maturity. FirstBanc Corp's year-end is December 31. Required: 1., 2.& 3. Record the necessary entries in the Journal Entry Worksheet

Interim financial reports should be published  a. Within a month of the half year-end b. Once a year at any time in that year c. Whenever the entity wishes d. On a quarterly basis

1. Record journal entries for the following transactions of Hansen Bakery Company. Jan. 1, 2020 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Issued a $265,500 note to customer Jack Bullock as terms of a merchandise sale. The merchandise's cost to Hansen Bakery Company is $89,750. Note contract terms included a 36-month maturity date, and a 4.3% annual interest rate. Hansen Bakery Company records interest accumulated for 2020. Hansen Bakery Company records interest accumulated for 2021. Jack Bullock honors the note and pays in full with cash.

On July 1, Orcas Lab issued a $200,000, 7%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30?

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Which of the items are normally classified as current liabilities for a company that has a oneyearoperating cycle? Portion of long-term note due in 10 months.

On June 1, ACME Incorporated borrows $75,000 on a six-month, 4% note. Interest and principal are to be paid at maturity. Adjusting entries are prepared annually on the June 30 year end. Required: 1. Prepare the journal entry on issuance date. 2. Prepare the year end adjusting journal entry. 3. Prepare the journal entry at maturity date. BIU A Paragraph GENERAL JOURNAL Hº OREDIT

a. If the note is issued with a 45-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note.

Conditions of impairment have been identified. The company has established that there are two CGU's: the merchandising division and the construction division. The assets of the merchandising division include Building 1 and Equipment 1 and 3. The assets of the construction division include Building 2 and the remaining equipment. Information on each of these assets is provided below: Carrying Value at Dec 31, 20x5 $4,700,000 3,236,752 433,500 223,125 595,000 306,000 585,706 555,000 Asset Residual Value Building 1 Building 2 Equipment 1 Equipment 3 Equipment 4 Equipment 5 Equipment 6 Equipment 7 $500,000 200,000 100,000 40,000 100,000 30,000 The following additional data has been provided. Merchandising Construction Division Division Fair value of assets Estimated costs to sell 5,200,000 500,000 $5,000,000 450,000 Future cash flow budget $500,000 500,000 500,000 500,000 400,000 $250,000 350,000 450,000 500,000 600,000 20х6 20х7 20x8 20x9 Beg of 20x10 – end of 20x24