How much cash will be paid for the january

Assignment Help Accounting Basics
Reference no: EM13258106

How to enter these in a Interest expense, InterestReceivable, Interest Income Journal. Some how my ending balance isnot going to good, i don't want to use the computer calcuator iwant to learn how to calcualate it manually.

NOTES PAYABLE
Date.......Description...............................InterestRate
Jan 1......100,000 note due in 9 mths...............9 %
Feb 1......75,000 note due in 6 mths................12%
NOTES RECEIVABLE
Feb 1......60,000 note due in 3 mths.................6%

Assume all interest is paid at maturity and none of the notesare paid early.
What should be the entry for interest expense on March31?
What entry should be recorded in the interest receivableaccount for Friday?
How much interest income should be recorded for the yearending December 31?
How much interest expense is recorded for the year endingDecember 31
How much cash will be paid for the January 1 note, plusinterest, on October1?

Reference no: EM13258106

Questions Cloud

The five elements for amino acid : Write a program that asks the user to enter the number of atoms of each of the five elements for amino acid. Then compute and print the molecular wight for this amino acid.
What is the npv of the project : How sensitive is the NPV to changes in the price of the new smart phone?
Haw many shares are in the treasury : A company whose charter authorize 10 million shares, has sold 6 million to the public. Of these, 5 million are in the hands of investors today.
What are your experiences with using an electronic : What are your experiences with using an electronic information system? Using the assigned readings, any past experiences, and your imagination.
How much cash will be paid for the january : Suppose all interest is paid at maturity and none of the notesare paid early. How much cash will be paid for the January 1 note, plusinterest, on October1?
Determine the minimum index of refraction of the prism : In a 45° - 90° - 45° prism with a ray of light entering and exiting on the long side of the prism after undergoing two total internal reflections. Determine the minimum index of refraction of the prism in order for this to occur
Amounts of factory labor costs transferred to work in proces : Estimate the amounts of factory labor costs transferred to Work in Process and Factory Overhead for current month. Describe the effects on accounts and financial statements of factory labor costs transferred in(a)
What is the npv of the project : How sensitive is the NPV to changes in the price of the new smart phone?
Determine the minimum index of refraction of the prism : In a 45° - 90° - 45° prism with a ray of light entering and exiting on the long side of the prism after undergoing two total internal reflections. Determine the minimum index of refraction of the prism in order for this to occur

Reviews

Write a Review

Accounting Basics Questions & Answers

  Journal entry to record purchase of direct materials

In a manufacturing company the proper journal entry (without numbers) to record the purchase of direct materials would be:

  Respect to conversion costs

Ending inventory consisted of 5,000 units which were 80% complete with respect to materials and 60% complete with respect to conversion costs.

  Income statement-disclosed net of tax

Which of the following items on the income statement is not disclosed net of tax?

  Determining optimal price and output

Suppose the two firms act as perfect competitors and try to out compete each other and do not collude, what would be the optimal industry price and output?

  Determine amortization of bond discount or premium

A corporation issues for cash $2,000,000 of 8%, 15-year bonds, interest payable annually, at a time when the market rate of interest is 7%. The straight-line method is adopted for the amortization of bond discount or premium. Which of the followin..

  What are the estate tax consequences

Matthew was a participant in his employer's contributory qualified pension plan. The plan balance of $2 million is paid to Olivia, Matthew's daughter and beneficiary. The distribution consists of the following.

  Determine the cost of the finished goods inventory reported

At the end of the first year of operations, 7,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows.

  Determining dividend equivalent amount

Its U.S. net assets and liability amounts are $4,000,000 and $2,000,000 at the beginning of the year and $4,200,000 and $2,300,000 at the end of the year, respectively. What is Ou's dividend equivalent amount?

  Determine consolidated net income-transfer prices

Slagle Corporation is a large manufacturing organization. Over the past several years, it has obtained an important component used in its production process exclusively from Harrison, Inc., a relatively small company in Topeka, Kansas. Harrison ch..

  Trying to save the retirement

A recent college graduate is trying to save for his retirement. He believes that he will most likely be able to place $1800 in his retirement account at the beginning of each of the next 40 years. His goal is to retire after 40 years of work with ..

  Compute the budgeted revenues in yen

Dirt Bike Co in Japan has a division that manufactures two-wheel motorcycles. Its budgeted sales for Model G in 2003 is 800,000 units. Dirt Bike's target ending inventory is 100,000 units, and its beginning inventory is 120,000 units.

  Prepare journal entries that fortune-time recorded

Listed below are transactions dealing with various stock benefit plans of Fortune-Time Corporation during the period 2009-2011. The market price of the stock is $45 at January 1, 2009. Prepare the Journal entries that Fortune-Time recorded for each..

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