User Account

All Pages

Prepare the journal entries for abbot corporation

Assignment Help Accounting Basics
Reference no: EM132735620

Question: Abbot Corp. issued a $270,000, three-year, zero-interest-bearing note payable to Athabasca Corp. for equipment on April 30, 2020. Abbot would normally pay interest at 6%. Abbot has a December 31 year-end and will repay the note with three equal yearly payments of $90,000. Abbot Corporation follows IFRS.

Instructions: Prepare the following journal entries for Abbot Corporation:

- Record the note

- December 31, 2020 interest accrual

- April 30, 2021 payment

- December 31, 2021 interest accrual

- April 30, 2022 payment

Reference no: EM132735620

Questions Cloud

What are the best order quantity q : If on-hand inventory is 400 mixers, there are 30 mixers of backorders and no open orders pending, should a new order be placed?
What are the expected effects on audits : What are the expected effects on audits and confidence in reported financial information if a government agency such as the IRS audited the financial.
Write down the steps of double sampling plan : This is all we were given for this question. Write down the steps of double sampling plan for N=20000, n1=100, c1=1, n2=100, c=3.
Major risks confronting supply chain management : Question: Based on facts, what are the five Major Risks confronting supply chain management and global transportation? Describe.
Prepare the journal entries for abbot corporation : Abbot Corp. issued a $270,000, three-year, zero-interest-bearing note payable to Athabasca Corp. for equipment on April 30, 2020. Abbot would normally pay.
Determine cash balance per books for Thompson Corporation : Using the above information, determine the cash balance per books (before adjustments) for Thompson Corporation
How much is the total assets at the end of the year : Gwapa Ko opens a servicing business and started a capital of P200,000. At the end of the year, the creditor's claim is P100,000 and the owner's equity is 80%.
Compute taxable income and income taxes payable : Novak's pretax financial income for 2020 is $312,000, and the tax rate is 30% for all years. Compute taxable income and income taxes payable
Why is planning an audit important : Why is planning an audit important? Explain the different activities involved in planning an audit. Differentiate audit plan, audit strategy and audit program.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the companys strategy

What is the company's strategy with respect to each of the four elements of the marketing mix (product, distribution, price and promotion)

  Relative advantages of partnership

What are the relative advantages of partnership versus limited partnership as a form of doing business? What legal principles are most likely to bite partnerships?

  Computing bond intrest expense over bond life

Sears issuses 4.5% five-year bonds dated january 1, 2010, with $230,000 par value. The bonds pay intrest on june and december 31 and are issued at a price of $235,160. The annual market rate is 4% on the issued date. Calculate the total bond intre..

  Why minimum standby charge arising from employer leased

Why the minimum standby charge arising from the employer leased vehicle for Ms. Patel in the current year? is $4373? Total kilometres driven in current? year.

  A company buys a machine for 72000 that has an expected

a company buys a machine for 72000 that has an expected life of nine years and no salvage value. the company

  Explain the applicable tax law regarding employee

Explain the applicable tax law regarding employee compensation and the criteria for deducting expenses Make at least two recommendations for ways

  Calculate and analyze the ratios for your selected company

Calculate and analyze the following ratios for your selected company for the last two years from the SEC Form 10-K: Equity Multiplier.

  Prepare the journal entry to record the exchange

Prepare the journal entry to record the exchange on Smith's books, assuming the transaction has commercial substance

  Discuss what is the change in operating income

What is the change in operating income that would result from accepting the special sales order

  Prepare the adjusting entry at December

Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. Show the balance sheet and income statement presentation

  What is an example merchandise inventory

What is an example Merchandise Inventory and what steps are required for the monthly adjustment? Why is an adjustment important to our monthly ledger

  Identify any regulatory framework

Identify any regulatory framework/s affecting the multinational company you have identified operating in Australia and discuss why and how it affects the company. For example, multinational corporations, like local companies, are subject to 30 per..

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