Schofield inc has a fiscal year ending april 30 on may 1

Reference no: EM13606338

Schofield Inc., has a fiscal year ending April 30. On May 1 2002, Schofield, Inc. borrowed $10,000,000 at 15% to finance construction of its own building. Repayments of the loan are to commence the month following completion of the building. During the year ended April 30, 2003, expenditures for the partially completed structure totaled $6,000,000. These expenditures were incurred evenly through out the year. Interest earned on the unexpended portion of the loan amounted to $400,000 for the year. How much should be shown as capitalized interest on Scofield's financial statements at April 30, 2003?

Reference no: EM13606338

Questions Cloud

Considering genesiss aggressive growth plan sensible : considering genesiss aggressive growth plan sensible essentials suggested that its client should broaden the scope of

The-mark construction began operations on december 1 in : on-the-mark construction began operations on december 1. in setting up its accounting procedures the company decided to

External financing the newly established operations : discussion-external financing the newly established operations management team decided to seek outside assistance in

Company uses fob point of sale for orders made late in : company uses fob point of sale. for orders made late in december when profits are acceptable they ship delay shipping

Schofield inc has a fiscal year ending april 30 on may 1 : schofield inc. has a fiscal year ending april 30. on may 1 2002 schofield inc. borrowed 10000000 at 15 to finance

A company wants to check the consistency of electronic : a company wants to check the consistency of electronic copies of signatures for consumer credit purchases. a sample of

Recommend options that would be consistent with the : identify the core functions of each department their strengths and weaknesses and make recommendations for improvement

Let x denote the amount of time in hours a book on two-hour : let x denote the amount of time in hours a book on two-hour reserve is actually checked out and suppose the cdf isfx 0

The water is then cooled at constant pressure causing the : a piston-cylinder contains h2o at 15 bar and a temperature of 400 degc. the water is then cooled at constant pressure

User Account

All Pages