Illustrate what amount of interest expense was paid in cash

Assignment Help Financial Accounting

Reference no: EM13128467

Classic Corporation borrowed $90,000 from the bank on November 1, 2012. The note had an 8 percent annual rate of interest and matured on April 30, 2013. Interest and principal were paid in cash on the maturity date.

What amount of interest expense was paid in cash in 2012?

What amount of interest expense was reported on the 2012 income statement?

What amount of total liabilities was reported on the December 31, 2012, balance sheet?

What total amount of cash was paid to the bank on April 30, 2013, for principal and interest?

What amount of interest expense was reported on the 2013 income statement?

Reference no: EM13128467

Questions Cloud

At what pressure will 2.00 g of the gas dissolve in water : 1.56 g of a gas dissolves in 2.00 L of water at a pressure of 1.75 atm. At what pressure will 2.00 g of the gas dissolve in 2.00 L of water if the temperature remains constant?

Maximizing profit-lemonade stand : Create a function to determine how much revenue you will make at each price you charge. This is done by multiplying the price times your function. For example if your function is Cups Sold = 1000 - 100*Price, your revenue function would be Price*(..

Find probability that shipment will meet desired standard : Suppose that in fact 8% of the apples on the truck do not meet the desired standard. What's the probability that the shipment will be accepted anyway?

Change in the loss rate on warranty costs : A change in the loss rate on warranty costs is a: a) Change in accounting principle b) Change in accounting estimate c) Change in reporting entity D) Error correction.

Illustrate what amount of interest expense was paid in cash : Classic Corporation borrowed $90,000 from the bank on November 1, 2012. The note had an 8 percent annual rate of interest and matured on April 30, 2013. Interest and principal were paid in cash on the maturity date. Illustrate what amount of inter..

Analysis of suitability of e-business venture : Conduct the analysis using the information on the organisation as well as the country you have been assigned. This analysis should be performed using the following technique:

What is meant by a molecules handedness : Important information about Organic molecules, What is meant by a molecules "handedness"? Can all organic molecules exhibit this property? What makes such a property possible?

Second derivatives and profit function-lemonade stand : Write a function for your profits for each price you charge. This is done by multiplying (P-.5) times your function (y= -100x + 250). I.e. if your function is Cups Sold = 1000 - 100P, your profit function would be (P - .5)*(1000 - 100P).

What is xyz federal income tax liability : Company ABC, is an exempt medical organization. XYZ, Inc., a sporting goods retailer, is a wholly owned subsidiary of Company ABC. Company ABC inherited the XYZ stock last year from a major benefactor of the medical organization. XYZ's taxable inc..

User Account

All Pages