chapter 10

Determine the maturity value of the note on these financial accounting question

har.5 Wiping Company signed a $200,000 10-year mortgage on Dec. 31. The company is required to make equal monthly payments of $2,200 for a total of $26,400 in payments during the coming year. These payments include repayment of principal of $14,800. The mortgage should be shown on the company's Dec. 31 balance sheet as: (Check all that apply.)

Legacy issues $610,000 of 6.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $579,203 when the market rate is 8%. Problem 10-4A Part 4 4. Prepare the journal entries to record the first two interest payments. View transaction list Journal entry worksheet 1 2 > Record the interest payment and amortization on June 30. Note: Enter debits before credits. Date General Journal Debit Credit June 30 Bond interest expense Discount on bonds payable Cash

Andrews Inc. issues a $497,000, 10% 3-year mortgage note on January 1. The note will be paid in three annual installments of $200,000, each payable at the end of the year. What is the amount of interest expense that should be recognized by Andrews Inc. in the second year?     $347,600           $49,740     $34,670     $16,567

1. On December 31, 2021, what total amount should be reported as current liabilities?* 14% Notes payable, due 2023 Accrued rent expenses Credit balances of customers' accounts Debit balances in suppliers' accounts Estimated premium liability Mortgage payable Serial bonds payable in semi-annual installment of P200,000 Unearned subscription income 30,000 5,000 11,000 7,000 62,000 100,000 2,000,000 20,000 A. 498,000 B. 505,000 C. 198,000 D. 578,000 E. NONE OF THEM

01/01, 12/31

PROBLEM 1 On December 31, 2018, Edmand Inc. issued $750,000of 11% five-year bonds for $722,400, yielding an effective interest rate of 12%. Semi annual interest is payable on June 30 and December 31 each year. The firm uses effective interest method to amortize the discount. a) Prepare Amortization schedule showing the necessary information for the first two interest periods. Round amounts to the nearest dollar. b) Prepare the journal entry for the bond issuance on December 31, 2018. c) Prepare the journal entry to record bond interest expense and discount amortization at June 30 2019. d) Prepare the journal entry to record the bond interest expense and discount amortization at December 31, 2019

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An accounting example: Otter Products inc issued bonds on January 1, 2019. Interest to be paid semi-annually. Term in years is 2; Face value of bonds issued is $200,000; Issue Price $206,000; Specified Interest Rate each payment period is 6% Question. Calculate a. the amount of interest paid in cash every payment period. b. The amount of amortization to be recorded at each interest payment date (use straight-line method) c. complete amoritzation table by calculating interest expense and beginning and ending bond carrying amounts at the each period over 2 years.  The term is for 2 years however 3 years is showing on the workbook. How do I calcuate the 3rd year if the problem only says the term is 2 years?

HANDOUT PROBLEM for NON- CURRENT LIABILITIES I. Prepare all journal entries for the following chronological transactions which took place in 2021. Borrowed $400,000 at the bank on September 1, 2021, and signed a six-year, 6% a. note at the bank. This note requires payments of interest annually on August 31. The entire principal is due at maturity. b. Purchased a $94,000 piece of equipment on October 1, 2020, and signed a three year 8% note with the equipment dealer. This purchase requires a $4,000 down payment and monthly payments of PRINCIPAL AND INTEREST at the end of each month for the following three years (36 months) with interest compounded monthly. Record the entries on October 1, October 31, November 30, and December 31. с. On December 31, 2021, accrued interest on the note in part "a." II. Prepare an amortization table for the 36 months of the note in part "b." The table should have separate columns for each month (October 2021, November 2021, December 2021, January 2022,…

Accounting Question please answer

A partial amortization schedule for a 5-year note payable that Mabry Company issued on January 1, 2018, is shown as follows. accounting period principal balance cash payment app. to interest app to principal 2018 136000 34965 12240 22725 2019 113275 34965 10195 24770 2020 88505 34965 7965 27000             what is the rate of interest being paid in percentage?

A partial amortization schedule for a 5-year note payable that Mabry Company issued on January 1, 2018, is shown as follows. accounting period principal balance cash payment app. to interest app to principal 2018 136000 34965 12240 22725 2019 113275 34965 10195 24770 2020 88505 34965 7965 27000             what is the amount of interest expense on the loan?

Accounts Payable Salaries Payable Accumulated Depreciation, Equipment Estimated Warranty Liability Mortgage Payable Notes Payable, 6 months $107,000 148,000 35,000 30,000 287,000 33,000 Required: Prepare the current liability section of Creative's balance sheet. $47,000 in principal is due during 2024 regarding the mortgage payable.

Recording Accrued Interest Expense Alaska Inc. borrowed $16,000 by signing a one-year note payable on November 1, 2020. The note bears interest at 10% and interest is payable upon maturity of the note. a. Record this financing transaction on November 1, 2020. b. Record the year-end adjusting entry required on December 31, 2020. Hint: Prorate the annual interest of 10% for two months. c. Record the entry to repay the note on November 1, 2021. Note: Round your answers to the nearest dollar. For example, enter 50 for 50.49 and enter 51 for 50.5

Recording and Assessing the Effects of Installment Loans On December 31, Dehning, Inc., borrowed $300,000 on an 8%, 10-year mortgage note payable. The note is to be repaid in equal quarterly installments of $10,967 (beginning March 31). a. Prepare journal entries to reflect (1) the issuance of the mortgage note payable, (2) the payment of the first installment on March 31, and (3) the payment of the second installment on June 30. Round answers to the nearest whole number. General Journal Date 12/31 Description 3/31 Interest expense 6/30 Interest expense O O 0 Interest Expense 0 OO ◆ ◆ 0 ◆ ◆ ◆ b. Post the journal entries from part b to their respective T-accounts. Cash 0 O O 0 Debit 0 0 0 0 0 0 0 0 0 0 Credit Transaction 12/31 Borrowed on mortgage note payable $ 3/31 Payment on note 6/30 Payment on note Please answer all parts of the question. 0 0 0 0 0 0 0 0 Mortgage Note Payable 0 0 0 O O 0 c. Record each of the transactions from part b in the financial statement effects template. Use…