(c) ABC Limited provides a loan of $5,000 to Marie, an employee. The loan is advanced on 1 April 2018, with a low interest rate of 3%. Marie does not make any loan repayment for the first six months. Calculate the taxable value of the loan for the quarter ended 30 June 2018. The prescribed rate of interest for the quarter ended 30 June 2018 is 5.77%.

On April 12, Hong Company agrees to accept a 60-day, 8%, $7,800 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make when it records payment of the note on the maturity date? (Use 360 days a year.)

Dirk Ward borrowed $11,000.00 for investment purposes on May 7 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $600 on June 19, $100 on September 18, and $1100 on November 23. How much is the accrued interest on December 31 if the rate of interest was 6% on May 7, 6.3% effective August 1, and 6.9% effective November 1? The accrued interest on December 31 is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

OnApril8,Manuel borrowed $700.00from his uncle at 5.6%per annum calculated on the daily balance. He gave his uncle six cheques for $110.00dated the 8th of each of the next six months starting May8 and a cheque dated November8 for the remaining balance to cover payment of interest and repayment of principal. Construct a complete repayment schedule for the loan including totals for AmountPaid,InterestPaid,and Principal Repaid.Complete the repayment schedule below. (Roundto the nearest cent asneeded.)Payment NumberBalance Before PaymentAmount PaidInterest Paid0Apr.81May8$700.00$110.00$2June8$$110.00$3July8$$110.00$4Aug.8$$110.00$5Sept.8$$110.00$6Oct.8$$110.00$7Nov.8$$Totals:$$

The information in the following table relates to the accounts receivable and allowance for doubtful debts of Prime Moving Ltd. The company’s accounting period ends on 30 June each year. The company policy is to provide an allowance for doubtful debts at the rate of 3% of accounts receivable at 30 June each year. The balance of the Allowance for Doubtful Debts account on 1 July 2019 was $10 000. The following information is given for the year ending 30 June 2020 and 30 June 2021, to determine the bad debts expense for each year and the balance of allowance for doubtful debts at the end of each year.     2020 2021 Accounts receivable (ending balance at 30 June) $400,000 $450,000 Bad debts written off during the year 6,000 0 Allowance for doubtful debts at 1 July (Beginning of the period) (a) (d) Bad debts expense for the year (b) (e) Allowance for doubtful debts at 30 June (Ending balance) (c) (f)   Required: Determine the missing…

On January 1, 20X1, Bouncy House, Inc. obtains a $50,000, 6 year, 8% installment note for the latest and greatest bouncy house. Bouncy House is required to make annual payments. The first payment occurs on December 31, 20X1. а. Calculate your annual payment amount. b. Create the loan amortization schedule (table). Record the first three journal entries. d. How much total interest does Bouncy House pay on this installment note? С.

Rosewood Company made a loan of $11,600 to one of the company's employees on April 1, Year 1. The one-year note carried a 6% rate of interest. What is the amount of interest revenue that Rosewood would report in Year 1 and Year 2, respectively? Multiple Choice $696 in Year 1 and $0 in Year 2 $0 in Year 1 and $696 in Year 2 О $174 in Year 1 and $522 in Year 2

Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of $51,800 in its bank account. The note has a 3-year term, compounds 5 percent interest annually, and requires an annual installment payment on December 31. Cucina Corporation has a December 31 year-end and adjusts its accounts only at year-end. Required: 1. Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. 2. Prepare the journal entries on (a) January 1, 2021, and December 31 of (b) 2021, (c) 2022, and (d) 2023. 3. If Cucina Corporation's year-end were March 31, rather than December 31, prepare the adjusting journal entry it would make for this note on March 31, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. (Do…

Anne Taylor comapany borrowed cash on august 1 of year 1, by signing a $46,620(face amount), one year note payable, due on july 31 of year 2. the accounting period of Anne yalor ends December 31. Assume an effective interest rate of 11%.  How much cash should Anne Taylor Company receive from the note on August 1 of Year 1, assuming the note is a noninterest-bearing note?

Rosewood Company made a loan of $7,000 to one of the company's employees on April 1, Year 1. The one-year note carried a 6% rate of interest. What is the amount of interest revenue that Rosewood would report in Year 1 and Year 2, respectively? Multiple Choice O O $420 in Year 1 and $0 in Year 2 $0 in Year 1 and $420 in Year 2 $105 in Year 1 and $315 in Year 2 $315 in Year 1 and $105 in Year 2