User Account

All Pages

Discuss the interest on this loan is stated separately

Assignment Help Accounting Basics
Reference no: EM131761714

On November 1, Year 1, Noble Co. borrowed $132,000 from South Bank and signed a 16%, six-month note payable, all due at maturity. The interest on this loan is stated separately.

1. Required information
At December 31, Year 1, Noble Co.'s overall liability for this loan amounts to:
$132,000.$135,520.$139,040.$142,560.

2. Required information
How much must Noble pay South Bank on May 1, Year 2, when the note matures?
$132,000.$137,280.$142,560.$153,120.

3. Required information
How much interest expense will Noble recognize on this note in Year 2?
$21,120.$5,280.$10,560.$7,040.

4. Required information
At December 31, Year 1, Noble Co.'s overall liability for this loan amounts to:
$132,000.$135,520.$139,040.$142,560.

5. Required information
At December 31, Year 1, the adjusting entry with respect to this note includes a:
Credit to Interest Payable for $3,520.Credit to Notes Payable for $3,520.Debit to Interest Expense for $7,040.Credit to Cash for $7,040.

Reference no: EM131761714

Questions Cloud

What are the retained earnings : What are the Retained Earnings? Equipment 43,780 Advertising expense 3,155 Rent expense 3,400
Provide a response to the authors message : Read the article "The Boiling Frog Theory" and provide a response to the author's message concerning the relationship.
Who was nelson mandela : Who was Nelson Mandela? When and how did Nelson Mandela Die? His Movie and Books?
Economic growth and political power : In the High Middle Ages, what relationships do you see between economic growth and political power? For example what do we know about the growth
Discuss the interest on this loan is stated separately : six-month note payable, all due at maturity. The interest on this loan is stated separately
Discuss the leadership style most appropriate for you : Recommendation for the leadership style most appropriate for you to achieve the business and organizational performance goals you identified.
Investiture controversy say about church-state relations : What does the Investiture Controversy say about Church-State relations? Mention monasteries and the papacy.
Explain how positioning of architectures along aggregation : Explain how the positioning of architectures along the aggregation and abstraction dimensions determines granularity and concreteness, respectively.
What is the direct labor efficiency variance : Perry Company gathered the following actual results for the current month: Units produced - 5,500. What is the direct labor efficiency variance

Reviews

Write a Review

Accounting Basics Questions & Answers

  These financial statement items are for b

Prepare an income statement and an owner's equity statement for the year. The owner did not make any new investments during the year.

  Discuss amortization of any bond premium or discount

Use the straight line method of amortization of any bond premium or discount

  Using the following accounts and balances

Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet. Seventy thousand shares of common stock are authorized, and 7,500 shares have been reacquired.

  Explain what is purpose of the fasb codification system

What is the purpose of the FASB Codification System? What are the nine content areas located in the FASB Codification System?

  Identify the account and explain the main assertion at risk

For each of the key audit risks identified, identify the account and explain the main assertion at risk

  A hospital has contracted with an hmo to provide acute care

a hospital has contracted with an hmo to provide acute care inpatient services for 1000 per day subject to a 10 percent

  The charade company is preparing its manufacturing overhead

the charade company is preparing its manufacturing overhead budget for the fourth quarter of the year. the budgeted

  The following items are reported on a companys balance sheet

The following items are reported on a company's balance sheet:

  Problem regarding the pine valley furniture

Alex Schuster began Pine Valley Furniture (PVF) as a hobby. Initially, Alex would build custom furniture in his garage for friends and family. As word spread about his quality craftsmanship, he began taking orders.

  Example of earnings management

Explain how the Kellogg transactions described could be interpreted as an example of earnings management.

  Problem regarding the lockhart corporation

Lockhart Corporation is a calendar-year corporation. At the beginning of 2013, its election to be taxed as an S corporation became effective. Lockhart Corp.'s balance sheet at the end of 2012 reflected the following assets (it did not have any ear..

  In the month of november a department had 500 units in the

in the month of november a department had 500 units in the beginning work in process inventory that were 60 complete.

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