User Account

All Pages

What is the journal entry for the payment of the note

Assignment Help Managerial Accounting
Reference no: EM132840157

Question - Orlando Corporation borrowed $50 million cash on October 1, 2018, to purchase manufacturing equipment. The loan was made by First City Bank under a short-term financing arrangement. Orlando Corporation issued a 9-month, 11% promissory note with interest payable at maturity. Orlando Corporation's fiscal period is the calendar year.

Required -

1. What is the journal entry for the issuance of the note by Orlando Corporation?

2. What is the appropriate adjusting entry for the note by Orlando Corporation on December 31, 2018?

3. What is the journal entry for the payment of the note at maturity?

Reference no: EM132840157

Questions Cloud

How is this refund treated for income tax purposes : Tobias overpays his 2018 state tax by $500 and gets a refund of $510 (500 plus $10 in interest) in 2019. How is this refund treated for income tax purposes
Define question that will help you understand your issue : What is one focused question that will help you understand your issue? What is a second focused question that will help you understand your issue?
Discuss the gender makeup of the texas legislature : Discuss the gender, racial and educational makeup of the Texas Legislature. Does it adequately represent the population of the state?
Outline the four-step innovation process : 1. Outline the four-step innovation process from idea to imitation with example?
What is the journal entry for the payment of the note : The loan was made by First City Bank under a short-term financing arrangement. What is the journal entry for the payment of the note at maturity
How texas lawmakers tax swap plan could affect texans : How Texas lawmakers tax swap plan could affect Texans, there was a proposal in the 2019 legislative session to increase the sales tax to offset a reduction
What would you do if you encountered similar situation : Watch Creating ethical cultures in business (Brook Deterline). Have you encountered a situation in which there was too much time between "when you know".
Patient autonomy-informed consent : In the context of health care in the United States, the value on autonomy and liberty was cogently expressed by Justice Benjamin Cardozo
Discuss and apply challenge a supreme court decision : Apply your critical thinking skills to challenge a supreme court decision. Select and read a supreme court decision ?and clear your choice we? before writing it

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Calculated variances suggest to jack regarding actions

What does each of the calculated variances suggest to Jack regarding actions that he should or should not take with respect to investigating

  How much total contribution margin will andretti forgo

How much total contribution margin will Andretti forgo if it closes the plant for two months? How much total fixed cost will the company avoid

  Find the total cost of selling the badminton rackets online

An average stock holding of RM20,000 inventory at any one time, 20 webpages, and 30 orders. Find the total cost of selling the badminton rackets online.

  What is the price variance of direct material for company

The 112 sheets of Shell Cordovan cost Crockett a total of 54,768. What is the price variance of the direct material for the company in December?

  Provide an example of a detailed april income statement

Provide an Example of a detailed April income statement. Service revenue for the month was $33,400 but only $20,500 was cash sales.

  What strategies to ensure that fund properly allocate

What strategies might you use to ensure that funds are properly allocated throughout the planning and implementation of your plan?Explain in detail

  How the profitability index equals

How the profitability index equals? A firm is considering a project with an initial investment of $3,000,000. The firm's cost of capital is 12%.

  Determine the material quantity variance and material price

Determine the Material quantity variance and Material price variance.Total direct labor cost 100,000 @10 per hour. Cost of Material used 70,000

  Determine total costs allocated from each support activity

Determine the total costs allocated from each support activity to the other three activities using the reciprocal services method

  Prepare the contract account

Required: Charge indirect expenses at 15% on wages. Provide kshs. 10000 for depreciation on plant and prepare the contract account

  Which statements is not a benefit of budgeting

Which statements is NOT a benefit of budgeting? it ensures that accounting records comply with generally accepted accounting principles

  Compute what the manufacturing overhead was

$10,000 and direct labor cost was 40% of prime cost. If total manufacturing costs during May were $86,000, the manufacturing overhead was?

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