User Account

All Pages

Make the liability section of the classified statement

Assignment Help Financial Accounting
Reference no: EM132794134

Morrison Co. follows IFRS and has a Dec 31 year end. The following transactions occurred during 2020:

1) On January 1, 2020, Morrison purchased a piece of land by issuing a note for $500,000 plus 5% interest. Interest payments are due annually on January 1 and the note matures on January 1, 2023. (5% is the market rate of interest on this type of loan.)

2) Morrison issued a $900,000, three-year, zero-interest-bearing note to Williams Corp. on July 1, 2020, and received $790,000 cash.

Required:

Problem a) Prepare all of the 2020 journal entries related to the above scenarios. Show all calculations.

(For #2, you will need to calculate the effective interest rate. Use Excel RATE formula. Type out the factors that you used in your formula (ie. PV, FV, n). Round your percentage to two decimal places (ie. X.XX%.))

Problem b) Prepare the Liability section of the CLASSIFIED statement of financial position of Morrison Co. in good form at December 31, 2020 reflecting the above scenarios. Show the two notes separately.

Reference no: EM132794134

Questions Cloud

What are prospects for being able to deliver opportunities : What do you think of Richard Florida's argument that it makes a huge difference where you live? What are the prospects for being able to deliver opportunities.
Discuss the balance of payment trend : Describe whether the country has a deficit or surplus in its current account and capital account over time and discuss what factors influence trading accounts
Discuss the main reasons that support your position : Description of the assignment: Go online and find some information about the "Elgin Marbles" (also called the "Parthenon Marbles").
How can anger and rage be helpful : How can anger and rage be helpful? How can anger and rage be harmful to us? Can we effectively manage both components with our commitment to society?
Make the liability section of the classified statement : Make the Liability section of the CLASSIFIED statement of financial position of Morrison Co. in good form at December 31, 2020 reflecting
How would you describe what race is to a child : Given the varied history of race and the problems with race in the biological sciences, how would you describe what race is to a child who asks you about it?
Who is benefiting from the napa valley vintners auction : The movie points out that supermarkets are not ruled by a "free-market economy" but by a "monopsony". What does "monopsony" mean? How is monopsony affecting.
How much will preferred shareholders receive : Preferred shareholders should receive a distribution of $11,000. If the company pays $50,000 in 2014 of dividends how much will preferred shareholders receive
What were the controversies about : The Buffalo Soldiers as a group had mixed feelings about participating in the Spanish American War. Who were the Buffalo Soldiers who fought in this war?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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