User Account

All Pages

Compute the amount of interest expense that will be shown

Assignment Help Accounting Basics
Reference no: EM132515524

Question - On October 1, Year 1, Tankard Company borrowed $45,000 from the bank and issued a note for that amount. The note had a one-year term and an annual interest rate of 8%.

Required -

a) Compute the amount of interest expense that will be shown on the Year 1 income statement.

b) What is the total amount of cash that will be paid to the bank at the maturity of the note on October 1, Year 2?

c) Prepare the liabilities section of the balance sheet at December 31, Year 1.

Reference no: EM132515524

Questions Cloud

What is the expected rate of return for portfolio : You are considering to form a portfolio that includes stock ABC, stock DEF, and stock XYZ. To conduct the relevant analyses, you collect the following
What the appropriate treatment regarding the invoices is : In the 8th of August, 2017, In accordance with AASB 110 Events after the Reporting Date, the appropriate treatment regarding the invoices is
Prepare journal entries to record purchase transactions : Prepare the journal entries to record the following purchase transactions in Blossom Company's books. Blossom uses a perpetual inventory system
What circumstances would the npv method work : Compare two methods, providing strengths and weaknesses. Further, under what circumstances would the NPV method work better than the IRR method?
Compute the amount of interest expense that will be shown : Tankard Company borrowed $45,000 from the bank and issued a note for that amount. Compute the amount of interest expense that will be shown
What is the inventory cost per unit using variable costing : During the period, the company produced and sold 2000 units. What is the inventory cost per unit using variable costing? What is the Breakeven Point in Dollars?
Determine disadvantages of using each recruiting process : Use the Internet to research companies that utilize external recruiting processes. Next, based on your research, provide three (3) characteristics of a job.
What is the book value at the beginning of Year : On January 1, Year 1, Jefferson Manufacturing Company purchased equipment for $212,000. What is the book value at the beginning of Year 3
Examine significant effect of each identified staffing model : Identify two (2) types of staffing models that could apply to your chosen scenario and determine which model would be best suited for efficiency, productivity.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How the company uses these concepts successfully

Gives an examples demonstrating how the company uses these concepts successfully. Are there any ways they can improve in these areas? How?

  Glaston company manufactures a single product

Compute the total budgeted overhead that would appear on the factory overhead budget for month of October.$323,000.$140,000.$128,100.$274,050.$268,100.

  Compute the direct labor rate variance

Compute the direct labor rate variance, the direct labor efficiency variance, and the total direct labor cost variance for each of these two months

  What are advantages and disadvantages of telephone interview

There are many ways to collect data for survey research. What are the advantages and disadvantages of Mail, telephone interviews, and in-person interviews?

  Propose a taxable acquisition structure

Propose a taxable acquisition structure for the client's planned acquisitions over a nontaxable reorganization. Assess the value of a taxable transaction.

  Prepare the adjusting journal entry for december

Prepare the adjusting journal entry for December 31, 2015 - Prepare the required adjust ingentry at December 31, 2015.

  What was hill corporation''s times interest earned ratio

In a recent year Hill Corporation had net income of $140,000, interest expense of $40,000, What was Hill Corporation's times interest earned ratio for the year

  Producing annual cash flows

An investment that costs $30,000 will produce annual cash flows of $10,000 for a period of 4 years. Given a desired rate of return of 8%, the investment will generate a (round your answer to the nearest whole dollar).

  Present the statements in the form of a vertical statements

Prepare income statements, statements of changes in stockholder's equity, balance sheets, and statements of cash flows for each of the five years.

  Compute the value of boston as of january

Boston, Inc. is. a distritrutor of restaurant Supplies. Using the residual income model, compute the value of Boston as of January 1, 2017

  What is the total cash paid to the preferred stockholders

Assume that Corporation X has 20,000 shares of $10 par value cumulative 6% preferred stock and 5,000 shares of common stock outstanding. No dividends were paid in 2009 and 2010. In 2011, the board of directors declares dividends of $50,000. What i..

  Base erosion for multi-national corporations

A major issue related to base erosion for multi-national corporations is transfer pricing methods selected by companies.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd