User Account

All Pages

Prepare the journal entry to record the purchase

Assignment Help Accounting Basics
Reference no: EM131117989

1. Garcia Corporation purchased a truck by issuing an $80,000, 4-year, zero interest-bearing notes to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck. 

Reference no: EM131117989

Questions Cloud

Different areas more culturally similar or dissimilar : Compare the Western world (i.e., Europe, the Middle East, and Africa) with the Eastern world (Asia and Oceania) and the Americas, explain whether you find the two different areas more culturally similar or dissimilar.
What are levels of success this product or method claims : How much does this method/product seem to rely on personal stories/anecdotes, a single "independent" study, promotion by a well-known celebrity, testimonials by teachers or parents, etc.
Transition from the ancient : When considering the transition from the ancient world to the early modern world by 1500 CE, explain how political institutions evolved and whether religious, economic, or military forces most influenced that evolution.
Use a financial calculator to find the yield to maturity : Find the current yield of a 5.65%, 8-year bond that's currently priced at $853.75. Now, use a financial calculator to find the yield to maturity on this bond(use annual compounding).
Prepare the journal entry to record the purchase : Prepare the journal entry to record the purchase of this truck.
Goals of the social reform movements : Examine the goals of the social reform movements of the 1830's and 1840's. In what ways were these social reform movements representative of a broader picture of society?
Create an even better clever skater than the one presented : Then call the skate Around method-to make the skater skate around the penguin and then the duck. (This will require two calls to the skate Around method.)
Compute the weighted average interest rate used : Hanson Company (see BE10-2) borrowed $1,000,000 on March 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 5-year, $2,000,000 note payable and an 11%, 4-year, $3,500,000 not..
A network with a critical path : You have a network with a critical path A-B-C-D. For our purposes, you are allowed to ignore the other paths through the network. The values for optimistic (a), pessimistic (b) and most likely (m) durations for each task are as shown below.

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