User Account

All Pages

What is the amount of interest expense that lcd will report

Assignment Help Accounting Basics
Reference no: EM131006496

LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2011. In payment for the $24 million purchase, LCD issued a 1-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 12%.

Required:

1. Prepare the journal entry for LCD's purchase of the components on November 1, 2011.

2. Prepare the journal entry for the first installment payment on November 30, 2011.

3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2011?

Reference no: EM131006496

Questions Cloud

Identify and describe the two types of metamorphism : Identify and describe the two types of metamorphism. Be sure to include an example of a geologic setting in which each occurs
The balance sheet of indian river electronics corporation : Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January 1, 2011.
Holiday inn to turn bar into social hub : Holiday Inn to Turn Bar Into Social Hub"Now that it is wrapping up a $1 billion overhaul of its 3,400 hotels across the globe,Holiday Inn has turned its attention to its next project: redesigning and expanding ithotel bars to make them livelier.At it..
Write a paragraph on each nutrient- carb fat and protein : Write a paragraph on each nutrient: carb, fat, and protein. starting from mouth to it's go out of body
What is the amount of interest expense that lcd will report : What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2011?
The current event is takata airbag recall : Should have a 2-3 page paper executive summary, structured as an analysis.. The paper is all ready set up. Should include a lot of Supply chain management. I need a Power Point should be set up just like the paper.
How to estimate the value of a note when a note having : How to estimate the value of a note when a note having no ready market and no interest rate is exchanged for a noncash asset without a readily available fair value.
Describe a broken social rule that you observed : Describe a broken social rule that you observed. What was the reaction of others? Why did people react in that manner? What was your response to the situation and other's reactions
Prepare the journal entry for american food services : Prepare the journal entry for American Food Services' purchase of the machine on January 1, 2011.

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