What is the total amount of interest to be paid on this note

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Reference no: EM133207391

Principles of Accounting Assignment Questions -

Q1- Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000.

Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using:

1- Straight-line Method.

2- Units of Production Method if the machine produces 100,000 units.

Here is a table of units produced each year:

First	Second	Third	Fourth	Fifth
23,000	25,000	-	30,000	22,000

3- Double Declining Balance Method.

Q2- On June 1, 2019, ABC Company signed a $25,000, 120-day, 6% note payable to cover a past due account payable.

a. What is the total amount of interest to be paid on this note?

b. Prepare ABC Company's general journal entry to record the issuance of the note payable

c. Prepare ABC Company's general journal entry to record the payment of the note on September 29, 2019.

Q3 - What are the characteristics of corporations.

Q4 - On July 31, a company declared a cash dividend of $0.25 per common share to the shareholders of record on August 15. The cash dividend will be paid on August 25. This company has 500,000 shares authorized and 100,000 shares outstanding. Prepare the journal entries required on July 31, August 15 and August 25.

Reference no: EM133207391

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