User Account

All Pages

Show calculation of interest expense and interest payable

Assignment Help Accounting Basics
Reference no: EM132793975

Question - Waren has a $60,000 two-year note payable to First American Bank & Trust dated December 18, 2017. The stated annual interest rate on the note is 5%. The terms of the note payable:

$3,000 interest payments on 12/18/18 and 12/18/19

$60,000 principal payment on 12/18/19

Interest accruals are calculated using a 365 day year with the day after the note was made counting as the first day.

Show calculation of Interest expense and Interest payable?

Reference no: EM132793975

Questions Cloud

How much is the total exclusion from gross income : Mr. Dimataling paid P250,000 in hospital bills due to the accident. How much is the total exclusion from gross income
How can a future crisis be prevented : Discuss the 2007-2008 financial crisis and what impact it had on the financial markets. Who was impacted? What caused the crisis
What are the challenges scholars face : What are the challenges scholars face when considering the mental illness of artists? You may use APA, MLA, or Turabian for citing sources.
Find for the carrying amount of the loan receivable : MNO Bank granted a loan to a borrower on January 1, 2020. Compute for the carrying amount of the loan receivable on December 31, 2020.
Show calculation of interest expense and interest payable : Waren has a $60,000 two-year note payable to First American Bank & Trust dated December 18, 2017. Show calculation of Interest expense and Interest payable
Summarize the contents of the primary source : In your first paragraph, summarize the contents of the primary source. Please limit the summarizing portion of the analysis essay to a single paragraph.
Summarize threats and opportunities facing your organization : Analyze the current conditions in your organization's industry and in its relevant general environment and their likely implications
How do calculate gain or loss on disposal : How do calculate gain or loss on disposal. Genetic Insights Co. purchases an asset for $11,712. This asset qualifies as a seven-year recovery asset under MACRS.
Why are managers important to organizations : Why are managers important to organizations? Compare and contrast the five ways managers make decisions.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare journal entries to record the November transactions

Prepare journal entries to record the November transactions. Prepare an income statement and statement of changes in equity for the month ended November

  Determine how much the premium would be

determine how much the premium would be, What is the difference in the two. Please be sure to include all steps so that I can learn to do this properly

  Compile a stock ledger card for rm using the fifo inventory

Compile a stock ledger card for RM 005 using the FIFO inventory valuation method. 01/02/2020 Balance of 50 units at R20.00 each.

  Swanson amp hiller inc purchased a new machine on september

swanson amp hiller inc. purchased a new machine on september 1 2008 at a cost of 118000. the machines estimated useful

  The fair value of laverys depreciable assets

What would be the effect of this investment on Runyan's 2011 net income?

  What amount will J Corp show as its basis in the building

Scott received 90% of the outstanding stock of J with a FMV of $65000 plus $2000 cash. What amount will J Corp show as its basis in the building it receives

  Pounds of luncheon meats in the past week

A grocery store owner has found that a sample of customers purchased an average of 3.0 pounds of luncheon meats in the past week, with a sample standard deviation of 0.5 lb.

  Provide analysis of a human resource management issue

For this assignment, you are required to provide analysis of a human resource management issue. Balanced arguments in support and in opposition of the statement should be provided.

  Construct a cost-volume-profit graph

For the coming year, Cabinet Inc. anticipates fixed costs of $60,000, a unit variable cost of $70, Construct a cost-volume-profit graph

  What is amount of accrued liability for compensated absences

What is the amount of the accrued liability for compensated absences that should be reported at December 31, 2015

  What are some limitations of financial statements analysis

This week we are learning about financial statement analysis and how to compute various ratios. This is a great way to understand how a company is doing.

  Aspects of the fasb conceptual framework

Determine whether the following statements are true or false. If a statement is false, explain why. 1. Comprehensive income includes changes in equity resulting from distributions to owners.

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