User Account

All Pages

What amount of cash did abardeen pay for interest

Assignment Help Accounting Basics
Reference no: EM132171013

Question - Abardeen Corporation borrowed $120,000 from the bank on October 1, 2018. The note had an 7 percent annual rate of interest and matured on March 31, 2019. Interest and principal were paid in cash on the maturity date.

Required -

a. What amount of cash did Abardeen pay for interest in 2018?

b. What amount of interest expense was recognized on the 2018 income statement?

c. What amount of total liabilities was reported on the December 31, 2018, balance sheet?

d. What total amount of cash was paid to the bank on March 31, 2019, for principal and interest?

e. What amount of interest expense was reported on the 2019 income statement?

Reference no: EM132171013

Questions Cloud

Identify a fixed cost you or someone you know incurs : Identify a fixed cost you or someone you know incurs? Explain why it is classified as a fixed cost. Identify a variable cost you or someone you know incurs
Expatriates in any overseas operations : Does your company employ expatriates in any overseas operations it might have? If so, what resources does the company provide to train expatriates
Communications be provided when discussing child obesity : How will results and ongoing communications be provided when discussing child obesity?
Expatriates before they go to the foreign location : Does your company employ expatriates in any overseas operations it might have?
What amount of cash did abardeen pay for interest : Abardeen Corporation borrowed $120,000 from the bank on October 1, 2018. What amount of cash did Abardeen pay for interest in 2018
Discuss the pros and cons of that style and how it affects : Identify a leadership style (democratic, autocratic, dictatorship, etc.) and discuss the pros and cons of that style and how it affects, impacts strategic
Affected by four elements of the marketing environment : All business activities are affected by four elements of the marketing environment. Explain those elements.
Prepare journal entry to record the transaction of december : Prepare the journal entry to record the transaction of December 31, 2017, for Pharoah Co. Prepare the journal entry for December 31, 2018
Explain why a company must define its business : Explain why a company must define its business, and how managers achieve this through choices about which customer groups, customer needs

Reviews

Write a Review

Accounting Basics Questions & Answers

  What amount of goodwill will be recorded

Based on the preceding information, what amount of goodwill will be recorded if Daniel invests $450,000 for a one-third interest

  Prepare a statement of cash flows

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities

  Discuss several weaknesses in internal control over

discuss several weaknesses in internal control over information and data flows and the procedures for processing

  What is the unit cost of the product manufactured

A. determine the overhead rate that should be used for each department in applying over overhead cost to job number 399

  Problem regarding the office supplies

Somerville Corp. purchases office supplies once a month and prepares monthly financial state- ments. The asset account Office Supplies on Hand has a balance of $1,450 on May 1.

  Prepare the necessary adjusting journal entries at september

Utilities incurred in September but not yet recorded or paid are $440. Prepare the necessary adjusting journal entries at September 30

  Prepare the necessary journal entries for sunland equipment

Assuming Valco Brothers Farm fulfills all the terms of the note, prepare the necessary journal entries for Sunland Equipment Company for entire term of note

  What is whisperings payout ratio

Assume that all balance sheet amounts represent average balance figures. What is whispering's payout ratio

  What is the expected percent of default

A small loan company finds 12% of its loans are defaulted for an average of 20% of the loan value. What is the expected percent of default for all their loans

  Similarities and differences between gaap and ifrs specifica

Similarities and differences between GAAP and IFRS specifically

  Discuss ethics in accounting is one of the most important

Ethics in Accounting is one of the most important, yet most misunderstood, concerns in the world of business today

  Scorpions other fixed costs not including the salespeoples

scorpion inc. is trying to decide whether to increase the commission based pay of its salespeople. currently each of

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