Reference no: EM13918740
Recognizing accrued interest expense
Classic Corporation borrowed $108,000 from the bank on November 1, 2012. The note had an 4 percent annual rate of interest and matured on April 30, 2013. Interest and principal were paid in cash on the maturity date.
Required:
a. What amount of interest expense was paid in cash in 2012? (Leave no cells blank - be certain to enter "0" wherever required. Do not round your intermediate calculations and round your final answers to whole dollar amount. Omit the "$" sign in your response.)
b. What amount of interest expense was reported on the 2012 income statement? (Do not round your intermediate calculations and round your final answers to whole dollar amount. Omit the "$" sign in your response.)
c. What amount of total liabilities was reported on the December 31, 2012, balance sheet? (Do not round your intermediate calculations and round your final answers to whole dollar amount. Omit the "$" sign in your response.)
d. What total amount of cash was paid to the bank on April 30, 2013, for principal and interest? (Do not round your intermediate calculations and round your final answers to whole dollar amount. Omit the "$" sign in your response.)
e. What amount of interest expense was reported on the 2013 income statement? (Do not round your intermediate calculations and round your final answers to whole dollar amount. Omit the "$" sign in your response.)
|
Evaluation of current marketing channels
: Evaluation of current logistics, production and shipping strategies. Evaluation of current marketing channels
|
|
Identify the accounts that should be closed
: The following data were taken from the records of Wathen Company. Except as otherwise indicated, all balances are as of December 31, 2013, before the closing entries had been recorded.
|
|
Equivalent units of production
: Compute equivalent units of production for (1) materials and (2) conversion costs. (1=270000, 2=263000) Compute the unit costs for the month. ($.740741 materials and $2.049430 conversion cost and $2,790171 total Determine the costs to be assigned to ..
|
|
What is the recommended order quantity
: What is the recommended order quantity? What is the probability that at least some customers will ask to purchase the product after the outlet is sold out?
|
|
Interest and principal were paid in cash
: Classic Corporation borrowed $108,000 from the bank on November 1, 2012. The note had an 4 percent annual rate of interest and matured on April 30, 2013. Interest and principal were paid in cash on the maturity date
|
|
Double declining method of depreciation
: A company purchased a computer on July 1, 2015 for $50,000. Estimated useful life of the computer was 5 years and it has no residual value. Calculate Depreciation for the first year using double - declining method of depreciation.
|
|
What is reorder point if floyd assume a constant demand rate
: What is the reorder point if Floyd assumes a constant demand rate? What is the safety stock for part (b)? If Ch = $5/unit/year, what is the extra cost due to the uncertainty of demand?
|
|
Review the predictor variables
: Review the predictor variables and guess what their role in a credit decision might be. Are there any surprises in the data? Divide the data into training and validation partitions, and develop classification models using the following data mining t..
|
|
Book value
: Iverycoast Inc. purchased a van on January 1, 2015, for $800,000. Estimated life of the van was 5 years, and its estimated residual value was $90,000. Iverycoast uses the straight-line method of depreciation. Calculate the book value of the van at th..
|