On October 1, 2018, Stripes Inc. lends $50,000 to another company and accepts a 24-month, 5% note. What is the amount of interest revenue Stripes will report in its 2020 income statement?

On September 1, 2021, Middleton Corp. lends cash and accepts a $5,000 note receivable that offers 10% interest and is due in six months. How much interest revenue will Middleton Corp. report during 2021?

On August 1, 2021, Stucko Company borrowed $21,000 on an 8-month, 3%, short-term note payable. Which account will be credited on April 1, 2022, and for what amount? Stucko Company has a calendar year-end.

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On July 1, 2020 Walker Inc. signed a $600,000, 15 month, 10% note payable. At due date, the principal and interest will be paid. Calculate the amount of interest expense that Walker Inc. should report on its income statement for the year ended December 31, 2021. (round to the nearest dollar)

On January 1, 2021, Nees Manufacturing lends $10,000 to Roberson Supply using a 9% note due in eight months. Calculate the amount of interest revenue Nees will record on September 1, 2021, the date that the note is due. a. $300.b. $600.c. $900.d. $1,000.

Apex Corporation borrowed $1,800,000 on January 1, 2020. The note agreement specifies that it will pay interest quarterly at 4% on March 31, June 30, September 30 and December 31. The principal will be due on December 31, 2025. The company's fiscal year ends on December 31. What journal entry will Apex Corporation make on January 1, 2020? What journal entry will Apex Corporation make at the end of each quarter? What journal entries will Apex Corporation make on December 31, 2025 (you can only record the maturity payment and ignore the journal entry to record the last interest payment since it is done in the requirement 2) ? Prepare the journal entry that Apex Corporation will record on January 1, 2020. (Record debits first, then credits. Exclude explanations from any journal entries.) Account January 1, 2020 Record the journal entry for interest expense at the end of each quarter through December 31, 2025. Account March 31, 2020 (and every quarter through December 31, 2025) Prepare the…

On October 1, 2020 John's Barber Shop borrowed $14,000 at 8% interest, with principal and interest due on September 31, 2021. What amount of interest payable should John's Barber Shop report on their December 31, 2020 Balance Sheet with regards to this loan?

Villa company estimates its annual warranty expense at 8% of net sales.  The following data relate to calendar year 2019: Net sales                                             ? Warranty liability, Dec. 31, 2019             Before adjustment                                          100,000 debit             After adjustment                                             540,000 credit What is the amount of net sales?

Showtime​, Inc. borrows $160,000 by issuing an 8%​, 5​-year note on January ​1, 2020. Showcase must make payments of principal and interest every 3​ months, beginning December ​31, 2024. The note will be fully paid at maturity on Decembet ​31, 2024. The​ company's fiscal year ends on December 31. Prepare the journal entries at January ​1, 2020, and March ​31, 2020. Prepare the Journal Entry on March 31, 2020 1/1/20 Cash 160,000 Long Term Note Payable 160,000 3/1/20 Interest Expense ?? Long Term Note Payable ?? Cash ??