XYZ Co.'s accumulated deposit liability for the lookback period of July 1, 2020, to June 30, 2021, was $ 160,000. XYZ must deposit its payroll taxes in 2022 under which of the following deposit schedules? Group of answer choices A. quarterly B. monthly C. semiweekly D. one banking day

Instructions Ellsworth Enterprises borrowed $486,000 on an 12%, interest-bearing note on September 30, 2020. Ellsworth ends its fiscal year on December 31. The note was paid with interest on March 31, 2021. Required: 1. Prepare the entry for this note on September 30, 2020. 2. Prepare the adjusting entry for this note on December 31, 2020. 3. Indicate how the note and the accrued interest would appear on the balance sheet at December 31, 2020. 4. Prepare the entry to record the repayment of the note on March 31, 2021.

On August 1, 2021, Avonette, Inc., sold equipment and accepted a six-month, 9%, $50,000 note receivable. Avonette's year-end is December 31. Which of the following accounts will Avonette credit in the journal entry at maturity on February 1, 2022, assuming collection in full? O A. Interest Receivable B. Cash OC. Interest Payable O D. Note Payable

Philip Company has a P200,000, 9%, 120-day note receivable outstanding on December 31. The note is dated November 1, 2021. What is the adjusting entry on December 31, 2021?

On September 1, 2021, Daylight Donuts signed a $112,000, 9%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2022.Daylight Donuts should report interest payable at December 31, 2021, in the amount of: (Do not round your intermediate calculations.)   Multiple Choice   $0.   $5,040.   $3,360.   $1,680.

On January 1, 2021, Eagle Company borrows $26,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $7,850, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. Note: Round your intermediate calculations and final answers to the nearest dollar amount.

On January 1, 2018, Company B borrowed 50,000 signing a 3-year installment note payable with yearly cash payments of $19,402 due each December Assuming the interest rate is 8%, what is the net note payable reported on the December 31 balance sheet after the annual payment?

On December 1, 2021, a company converted an existing account receivable in the amount of $6,000 to a note receivable to allow an extended payment period. The note is due in three months and includes an annual interest rate of 9%. The company prepares year-end financial statements on December 31 and recorded adjusting entries at that time. What entry should the company make on March 1, 2022, when the interest is paid at maturity? Multiple Choice Debit Cash and credit Notes Receivable for $6,135. Debit Cash for $6,135, credit Notes Receivable for $6,000, and credit Interest Revenue for $135. Debit Cash for $135 and credit Interest Revenue for $135. О Debit Cash for $135, credit Interest Receivable for $45, and credit Interest Revenue for $90.

On June 30, 2020, Amoro Company takes out a $5,000 loan documented through a note payable. Interest will be 16% annually and the note matures on June 30, 2021. The interest to be accrued at December 31, 2020 will be: о $400 0 $800 0 $0 0 $467

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…