Reference no: EM131267766
Yeats Company issued a $5,000 face value note to the State Bank on December 1, Year XXX1. The note had a 12 percent annual rate of interest and a one-year term.
The adjusting entry to record accrued interest on December 31, Year XXX1, would.
|
The bonds were issued at premium
: On February 28, 2015, $5,000,000 of 6%, 10-year bonds payable, dated December 31, 2014, are issued. Interest on the bonds is payable semiannually each June 30 and December 31. If the total amount received (including accrued interest) by the issuing c..
|
|
Calculate the book value of the equipment
: On January 1, 2002, ABC Company purchased equipment for $100,000. The equipment was assigned an estimated life of 10 years and a salvage value of $10,000. Calculate the book value of the equipment at December 31, 2009 assuming ABC Company uses the st..
|
|
Collects cash from the buyer installment payments
: Isaac Inc. began operations in January 2016. For certain of its property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the b..
|
|
Internal event which should be recorded as transaction
: Several events are listed below. Indicate whether each event is an external event that should be recorded as a transaction, an internal event which should be recorded as a transaction, or an event which should not be recorded. Federal income tax retu..
|
|
Adjusting entry to record accrued interest
: Yeats Company issued a $5,000 face value note to the State Bank on December 1, Year XXX1. The note had a 12 percent annual rate of interest and a one-year term. The adjusting entry to record accrued interest on December 31, Year XXX1, would.
|
|
Paid off in regular quarterly payments
: A mortgage that was orignally $20000 is being paid off in a regular quarterly payments of $500. The interest rate is 8% compounded quarterly. How much of the principal remains after 9 years, or 36 payments?
|
|
Gross margin-operating income-deprecation expense
: Here is the assumptions and data; Sales Revenue Year 1: $10,000,000 Annual Growth Rate There after: 4.5%. For year 1: Advertising: $500,000 Payroll: $2,500,000 Utilities: $150,000 Services: $150,000. Assume an annual growth rate of 3% for all of thes..
|
|
Prepare appropriate entries for mid-south urologists group
: Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians' Leasing purchased a lithotripter from Rand for $1,940,000 and leased it to Mid-South Urologists Group, Inc., on January 1..
|
|
Prepare entry to record any unrealized holding gain or loss
: Shonen Knife Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $16,000. At year-end, Shonen Knife's borrowing rate (credit risk) has declined..
|