User Account

All Pages

What is amount of interest expense recognized on december

Assignment Help Accounting Basics
Reference no: EM132561694

Question - Kermit Inc. borrows $250,000 by signing a 90-day, 9% note on October 22nd. The accounting period ends on December 31.

Instructions -

What is the amount of interest expense recognized on December 31? Should the company accrue any interest? Include your computations in your answer.

What is the amount of cash paid on December 31 for the note? Include your computations in your answer.

What is the amount of interest revenue earned that should be recorded on this note on December 31? Include your computations in your answer.

At what date should this note be repaid and how much interest expense should be recognized at that date? Include your computations in your answer.

Reference no: EM132561694

Questions Cloud

Business consumer behavior : How do microcultures affect value? Give an example of a microculture and based on your research,
Prepare issuer journal entry to record initial bond issuance : Prepare the issuer's journal entry to record the initial bond issuance and the first semiannual interest payment with the amortization of any bond discount
Explain the difference between direct and indirect costs : Explain the difference between direct and indirect costs. Do you agree that all variable costs are direct costs while all fixed costs are indirect costs?
Discuss unique marketing characteristics product : Discuss the unique marketing characteristics a product or service requires based on the specific phase of the product life cycle.
What is amount of interest expense recognized on december : What is the amount of interest expense recognized on December 31? Should the company accrue any interest? Include your computations in your answer
Antigen receptor for naive b cells : Which antibody classes can function as the antigen receptor for naive B cells?
About progressive insurance : You are asked to read the story about Progressive Insurance (Megson & Hammer, 2004) as a foundation for your presentation
Prepare report to compute the total and unit costs required : Prepare report to compute the total and unit costs required to complete Order# U12. List all cost components and show all workings.
Effective response upon re-exposure to pathogen : The adaptive immune response is composed of highly specialized cells and processes that control or eliminate the invading pathogen.

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