Prepare the adjusting entry at december

Assignment Help Accounting Basics
Reference no: EM132094363

Question - On August 31, Latty Co. partially refunded $432,000 of its outstanding 10% note payable made one year ago to Dugan State Bank by paying $432,000 plus $43,200 interest, having obtained the $475,200 by using $128,490 cash and signing a new one-year $381,000 note discounted at 9% by the bank.

Make the entry to record the partial refunding. Assume Latty Co. makes reversing entries when appropriate.

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

Reference no: EM132094363

Questions Cloud

What is the weighted average variable cost : Assume the sales mix is 3 units of X for every unit of Y: What is the weighted revenue per unit of composite average product
Prepare an amortization schedule : Grace uses the effective-interest method for amortizing debt. Her ski hill company's year-end will be June 30. Prepare an amortization schedule for the 5 years
Discuss opportunities for federal partnerships : Analyze the potential collaborations that Steppingstone could have formed with Philadelphia's local and state government agencies and personnel.
What are some of the measures tivoli is taking to go green : The hospitality industry is under increasing pressure to demonstrate a greater dedication to "green" practices. Watch the video Greening a Theme Park.
Prepare the adjusting entry at december : Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount
How are the past views of casinos similar to current views : The casino industry has grown and collaborated with hospitality and is now known as gaming entertainment. In some cultures, gambling is a tradition.
Describe the technology products that are affected : Examine and describe in your own words possible conflicts between government regulation for cybersecurity and technology innovation.
Prepare adjusting journal entries for uncollectible accounts : The Allowance for Uncollectible Accounts has a $500 credit balance prior to adjustment. Prepare the adjusting journal entries for uncollectible accounts
What you see as the limitations of the marketing information : Locate a description of the products and services available through a vendor of an EHR system on the web. you will research an EHR system and answer 4 questions

Reviews

Write a Review

Accounting Basics Questions & Answers

  On april 1 the company retained an attorney for a flat

a. on april 1 the company retained an attorney for a flat monthly fee of 500. this amount is paid to the attorney on

  What are the contribution margin per unit

Agler Company's Speedo calculator sells for $40. Variable costs per unit are estimated to be $28. What are the contribution margin per unit and the contribution margin ratio?

  Impact of credibility, physical attractiveness-likeability

As we explore persuasion, we can divide the persuasive communication into three parts: the communicator, the message, and the audience. First, we will deal with what characteristics of persuaders make people more likely to be persuaded. Next, we w..

  Compute the amount of dividends

Compute the amount of dividends

  What are the acceptable inventory valuation methods under

what are the acceptable inventory valuation methods under the u.s. generally accepted accounting principles gaap?how

  Compute the return on sales

Compute the return on sales, turnover on capital, and ROI for the three companies, and comment on the relative performance of the companies

  Accretion of carrying amount of preferred stock

What guidance does the SEC provide for public companies with respect to the reporting of the "effect of preferred stock dividends and accretion of carrying amount of preferred stock on earning per share?

  What is sheryl tax liability for the year

Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances

  Utilise your knowledge of international marketing

The purpose of this assignment is to provide an opportunity to utilise your knowledge of international marketing to undertake an analysis of the overseas market condition to develop a practicable marketing plan.

  Compare the balance sheets of two different companies

Compare the balance sheets of two different companies, and present to the class a summary of the similarities and differences of the two companies.

  How to remedy the issue of corporate malfeasance

how to remedy the issue of corporate malfeasance

  Prepare journal entry if stock split is issued

The per share par value is $1, book value $32 And market value is $40. Prepare journal entry if a 2 for 1 Stock split is issued

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd