User Account

All Pages

How will the notes payable be reported

Assignment Help Accounting Basics
Reference no: EM132561926

Question - On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a seven-year, 7% installment note to Soros Bank. The note requires annual payments of $15,772 with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $5,950 and principal repayment of $9,822.

Required - Make the accounting entries to record the following:

a. Issued the installment note for cash on the first day of the fiscal year.

b. Paid the first annual payment on the note

c. How will the notes payable be reported on the balance sheet at the end of the first year.

Reference no: EM132561926

Questions Cloud

Indicate the items to be reported on the statement : Required - Using this information, indicate the items to be reported on the statement of cash flows using the indirect method
Make a statement of partners equity for the partnership : The capital accounts of Heidi and Moss have balances of $90,000 and $65,000, Make a statement of partners equity for the partnership
Sixth amendment regarding speedy trial : Explain how the case was dismissed/rejected because of a failure to meet the requirements for a speedy trial.
Calculate normal spoilage cost : The remaining 100 units are spoiled because, Calculate Normal spoilage Cost and Manufacturing cost per good unit.
How will the notes payable be reported : Shiller Company borrowed $85,000 by giving a seven-year, How will the notes payable be reported on the balance sheet at the end of the first year
Understanding due process in trial process : Understanding due process in the trial process is very complex and extends not only through the process of investigation and prosecution of the accused,
Describe concept of over or under-applied factory overhead : Describe the concept of over or under-applied factory overhead by comparing actual factory overhead with applied factory overhead
Question - Cost-Volume-Profit Analysis : Question - Cost-Volume-Profit Analysis. Calculate the Degree of Operating Leverage (DOL) in January, expected Sales in Dollars for February
Topic juvenile offenders dose abuse cause : Explain the extent of the forensic psychological issue that you have identified by creating a brochure

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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