Greener Pastures Corporation borrowed $1,250,000 on November 1, 2021. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2022. (a) The note issued on November 1. (b) The interest accrual on December 31.
Q: How much revenue does Hideki recognize on January 1, 2022?
A: Solution:- Given, On January 1, 2022 Hideki Matsuyama provides services in exchange for a $10,000…
Q: The Express Company is preparing its cash budget for the month of June. The following information is…
A: Cash disbursements are projected outflows from the firm to meet their commitments to pay the spend…
Q: Among its divisions, Textron Inc., owns Kelly Aerospace, and Cessna Aircraft. The company is…
A: A. As the manufacturing capacity is 25000, even after supplying to customer 20000 magnetos there…
Q: A and B form a partnership on January 1 of Year 1. Each makes a cash contribution to the partnership…
A: A and B form a partnership on January 1 of Year 1. Each makes a cash contribution to the…
Q: Sunland, Inc. has three divisions: Bud, Wise, and Er. The results of operations for May, 2022 are…
A: The question is related to discontinuing a product. The details are given.
Q: 15.4A The statements of financial position and additional information relating to Pennylane Ltd are…
A: Cash flow statement A cash flow statement is one of the important financial statements that depict…
Q: 5. Lemuel Office Equipment Corporation manufactures two types of filing cabinets-Deluxe and…
A: The question is related to Traditional Costing and Activity Based Costing. The details are given.…
Q: 1. Cash balance according to the company's records at August 31, $25,520. 2. Cash balance according…
A: Introduction: Bank Reconciliation statement: To reconcile the difference between bank book and cash…
Q: isa is a 30 years old woman that lives in Kuala Lumpur. She formed a cosmetic company called Lisa…
A: Company A company refers to the voluntary association of the persons joined together for a common…
Q: The management of Marigold Industries estimates that credit sales for August, September, October,…
A: The cash collection is done as per the collection schedule. Collection for October include 25% of…
Q: At what amount should the land be recorded? b.At what amount should the new office building be…
A: Sandhill Chrome Bumpers bought two acres of land with an old office building on it that was deemed…
Q: Beth's business purchased only one asset during the current year (a full 12-month tax year). On…
A: Solution:- Calculation of the maximum depreciation expenses as follows under:-
Q: Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Standard…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: a. Determine the net income reported by Curwen Inc. for the year ended December 31. $fill in the…
A: Answer:
Q: Kenzi, a manufacturer of kayaks, began operations this year. During this year, the company produced…
A: Variable Costing: Variable costing is a concept in management accounting that refers to the cost of…
Q: If a cash priority program is prepared, which partner is paid first and how much is the total…
A: Liquidation is the act which means that it is a process through which the existence of the company…
Q: A machine that cost $105,000 has an estimated residual value of $5,000 and an estimated useful life…
A: Depreciation is charged against the value of fixed assets. It can be calculated by using the…
Q: What are the process during a committee meeting?
A: A committee meeting is a formal gathering of a subgroup within an organisation who come together to…
Q: A machine has a first cost of P97,198.62 and has an expected salvage value after 10 years…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: Cobb Department Store sells gift certificates redeemable only when merchandise is purchased. These…
A: Unearned revenue is the amount of revenue collected, but the services have not been performed yet or…
Q: What is the interest income for the year 2023? How much is the total proceeds of Squirtle for the…
A: Notes payable are a liability account in which the borrower records a written promise to repay the…
Q: The balance in “Retained Earnings” on January 1, 2019 for Glored Corporation was $575,000. During…
A: Retained earnings statement is an essential part of the financial statement. The ending balance can…
Q: On January 1, 2022, Frank Co. and Richard, Inc. combined. As of this date, the fair values of the…
A: Net Assets: Net assets is the adjusted value determined by deducting the total liabilities from the…
Q: On January 1, 2022, Frank Co. and Richard, Inc. combined. As of this date, the fair values of the…
A: Facts of the cases :- Richard…
Q: Kevin Montgomery Retail seeks your assistance to develop cash and other budget information for May,…
A: Solution... Ending inventory = 125% of next month's sales Ending inventory of April = Sales of…
Q: What is the consolidated depreciation expense of equipment for the year ended December 31, 2010
A: The Consolidated Depreciation expense of equipment for the year ended 31 December 2011 is P5,25,000…
Q: Explain the Advantage and Disadvantage of Common Share
A: The advantages and disadvantages of Common shares are explained hereunder : Common shares are the…
Q: From the following, calculate the cost ratio and the cost of ending inventory to the nearest cent…
A: Retail inventory method refers to an accounting method which is used by the companies to compute the…
Q: Determine the account receivable balances at March 31, 2022.
A: Clients usually pay 60% of their fee in the month that service is provided, 30% the month after, and…
Q: Suppose that a company has fixed costs of $22 per unit and variable costs $9 per unit when 15,000…
A: A "fixed cost" is a cost that does not change as the quantity of goods or services produced and sold…
Q: Variable Overhead Spending and Efficiency Variances,Columnar and Formula ApproachesRath Company…
A: The difference between the actual cost and the anticipated (or planned) cost is known as an…
Q: any started op n and the com e market. As a n
A: Auditing is the method which has been carried out by the auditor and during the process auditor…
Q: tirst cost for E M&O for A salvage value Proc First
A: Given: Two alternatives A and B is: 0 = -53,000+ 21,000(P/A, ∆i*B-A,5) + 80000(P/F, ∆i*B-A,5)
Q: A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at…
A: As per FIFO, the ending inventory would consist of the last inward items as the first items would be…
Q: of product but actually produced only 7,400 units. Actual fixed overhead costs were $286,100.…
A: The standard cost variance is the difference between a standard cost and an actual cost.
Q: In 2021, BB In., a public company, purchased and sold the following as Purchase price $13,250 $…
A: Taxable income as the name suggests is the part of income that is taxable by law for core functions…
Q: The following is data collected by Bees Co. for the month of June: Static budget data: Sales…
A: The variance is the difference between the actual data and standard output of the production.
Q: Key figures for Apple and Google follow. $ millions Cash and equivalents Accounts receivable, net…
A: Gross Margin Ratio: In business, the gross margin ratio is the percentage of each sales dollar that…
Q: Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: Refer to companies Act 992 (2019) in Ghana and use references
A: Business- Every business is governed by the environment in which it operates. One of the compliance…
Q: Hello, in the above question 3 on the change in policy on the depreciation why not calculate the…
A: Depreciation is the loss in the value of the asset caused due to its usage, wear and tear. There are…
Q: Cash Budgets The management accountant at Genus Manufacturing Company, Karen Cranston, is in the…
A: A cash budget is a document produced to help a business manage their cash flow. A cash budget is…
Q: Barker, Inc. had reported the folowing details for the year ended December 31, 2019: Net sales…
A: The asset turnover ratio is calculated as ratio of sales and average total assets
Q: Ivanhoe Creations purchased 7100 feet of copper tubing at a price of $2.50 per foot and used 7240…
A: Material price variance = Actual quantity × (Standard cost per unit - Actual cost per unit)
Q: Rex, a Filipino residing in Laguna, has the following income for 2021: Compute the income subject…
A: To determine the income of REX which will be subject to regular tax, the very first step is to…
Q: Class Exercise – Crafting of Financial statements Develop the Statements of P&L and Financial…
A: The question is related to Profit and Loss Account and Financial Position as on September 30th,…
Q: For each situation below identify and explain the threat and one fundamental principle that is…
A: Solution Fundamental principles is the principle from which other truth can be derived.
Q: Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at…
A: Taxable Income For the calculation of the taxable income first to taken the gross income and made…
Q: Cost of Gross Goods Sales Net Ending Profit Beg Inventory Purchases Inventory Net Sales returns…
A: Formula: Gross profit - Net sales - cost of goods sold
Q: Direct Material Input Chemical Mix Variance Yield Variance Efficiency Variance Purchase Price…
A: Total direct material variance Purchased Direct Material AQ*AP - SQ*SP Variance…
M10-6 (Algo) Recording Notes Payable [LO 10-2] Part 1
Skip to question
[The following information applies to the questions displayed below.]
Greener Pastures Corporation borrowed $1,250,000 on November 1, 2021. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2022.
-
(a) The note issued on November 1.
-
(b) The interest accrual on December 31.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Harrigan Service Company, Inc., was incorporated by lan Harrigan and five other managers. The following activities occurred during the year: 1. Received $71,400 cash from the managers; each was issued 1,190 shares. 2. Purchased equipment for use in the business at a cost of $50,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). 3. Signed an agreement with a cleaning service to pay it $690 per week for cleaning the corporate offices, beginning next week. 4. Ian Harrigan borrowed $19,500 for personal use from a local bank, signing a one-year note.takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Which statement is not true? Oa. Disclosures related to receivables are reported on the financial statement notes. Ob. Current assets are normally reported in order of their liquidity. Oc. All receivables that are expected to be realized in cash beyond 265 days are reported in the non-current assets section. Od. Cash and cash equivalents are the first items reported under current assets.a. How much is the ForEx gain or (loss) on December 31, 2017? b. How much is the outstanding accounts receivable as of December31, 2017? c. How much is the ForEx gain or (Loss) on March 2, 2018? d. How much is the Net ForEx gain or loss?
- Which is not usually presented as part of current assets? A. Three-month time depositB. Dividend receivableC. Advances to affiliatesD. Prepaid subscription expenseswhich of the following transactions and events would result in animprovement in Interest Coverage Ratio?A. receiving cash for unearned sales revenueB. a payment of income tax owing from the previous periodC. an adjustment for accrued interest revenueD. A and B onlyE. A and C onlyF. B and C onlyG. All of the aboveH. None of the aboveMatch the following terms or phrases in (a–g) with the explanations in 1–8. Terms or phrases may be used more than once. Question 11 options: Current assets/Current liabilities Probable likelihood and estimable liability Measures the “instant” debt-paying ability of a company Current assets – Current liabilities (Cash + Temporary investments + Accounts receivable)/Current liabilities Cash + Temporary investments + Accounts receivable Probable likelihood of a liability but cannot be estimated Remote contingent liability Reasonably possible likelihood of a liability 1. Current ratio 2. Working capital 3. Quick assets 4. Quick ratio 5. Record an accrual and disclose in the notes to the financial statements 6. Disclose only in notes to financial statements 7. No disclosure needed in notes to financial statements
- In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank. A. Current assets E. Current liabilities B. Long-term investments F. Long-term liabilities C. Plant assets G. Equity D. Intangible assets 1. Commissions earned 2. Interest receivable 3. Long-term investment in stock 4. Prepaid insurance (4 months of rent) 5. Machinery 6. Notes payable (due in 15 years) 7. Copyrights 8. Current portion of long-term note payable 9. Accumulated depreciation—Trucks 10. Office equipment 11. Rent receivable 12. Salaries payable 13. Income taxes payable (due in 11 weeks) 14. Owner, Capital 15. Office supplies 16. Interest payable 17. Rent revenue 18. Notes receivable (due in 120 days) 19. Land (used in operations) 20. Depreciation expense—TrucksAnalyze the following transactions and identify its effects on assets, liabilities, and capital. Write ? for increase, ? for decrease, NE for No effect and I/D if the effect is only in one major accounts. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.Indicate the effect of the transactions listed in the following table on total current assets, current ration, and net income. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0. A cash dividend is declared and paid
- a) Calculate the equity (total asset – total liability) to asset ratio of the bank (Hint: equity to asset ratio = total equity/total asset) %3D b) Calculate the duration and convexity of the both asset and liability sidesHow did the Accounts Receivable write-off affect GENERAL MILLSS' financial statement? (in millions) Assets (Balance Sheet) [Select ] Net Income (Income Statement) [ Select ] Operating CF (Statement of CF) [ Select ]1. 00 8. 4) What is the impact of establishing the allowance to the horizontal equation? (in each box, put a - for decrease, a + for increase, or NA if no change) Liabilities Stockholders' Equity Revenues Expenses Net Cash Assets Income Flow 5) When a specific account is deemed uncollectible and should be written off, what is the impact to the horizontal equation? (in each box, put a - for decrease, a + for increase, or NA if no change) Stockholders' Equity Revenues Expenses Net Cash Assets Liabilities Income Flow Study guide - Chapter 5 (with solutions).docx O Foc 70°F P. f12 prt sc f5 -> 6. 6. 5. } {