How much is the interest expense

Assignment Help Financial Accounting
Reference no: EM132993225

Question - The Blue Bends Co. signed a 12%, $40,000 note payable on September 1, 20X1 due on February 28, 2099. If the accounting year ends on December 31, how much is the interest expense for 2099, the year the note was repaid?

Reference no: EM132993225

Questions Cloud

What is the value of each cash flow stream at interest rate : What is the value of each cash flow stream at a 0% interest rate? The appropriate interest rate is 7%. (Hint: It is fairly easy to work this problem dealing.
What are some of the ethical questions : What are some of the ethical questions that you will ask to yourself in light of the fundamental principles of professional code of conduct for accountants
Draw up income statement and statement of changes in equity : Compile a trial balance from the journal entries. draw up the income statement, statement of changes in equity, and balance sheet for your client.
View effective presidential leadership strategies : Given the country's deep partisan and decline in overall political trust what would be in your view effective presidential leadership strategies
How much is the interest expense : If the accounting year ends on December 31, how much is the interest expense for 2099, the year the note was repaid
Compute the amount of credit the company would receive : Compute the Amount of credit the company would receive against the FUTA tax for its SUTA contributions. Peroni Company paid wages of $171,100 this year.
Prepare general journal entries in relation to Bakers Ltd : Prepare general journal entries in relation to Bakers Ltd equipment from acquisition date to revaluation date
How much is the net effect of the transaction in Entity A : At the end of the period, the joint venture reports profit of 1M and makes a total distribution of 600,000. How much is the net effect of the transaction
How you would communicate to the client : Write a new patient encounter report explaining the concepts below and how you would communicate to the client and perhaps her daughter

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is break-even point in units for the company

What is break-even point in units for the company? What is the dollar sales volume the firm must achieve in order to reach the break-even point?

  Find what is the gross profit for the month

An end of the month (1/31/2022) inventory showed, If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?

  What is the present value of the annuity

An annuity has an interest rate of 7% and makes a quarterly payment of $2000. The annuity is to last for 5 years. What is the present value of the annuity.

  What the outstanding certified check should be

What the outstanding certified check of P20,000 should be? A withdrew from his current bank account the sum of P20,000 and exchanged it

  Ratio analysis from given income statement

Ratio analysis from given income statement - What are Lucrative's Net Profit Margin for the year ending December 31, 2005 and what are Lucrative 's earnings before interest, taxes, depreciation, and amortization (EBITDA) for the year ending Decembe..

  Prepare the adjusting year-end entry to recognize

Prepare the adjusting year-end entry to recognize the 2020 income tax. Concord Ltd. made four quarterly payments of $ 3,500 each to the Receiver General.

  What entry Bryson make assuming a perpetual inventory system

What entry does Bryson make assuming a perpetual inventory system? Bryson Company records returns and allowances in the general journal.

  Calculate the additional tax and initial tax

Salmon, Inc., a private foundation, has existed for 8 years. During this period, Salmon has been unable to satisfy the requirements for classification as a private operating foundation. At the end of 2013, it has undistributed income of $350,000. Of ..

  What inventory balance would Ferret report

The inventory cost on this date was $100,000. What inventory balance would Ferret report on its 12/31/20 balance sheet

  Explain the five principal functions of a modern

Explain the five (5) principal functions of a modern and efficient stock exchange, which most developed or developing countries seek to establish?

  Find the present value of this farming operation

You are thinking about investing in a farm at t=0. It will produce $10,000 worth of corn at t=1. Find the present value of this farming operation

  What is accounting valuation basis for consolidating assets

What is the accounting valuation basis for consolidating assets and liabilities in the business combination? What percentage ownership does the parent have in one of the subsidiaries reported?

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