User Account

All Pages

Prepare the journal entries to record the note on march

Assignment Help Financial Accounting
Reference no: EM132996149

Blossom Lake Corp. issues a $ 660,000, 4-year, 3% note payable on March 31, 2021. The terms provide for fixed principal payments annually of $ 165,000.

Problem 1) Prepare the journal entries to record the note on March 31, 2021, and the first payment on March 31, 2022

Problem 2) Show the balance sheet presentation of the current and non-current liability related to the note as at March 31, 2022.

Reference no: EM132996149

Questions Cloud

What should be current rate for a two-year treasury security : What should be the current rate for a two-year Treasury security? The current one-year Treasury bill rate is 5.2 percent and the expected one-year rate.
What is the expected NPV : The project will also require an initial working capital of $5,000, which will be recovered at the end of the project. What is the expected NPV
How much cash will gannon receive on date note was issued : How much cash will Gannon receive on the date the note was issued? Gannon Auto issued a $180,000, five-year note payable to Starkey Vehicles
How much should NZ Company recognise as the cost : NZ Company began using the equipment on 1 July 2019. How much should NZ Company recognise as the cost of the equipment on 1 July 2019
Prepare the journal entries to record the note on march : Blossom Lake Corp. issues a $ 660,000, 4-year, 3% note payable on March 31, 2021. Prepare the journal entries to record the note on March 31, 2021.
Calculate the value capitalized by the lessee : This agreement requires rental payments of $20,829.49 starting when the contract is signed for 5 years. Calculate the Value capitalized by the lessee
How many total shares will the merged bank have outstanding : If Courthouse County's shares are currently trading for $85 per share, what is the exchange ratio between the equity shares of the two institutions?
What loan rate would charge : In order to help fund a loan request of $10 million for one year from one of its best customers, What loan rate would it charge?
How much cash will ruffin receive on date note was issued : How much cash will Ruffin receive on the date the note was issued? Assume that the PVF-OA4, 6% = 3.46511, PVF-OA4, 8% = 3.31213, PVF4

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the size of the annual scholarships

What is the size of the annual scholarships that can be paid out of a $500,000 fund invested at 14.25%, compounded semi-annually

  What is the total manufacturing cost assigned to job

The financial records of LeRoi Jones Inc. were destroyed by fire at the end of 2014. Fortunately, the controller had kept certain statistical data related to the income statement as follows: The beginning merchandise inventory was $93,800 and decreas..

  Compute what adjustment is needed to the cash balance book

Find What adjustment is needed to the Cash balance book? The receipts were actually $43. The deposit slip for the bank was prepared correctly as $43.

  Find a source for the payment of financial income

Find a source for the payment of financial income based on the information below. The parties involved are non-operating individuals

  What is the total current assets for under armour

What are the Total Current assets , Total liabilities, Net position, Operating Revenues, Total operating expenses, and Operating income for Under Armour

  Computation of break-even-point

Computation of break-even-point and contribution margin ratio - Breakeven Point, Cost Structure, and Target Sales

  Prepare journal entries to record all of events from march

Prepare journal entries to record all of the above events from the 16 March 2019 to 30 December 2019. Descriptions/Narrations are NOT required.

  Define a price taker and explain

Define a price taker and explain, using numerical example, why the average revenue and marginal revenue are equal to the price that the firm charges.

  What is portfolio return for company x

If you have a portfolio made up of 30 percent Company X, 25 percent Company Y, and 45 percent Company Z, what is your portfolio return?

  Costs that are expensed when incurred are called

The accounting records of Georgia Company revealed the following costs: direct materials used, $250,000; direct labor, $425,000; manufacturing overhead, $375,000; and selling and administrative expenses, $220,000. Georgia's product costs total: Costs..

  What is the incremental net income

What is the incremental net income (Net loss) from accepting the special order. Indicate a loss by using a negative sign before the number

  What is the optimal time for carla vista to sell the mine

If Carla Vista's opportunity cost of capital is 10 percent, what is the optimal time for Carla Vista to sell the mine

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