User Account

All Pages

Record the receipt of the bank loan on September

Assignment Help Financial Accounting
Reference no: EM133061788

Question - On September 30, 2021, Bramble Corporation received a three-year, 4%, $1,000,000 bank loan. The terms provide for payment of the bank loan with quarterly instalment payments of $88,849, starting on December 31. Bramble has a November 30 year end and records adjusting entries annually.

Required -

1. Record the receipt of the bank loan on September 30, 2021.

2. Record the accrual of interest expense on November 30, 2021.

3. Record the first two instalment payments, on December 31, 2021, and March 31, 2022.

Reference no: EM133061788

Questions Cloud

Capital structure for financing the expansion : A firm is about to double its assets to serve its rapidly growing market. It must choose between a highly automated production process and a less automated one.
Total dollar return on investment : Consider a 9.0% coupon bond that you bought one year ago for $930. You observe that the bond sells for $890 today. The bond has $1,000 face value and matures in
Define and contrast the terms working capital : 1. Dell Computer Corporation (DELL) has long been recognized for its innovative approach to managing its working capital. Describe how Dell pioneered the manage
Type of dividend distribution policy : What type of dividend distribution policy do you suggest to Canadian companies during the Covid-19 pandemic. Why?
Record the receipt of the bank loan on September : On September 30, 2021, Bramble Corporation received a three-year, 4%, $1,000,000 bank loan. Record the receipt of the bank loan on September 30, 2021
What are the expected returns of the two stocks : 1. Using the data in the table below, calculate the return for investing in Citigroup stock (C) from January 2, 2008, to January 2, 2009, and also from January
What portfolio allocation would you choose : What portfolio allocation would you choose? Why? Explain your thinking carefully.
Determine the cost of sales : There were P40,000 unsold goods at the end of the year but old stock brought forward from last year's purchases was P10,000. Cost of sales was
What is the cost of equity capital for gm : GM has a current stock price of $89.15. If they are expected to issue a dividend of $4.15 next year, and the dividend is projected to grow at 4.8%

Reviews

Write a Review

Financial Accounting Questions & Answers

  Question given the subsequent list of accounts determine

question given the subsequent list of accounts determine total assetsaccounts receivable - 5000capital stock -

  A job-order cost system is employed in those situations

A job-order cost system is employed in those situations where

  With a loan collateralized by receivables

With a loan collateralized by receivables? a company receives cash and is not responsible for repaying the loan./ the bank makes the loan without recourse.

  What amount of shel payable to mussel for intraentity sales

At December 31, Year 4, what was the amount of Shel's payable to Mussel for intraentity sales? During Year 4, Mussel sold goods to Shel at same markup on cost.

  Find the bond interest expense recorded for the period

When bonds are issued at a Premium, the bond interest expense recorded for the period is the amount of the cash interest payment for the period

  Analyze what is the firm cash conversion cycle

Analyze what is the firm's cash conversion cycle. The loan will cost 10% simple interest, for 4 months, with a 20% compensating balance.

  Which life insurance will prefer taking at current stage

Compare your chosen option with other kinds of life insurance options available in Canada. Discuss in detail. (choose from - Universal , term , whole life)

  Evaluate the unit product cost

Evaluate the unit product cost from the given data - evaluate the unit product cost.

  Deferred tax assets and deferred tax liabilities

Deferred tax assets and deferred tax liabilities:

  What does all this tell you about the relationship

What does all this tell you about the relationship among interest? rates, time, and future? sums?

  Find how much will be sebastian taxable income

How much will be Sebastian's taxable income for 2020? On June 30, 2020 he sold his shares for $15 each, and repaid the bank the total amount owing of $10,148.

  Role of international accounting

The role of international accounting toward promotion of generally accepted accounting principle

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