Bon Nebo Co. sold 12,500 annual subscriptions of Bjorn for $45 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $356,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the “Current liabilities” section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Bon Nebo Co. Current Liabilities Section of Balance Sheet March 31, 20Y6 Current liabilities:   Advances on magazine subscriptions $fill in the blank 1 Federal income taxes payable fill in the blank 2 Total current liabilities $fill in the blank 3

Annette Corp. issued a $330,000, three-year, zero-interest-bearing note payable to Agnes Corp. for equipment on April 30, Year 5. Annette would normally pay interest at 6%. Annette has a December 31 year-end and will repay the note with three equal yearly payments of $110,000. Annette Corporation follows IFRS. Instructions Prepare the following journal entries for Annette Corporation: (show all your work) 1. Record the note 2. December 31, Year 5 interest accrual 3. April 30, Year 6 payment 4. December 31, Year 6 interest accrual 5. April 30, Year 7 payment

On September 1, Year 1, West Company borrowed $30,000 from Valley Bank. West agreed to pay interest annually at the rate of 5% per year. The note issued by West carried an 18-month term. West Company has a calendar year-end. What is the amount of interest expense that will be reported on West's income statement for Year 1? Multiple Choice $500 $375 $-0- $150

On January 1, year 8 Harper Co. finances the purchase of equipment by issuing a $15,000 non-interest-bearing note payable. The note will be paid off in 10 equal annual installments beginning on December 31, year 8. The market rate of interest for notes of this type is 5%. Considering the information below, at what amount should Harper Co. report the equipment on its balance sheet dated December 31, year 8?      The present value of $1 at 5% for 10 periods 0.61391 The present value of an ordinary annuity of $1 at 5% for 10 periods 7.72173 The present value of an annuity due of $1 at 5% for 10 periods is 8.10782 8.10782

Global Enterprises, Inc. signed a one-year $42,000 note payable at 8% inerest on April 1, 2025. If Global only adjusts it's accounts once a year at year end, how much interest expense was accrued on December 31, 2025?

On January 1, year 8 Harper Company finances the purchase of equipment by issuing a $15,000 non-interest-bearing note payable. The note will be paid off in 10 equal annual installments beginning on December 31, year 8. The market rate of interest for notes of this type is 5%. Considering the information below, at what amount should Harper Company report the equipment on its balance sheet dated December 31, year 8? The present value of $1 at 5% for 10 periods 0.61391 The present value of an ordinary annuity of $1 at 5% for 10 periods 7.72173 The present value of an annuity due of $1 at 5% for 10 periods is 8.10782 8.10782     Multiple Choice   $9,209   $11,583   $12,162   $15,000

NYJ, Inc. borrowed $800,000 on July 1, 20X1, and signed a ten-month note bearing interest at 5%. Principal and interest are payable in full at maturity.  In connection with this note, NYJ, Inc. should record interest expense in 20X2 in the amount of:

Crane Construction Ltd. borrowed $396,000 from Atco Finance Ltd. on October 1, 2023, by issuing a 6% nine-month note payable, with principal and interest payable at maturity. Both companies have a December 31 year end and make adjusting entries annually. (a) For Sheffield Construction, record (1) the receipt of the $396,000 cash and the issue of the note payable on October 1, 2023: (2) the accrual of interest on December 31, 2023; and (3) the payment of the note and interest on July 1, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Date Account Titles Oct. 1, 2023 Dec. 31, 2023 July 1, 2024 Debit Cr