User Account

All Pages

The zero interest bearing note

Assignment Help Accounting Basics
Reference no: EM131115566

Accounts and Notes Payable the following are selected 2010 transactions of Darby Corporation.

Sept. 1 Purchased inventory from Orion Company on account for $50,000. Darby records purchases gross and uses a periodic inventory system.
Oct. 1 Issued a $50,000, 12-month, 8% note to Orion in payment of account.
Oct. 1 Borrowed $75,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $81,000 note.

(a) Prepare journal entries for the selected transactions above.

(b) Prepare adjusting entries at December 31.

(c) Compute the total net liability to be reported on the December 31 balance sheet for:

(1) The interest-bearing note.

(2) The zero-interest-bearing note.

Reference no: EM131115566

Questions Cloud

Determine the semiannual cash flows from this swap : Determine the notional principals in Euros and pounds for a swap with semiannual payments that will help achieve the objective. Determine the semiannual cash flows from this swap.
Refinancing of short term debt on december : Refinancing of Short-Term Debt On December 31, 2010, Alexander Company had $1,200,000 of short-term debt in the form of notes payable due February 2, 2011.
Relation to the outcomes : The frequencies of each of the combinations were used to calculate the probabilities that you see below in relation to the outcomes of drinks and snacks.
Minimize the sum of annual ordering and carrying cost : A large law firm uses an average of 38 boxes of copier paper a day. The firm operates 260 days a year. what order size would minimize the sum of annual ordering and carrying cost? compute the total annual cost using your order size from part a.
The zero interest bearing note : Compute the total net liability to be reported on the December 31 balance sheet for:
Create a data file in spss : Create a data file in SPSS and enter the data presented in the table located in section 3.5 of Chapter 3 in your textbook. Save this SPSS data file.
The nature of business combination and required disclosures : Part A: 1000 word short essay about the nature of business combination and required disclosures including referencing.  Part B: On 1 July 2016, Mutt Ltd acquired all the issued shares of Jeff Ltd for $174 800. At this date the  equity of Jeff Ltd con..
What is the breakeven point in units : Caty Couture sells designer shirts for $46 per shirt. It incurs monthly fixed costs of $5,000. The contribution margin ratio is calculated to be 20%. What is the breakeven point in units
Difference in the variability of the time : A. At the 0.05 level of significance, is there evidence of a difference in the variability of the time to clear problems between the two central offices?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Amount of social security taxes

Ben and Jack both earned $60,000 this year. Ben (age 30) is married with two children, and Jack (age 68) is single with no dependents. Which of the following is true regarding the amount of Social Security taxes they will pay?

  Voluntary alternative dispute resolution

Which one of the following choices is a voluntary alternative dispute resolution?

  Identify at least two situations

Identify at least two situations in which application of different accounting methods or accounting estimates results in difficulties in comparing companies.

  Filing statuses for income tax return

In each of the following independent situations, determine Winston's filing status for 2012 and why. Winston is NOT married.

  Balance sheet and income statement

BBB Company's balance sheet and income statement follow: BBB COMPANY Income Statement For Year Ended December 31, 2011 Sales $38,000 Operating expenses:

  Amy is the sole shareholder of garnet corporation during

amy is the sole shareholder of garnet corporation. during the year amy leases a building to garnet for a monthly rental

  The investment account includes an investment in common

the following is a december 31 2013 post-closing trial balance for almway corporation. nbspnbspaccount

  Compute the following ratios for the griffin company for the

The 2009 financial statement for the Griffin Company are as follows: Profit margin ratio(before interest and taxes), Total asset turnover, Rate of return on total assets, Rate of return on common stockholders' equity, Earnings per share of stock, Inv..

  How might self-serving manager exploit social responsibility

What do you believe is an appropriate objective for a manager in the Accounting and Finance fields? In responding to this question, you might want to consider some of the following  What are the challenges that managers face in efforts to be ‘socia..

  Calculate the direct-material price and quantity variances

Calculate the direct-material price and quantity variances, and the direct-labo r rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.

  Wilson co purchased land as a factory site for 600000

wilson co. purchased land as a factory site for 600000. wilson paid 60000 to tear down two buildings on the land.

  Present value what is the present value of a 8000 in 10

present value what is the present value of a. 8000 in 10 years at 6 percent? b. 16000 in 5 years at 12 percent? c.

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