

A: Given that, Consideration paid = $2.8 billion i.e. $2,800,000,000 Implied share price of cooper =…

Q: In 2012, an apartment building was purchased. The depreciation on the building was $236,510, and it…

A: Aging is an accounting phrase that refers to a manner of allocating the price of a tangible or…

Q: Sweet Corporation makes a product with the following standard costs: Standard Quantity or…

A: Lets understand the basics. Variable overhead efficiency variance is a variance between the actual…

Q: and

A: The purchase of inventory is a foreign currency transaction because ABC co. incurred transaction in…

Q: Follow

A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…

Q: Business of Zeo Itd. As on 31st March 2018 Liabilities Amount (P) Asset Amount (P) Share capital…

A: A company's goodwill is an intangible asset that increases its value. Goodwill is affected by…

Q: Francis Company's selected accounts balances on December 31, 2015 are as follows: Cash 60,000…

A: The total amount of equity can be calculated by two methods. first is by deducting total liabilities…

Q: Synder Corp., a lamp manufacturer, provide the following information for the year ended December…

A: The cost of goods manufactured is the cost given to units produced during a fiscal period. The idea…

Q: Accounting as a social science is viewed as information system.

A: Accounting is a social science because it employs a set of knowledge and methods to describe recent…

Q: x Enterprises reports the following information on its year-end income st t Sales $190,000 Operating…

A: Explanation of Concept Gross Profit Percentage is been calculated with the help of following formula…

Q: During Heaton Company's first two years of operations, it reported absorption costing net operating…

A: Under variable costing only variable production cost is consider for ending inventory and total…

Q: Required: 1- Preparing the trial balance with balances on 31/12/2021. 2- Preparing the income…

A: Computation of cost of goods sold Cost of Goods Sold = Cost of beginning Merchandise + Purchases –…

Q: SFX Ltd provides musical, stage and sound equipment such as microphones, instruments, speakers and…

A: Adjusting events are subsequent events occurring after the balance sheet date which require…

Q: MONTH June DATE AMOUNT ($) 200 $ $ 350 33,600 30,000 36,000 65 4,200 25,000 85 1,000 320 1,000 1,400…

A: In the context of the given question, we are required to prepare the journal entry. Journal entry:…

Q: The ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation are…

Q: As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of…

A: Assets = Liabilities + Owner's Equity Owner's Equity = Assets - Liabilities Owner's Equity (Year 1)…

Q: Prepare an income statement and a balance sheet for this company using the information provided.…

A: Current ratio measures the ratio of current assets to current liabilities.

Q: om the following Income and Expenditure Account and the Balance Sheet of a club, prepare its ceipts…

A: The receipt and payment account are prepared in order to calculate and summarize the actual cash…

Q: Learning Task 3: Prepare Adjusting Entries in a two-column journal: 1. On June 30, 2018, Mr. De…

A: Journal Entry :- The purpose of preparing the journal entry to segregate the transaction which are…

Q: Journal entry? 1. Materials were purchased on account for $35,425. 2. Materials were requisitioned…

A: Materials- Materials inventory is essentially raw materials inventory, which is the total cost of…

Q: Product Desalinated water Total annual revenue Total revenue Expenses Net Annual Profit (31%) Table…

A: Formulas for solving question Total annual revenue = Price/unit * Estimated production per day *…

Q: Willard Company established a $440 petty cash fund on September 9, 2020, On September 30, the fund…

A: A record is usually preserved in the general ledger, but it can alternatively be placed into a…

Q: The ledger of Casper Consulting at January 31, 2014 includes the following selected accounts: Debit…

A: Adjusting Entries- An adjusting journal entry is one that occurs in a company's general ledger at…

Q: Secret recipe Company shows $130,000 worth of assets on its December 31, 2009, balance sheet if the…

A: Accounting equation states that assets equals to sum of liabilities and shareholders equity. Assets…

Q: The balance sheet for Quigg Inc. at the end of the current fiscal year indicated the following:…

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

Q: A firm had two departments, cloth and ready-made clothes. The clothes were made by the firm itself…

A: where there are many departments and independent activities are performed by them so it is…

Q: question number 4 and number 5 was not answered? 4. How much must your organization have in…

A: Sales dollars to earn desired profit is the estimate of sales amount to generate the required net…

Q: Cullumber Company is performing a post-audit of a project completed one year ago. The initial…

A: The net present value represents the current price value of an investment of the company.

Q: Business of Zeo Itd. As on 31st March 2018 Liabilities Amount (P) Asset Amount (P) Share capital…

A: Average Profit = (785000 + 845000 + 850000 + 860000)/4 = 835000 Average normal profit = 835000 -…

Q: The management of Kawneer North America is considering investing in a new facility and the following…

A: Payback period is a capital budgeting technique in which it is ascertained that when the entire…

Q: PART 3 PROVISIONS AND CONTINGENT LIABILITIES On 3 June 2022, SFX Ltd supplied a smoke machine for a…

A: The financial statement of a company is a summary report of its operations and financial position at…

Q: Bakerston Company is a manufacturing firm that uses job-order costing. The company's inventory…

A: Introduction: Job-order costing: Job order costing approach for determining the cost of producing…

Q: rchases land and constructs a service station and car wash for a total of $487500. At January 2,…

A: The discount rate refers to the concept of computing future cash flows on the current value of money…

Q: Candice Corporation, a domestic corporation sold its 100,000 shares with par value of P 15 per share…

A: Capital gains tax rate for a domestic corporation is 15%. No tax is to be paid if shares are sold to…

Q: Please read the following short scenario and answer the two questions given at the end Juniper is…

A: Organizational Buying Process: It refers back to the system via which commercial shoppers make a buy…

Q: Learning Task #3: Complete the accounting cycle using the adjusted trial balance below. JM…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Bopha Ltd, a general construction company which is based in Limpopo, has a financial year end of 31…

A: All the expense which incurred to bring an asset to put to use will be capitalise as a part of that…

Q: 4) Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during…

A: Solution:- Pension expense is the amount of expenses relating to pensions payable to employees.

Q: Gently Laser Clinic purchased laser equipment for $6,320 and paid $661 down, with the remainder to…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: The per-unit standards for direct labor are 1.4 direct labor hours at $13 per hour. If in producing…

A: Variance is considered as the difference between budgeted value and actual results. The management…

Q: X BED Which of the following pair of journal entries correctly records the current month's activity…

A: Direct wages are paid to labor involved directly in the production of the goods. Indirect labor is…

Q: The following revenue and expense account balances were taken from the Income Statement columns of…

A: Income statement: The income statement shows the company's revenues and expenses earned during the…

Q: When the selling price of treasury shares is greater than its cost, the company credits the…

A: The treasury stock includes the own shares of the company purchased from the shareholders.

Q: Direct labor expense for Job C15 was $24,128. Actual overhead was incurred on account of $32,849.…

A: Introduction: Journals: Recording of all the business transactions is called Journalising. Journals…

Question

Which of the following terms does not refer to the amount that is paid by the note issuer to the creditors at the end of the life of the note?

a. Face value

b. Maturity value

c. Carrying value

d. Principal amount

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Notes:

VIEW

Solution:

VIEW

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

On which notes receivable and notes payable is it necessary to record accrued interest at the end of the period?
What is a key difference between a short-term note payable and a current portion of a noncurrent note payable?
Which of the following is true of a maturity date? A. It must be calculated in days, not in months or years. B. It is the date when principal and interest on a note are to be repaid to the lender. C. It is the date of establishment of note terms between a lender and customer. D. It is not a characteristic of a note receivable.
Short-term non-interest-bearing notes receivable are usually recorded at their a. present value b. net realizable value c. principal value d. maturity value
What is the principal amount of a note receivable plus the interest due called? promissory value maturity value expected value face value
Face value of a note payable plus interest is called Omaturity value. O face value. O proceeds. Oprincipal.
The total that must be paid when a note becomes due is known as the note value. maturity value. face value. principal.
. How is the present value of a non-interest-bearing note computed?
Explain the initial measurement of,a. short-term notes receivableb. interest bearing long-term notesc. noninterest bearing note receivabled. interest bearing below market rate long-term notes
Under what circumstances would an accrual of interest income on an interest bearing note receivable not be required at the end of an accounting period?
The amortization of premium on notes receivable isa. deduction from accrued interest receivableb. an addition to interest incomec. an addition to accrued interest receivabled. a deduction from interest income
Which of the following is not a characteristic of a short-term note payable? A. Payment is due in less than a year. B. It bears interest. C. It can result from an accounts payable conversion. D. It is reported on the balance sheet under noncurrent liabilities.