User Account

All Pages

On august 31 jenks co partially refunded 180000 of its

Assignment Help Accounting Basics
Reference no: EM13599954

On August 31, Jenks Co. partially refunded $180,000 of its outstanding 10% note payable, made 1 year ago to Arma State Bank by paying $180,000 plus $18,000 interest (having obtained the $198,000 by using $52,400 cash and signing a new 1-year $160,000 note discounted at 9% by the bank).

(1) Make the entry to record the partial refunding. Assume Jenks Co. makes reversing entries when appropriate.

(2) Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount.

Reference no: EM13599954

Questions Cloud

The production department started the month with the : the production department started the month with the beginning goods in process inventory of 350000. during the month
On january 1 2010 fishbone corporation sold a building that : aon january 1 2010 fishbone corporation sold a building that cost 250000 and that had accumulated depreciation of
Hemingway inc applies factory overhead based on direct : hemingway inc. applies factory overhead based on direct labor costs. the company incurred the following costs during
Roy company purchased 25 of dale company for 600000 on : roy company purchased 25 of dale company for 600000 on january 1 2010. on the date of purchase dales book value was
On august 31 jenks co partially refunded 180000 of its : on august 31 jenks co. partially refunded 180000 of its outstanding 10 note payable made 1 year ago to arma state bank
Song earns 152000 taxable income as an interior designer : song earns 152000 taxable income as an interior designer and is taxed at an average rate of 25 percent i.e. 38000 of
Explain the difference in the two net income figures : avant designs designs and manufactures polished-nickel fashion bracelets. it offers two bracelets aztec and mayan. the
Travis fortney an architect opened an office on april 1 : travis fortney an architect opened an office on april 1 2010. during the month he completed the following transactions
Nickel owner of nickels sport club withdrew 500 in cash : 1 which of the following is an example of billing rental fees earned? a accounts receivable debit and rental fees

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