Solution-What interest expense for one half month should be

What interest expense for one half month should be computed

Reference no: EM132583515

June 16: Byte purchased a building and the land it is on for $101,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $16,000.00. The balance of the cost is to be allocated to the building. Check # 5005 was used to make the down payment of $10,100.00. A thirty year mortgage with an initial payment due on August 1st, was established for the balance.

Question 1: The annual interest rate on the mortgage payable was 8.50 percent. interest expense for one half month should be computed because the building and land were purchased and the liability incurred on June 16. round the answer two decimal places.

Reference no: EM132583515

Questions Cloud

Review of the payroll records show that unpaid salaries : A review of the payroll records show that unpaid salaries in the amount of 561.00 are owned by Byte for three days. June 28-30. ignore payroll taxes

Can the nation as defined by Anderson and Renan : Can the "nation", as defined by Anderson and Renan, be questioned from within? Your answer must make reference to (and cite) key readings for the unit

Find interest expense should be computed based on a day : The note payable to Royce com is a five year note, with interest at the rate of 12 percent annually. interest expense should be computed based on a 360 day year

Solve the material handling rate that would have been used : Solve the material handling rate that would have been used based on the traditional allocation. Calculate the material handling rate to be allocated

What interest expense for one half month should be computed : What interest expense for one half month should be computed because the building and land were purchased and the liability incurred on June 16.

Descriptive statistical analysis : Do you think that these results would change if you control for ideology and write a maximum of two paragraphs for each question

MKT01760 - Tourism Planning Environments Assignment : MKT01760 - Tourism Planning Environments Assignment Help and Solution - Southern Cross University, Australia - Assessment Writing Service

Identify the main account or group of accounts affected : Identify the main account or group of accounts affected by these risks and how the risks would be affected the audit plan.BGC operates road maintenance company

What cash receipts from customers amounted : $12,000 to $15,000 during the year and if sales amounted to $100,000 for the year, cash receipts from customers amounted to $103,000?

User Account

All Pages

What interest expense for one half month should be computed

Reference no: EM132583515

Reference no: EM132583515

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT