Find the carrying amount of the note payable on december

Assignment Help Financial Accounting
Reference no: EM132972306

On January 1, 2019, Thurman Co. acquired a machine from Ikaduha Co. In lieu of cash payment, Una gave Ikaduha a 3-year, 800,000, 3% note payable. Principal is due on December 31, 2020 but interest is due annually every December 31. The prevailing interest rate for this type of note is 10%.

Requirement:

Problem 1: Find the carrying amount of the note payable on December 31, 2019. (Show the amortization table)

Problem 2:  Pre-forma entries to record transactions in 2019.

Reference no: EM132972306

Questions Cloud

Develop a swot analysis of the qi plan : Develop a SWOT analysis of the QI plan for a health care facility,
Disadvantages of fdi into india : List 5 issues, challenges, advantages, and disadvantages of FDI into India
Determine carrying amount of the note for the year : Determine carrying amount of the note for the year ended December 31, 2020. On January 1, 2020, Thurman Co. acquired inventory with a list price of 800,000.
What is the NPV of this project : Consider a project that requires an initial investment of $97,000 and will produce a single cash flow of $148,000 in 5 years. What is the NPV of this project
Find the carrying amount of the note payable on december : Principal is due on December 31, 2020 but interest is due annually every December 31. Find the carrying amount of the note payable on December 31, 2019.
Explain the sources of each type of law : Recognize the difference between criminal law and civil law - Explain the sources of each type of law and provide examples of each: constitutional law
Find and journalize the initial carrying amount of the bonds : Find and journalize the initial carrying amount of the bonds on March 1, 2021.Thurman Co. issued 12%, four year 1,000,000 at 98 including accrued interest.
How much is the capital balance of kilo at the end of year : Assuming there is an implied undervaluation or overvaluation of an asset, how much is the capital balance of Kilo at the end of the year
Determine issue price of serial bonds forthurman co : On January 1, 2020, Thurman Co. issued bonds, Determine the Issue price of the serial bonds. The nominal rate of 6% is payable annually on December 31

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

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