Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Chapter 9, Problem 29BE
To determine
Prepare
To determine
Prepare journal entry to remit the sales tax payable.
To determine
Prepare
To determine
Report the liability on the
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year-end.
3. Journalize the company's payment of the note plus interest on December 31, 2018.
S11-5 Determining current portion of long-term note payable
Learning Objective 1
On January 1, Irving Company purchased equipment of $280,000 with a long-term note
payable. The debt is payable in annual installments of $56,000 due on December 31 of
each year. At the date of purchase, how will Irving Company report the note payable?
o the
Learning Obiective 2.
C11
(Learning Objective 3: Record note payable transactions) Dean Sales Companycompleted the following note payable transactions:2018Jul Purchased delivery truck costing $58,000 by issuing aone-year, 4% note payable.Dec 31 Accrued interest on the note payable.2019Jul 1 Paid the note payable at maturity.1Requirements1. How much interest expense must be accrued at December 31, 2018? (Round your answerto the nearest whole dollar.)2. Determine the amount of Dean Sales’ final payment on July 1, 2019.3. How much interest expense will Dean Sales report for 2018 and for 2019? (If needed,round your answer to the nearest whole dollar.)
(Learning Objective 3: Account for a short-term note payable) Quimby Sports Authority purchased inventory costing $30,000 by signing a 6% short-term, one-year note payable. Thepurchase occurred on July 31, 2018. Quimby pays annual interest each year on July 31. Journalizethe company’s (a) purchase of inventory; (b) accrual of interest expense on April 30, 2019, which isthe company’s fiscal year-end; and (c) payment of the note plus interest on July 31, 2019. (Roundyour answers to the nearest whole number.) (d) Show what the company would report for liabilitieson its balance sheet at April 30, 2019, and on its income statement for the year ended on that date
Chapter 9 Solutions
Financial Accounting, Student Value Edition (5th Edition)
Ch. 9.A - Calculate employee payroll (Learning Objective 8)...Ch. 9.A - Calculate net pay (Learning Objective 8) 5-10 min....Ch. 9.A - Employer payroll costs (Learning Objective 8) 5-10...Ch. 9.A - Prob. 4AECh. 9.A - Prob. 5AECh. 9.A - Prob. 6AECh. 9.A - Prob. 7BECh. 9.A - Prob. 8BECh. 9.A - Calculating gross and net pay (Learning Objective...Ch. 9.A - Calculating gross and net pay (Learning Objective...
Ch. 9.A - Calculating gross and net pay (Learning Objective...Ch. 9 - Prob. 1DQCh. 9 - Prob. 2DQCh. 9 - Prob. 3DQCh. 9 - Prob. 4DQCh. 9 - What is the distinguishing feature of the...Ch. 9 - Prob. 6DQCh. 9 - Will interest expense be more than, less than, or...Ch. 9 - Prob. 8DQCh. 9 - What are the differences between an operating...Ch. 9 - Prob. 10DQCh. 9 - Known liabilities of uncertain amounts should be...Ch. 9 - Prob. 2SCCh. 9 - Prob. 3SCCh. 9 - Prob. 4SCCh. 9 - Which term is used to describe an unsecured bond?...Ch. 9 - Prob. 6SCCh. 9 - Plavix Corporations bonds payable carry a stated...Ch. 9 - Prob. 8SCCh. 9 - Martin s bonds pay interest semiannually on July 1...Ch. 9 - Prob. 10SCCh. 9 - Prob. 11SCCh. 9 - Prob. 12SCCh. 9 - Prob. 1SECh. 9 - Prob. 2SECh. 9 - Prob. 3SECh. 9 - Prob. 4SECh. 9 - Prob. 5SECh. 9 - Prob. 6SECh. 9 - Bond terms (Learning Objective 5) 5-10 min. Match...Ch. 9 - Determining the issue price for bonds (Learning...Ch. 9 - Prob. 9SECh. 9 - Prob. 10SECh. 9 - Accounting for bonds (Learning Objective 5) 15-20...Ch. 9 - Prob. 12SECh. 9 - Prob. 13SECh. 9 - Prob. 14SECh. 9 - Prob. 15SECh. 9 - Prob. 16AECh. 9 - Accounting for notes payable (Learning Objective...Ch. 9 - Prob. 18AECh. 9 - Prob. 19AECh. 9 - Prob. 20AECh. 9 - Prob. 21AECh. 9 - Prob. 22AECh. 9 - Prob. 23AECh. 9 - Classifying notes payable as current or long-term...Ch. 9 - Disclosing liabilities on a balance sheet...Ch. 9 - Prob. 26AECh. 9 - Prob. 27BECh. 9 - Prob. 28BECh. 9 - Prob. 29BECh. 9 - Prob. 30BECh. 9 - Prob. 31BECh. 9 - Prob. 32BECh. 9 - Prob. 33BECh. 9 - Prob. 34BECh. 9 - Classifying notes payable as current or long-term...Ch. 9 - Prob. 36BECh. 9 - Prob. 37BECh. 9 - Prob. 38APCh. 9 - Prob. 39APCh. 9 - Prob. 40APCh. 9 - Prob. 41APCh. 9 - Prob. 42APCh. 9 - Prob. 43APCh. 9 - Prob. 44APCh. 9 - Prob. 45BPCh. 9 - Prob. 46BPCh. 9 - Prob. 47BPCh. 9 - Prob. 48BPCh. 9 - Prob. 49BPCh. 9 - Prob. 50BPCh. 9 - Prob. 51BPCh. 9 - Prob. 1CECh. 9 - Prob. 1CPCh. 9 - Prob. 1CFSAPCh. 9 - Prob. 1EIACh. 9 - Case 2. Sherry Talbot, the CEO of Talbot...Ch. 9 - Prob. 1FACh. 9 - Prob. 1IACh. 9 - Small-Business Analysis Purpose: To help you...Ch. 9 - Prob. 1WC
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