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

  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