User Account

All Pages

What is the total interest expense for the year

Assignment Help Managerial Accounting
Reference no: EM133064528

Question - Prepare financial statement quarterly - Jan 2 Purchased merchandise on account from Diego Company $30,000, terms 2/10, n/30 (Andreu uses the perpetual inventory system).

Feb 1 Issued a 9%, 2-month, $30,000 note to Diego in payment of account.

Mar 31 Accrued interest for 2 months on Diego note.

Apr 1 Paid face value and interest on Diego note.

July 1 Purchased equipment from Garcia Equipment paying $11,000 in cash and signing a 10 %, 3 month, $40,000 note.

Sept 30 Accrued interest for 3 months on Garcia note.

Oct 1 Paid face value and interest on Garcia note.

Dec 1 Borrowed $15,000 from the Isova bank by issuing a 3 month, 8% note with face value of $15,000.

Dec 31 Recognized interest expense for 1 month on ISova Bank note.

Required -

Prepare journal entries for the listed transactions and events.

Post to the accounts Notes Payable, Interest Payable and Interest expense.

Show the balance sheet presentation of notes and interest payable at December 31.

What is the total interest expense for the year?

Reference no: EM133064528

Questions Cloud

What is terra total depreciation deduction : Terra's taxable Income for the year before the Sec. 179 deduction is $1,700,000. What is Terra's total depreciation deduction related to this property
Ethical Reflection : The objective of the ethical reflection paper is to surface your personal values,
Compute the cost of the ending inventory under the fifo : Assuming there are 380 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method
External environment impact magnolia brands : How will the components of the external environment impact Magnolia Brands' ability to realize their vision?
What is the total interest expense for the year : Prepare financial statement quarterly - Jan 2 Purchased merchandise on account from Diego Company $30,000, What is the total interest expense for the year
Learned and current events and modern life : Find relations between what you've learned and current events and/or modern life, for example.
Discusses the impact on cash constraint : Discusses advantages and disadvantages of equity on ratios (addressing all concerns of the users). Discusses the impact on cash constraint
Should packer accept or reject the special order : Packer has the capacity to build 300 slabs and is presently working on 250 of them. Should Packer accept or reject the special order
About executive compensation : What is it about executive compensation that is of interest to you?

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Perform a trend analysis for the most recent four years

Analyze the trends for 3 line items you believe are most important in evaluating a company for the balance sheet and for the income statement.

  Calculate the per unit amounts for each of the variable

Direct labour (1 hour per installation) $30000. Calculate the per unit amounts for each of the variable expense and fixed expense items in July

  Prepare def tool inc budgeted

Prepare DEF Tool Inc's budgeted (proforma) income statement for 2019. DEF Tools Inc. manufactures and sells a product called DEF Magic

  Do the calculations from requirements b and c

Do the calculations from Requirements b and c confirm your speculations in Requirement a?

  What was the amount of direct materials charged to job

Process at the end of March, has been charged with manufacturing overhead of $2,250. What was the amount of direct materials charged to Job No. 232?

  What is the amount of loss per unit

What is the amount of loss (profit) per unit at the $878.57 selling price per unit for units sold to SC

  On what date did the insurance policy start

If we assume that no beginning balance existed in either in either wage payable or wage expense on January 1, how much cash was paid as wages

  Calculate the closing wip and the value of completed goods

Calculate the closing WIP (units and $) and the value of completed goods for the month ended 29 February 2019.

  Prepare the sales budget for the first quarter

Calculate the RRR if the company has a beta of 0.7? Determine whether the stock is overvalued or undervalued if R^ is 7%? Prepare the Sales Budget

  What is the main drawback of the high-low method

What is the main drawback of the high-low method of cost estimation? Predict the complex's total electricity costs for July using the cost estimation

  What is their price variance

When you take a look at their actual usage, you notice that they used 5,000 components at a cost of $2.75 each. What is their price variance

  Prepare a pension worksheet for bonita company

Prepare a pension worksheet for Bonita Company for 2020. At January 1, 2020, Bonita Company had plan assets of $286,300 and a projected benefit obligation.

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