Year-end balance sheets follow.At December 31AssetsCashAccounts receivable, netInventoryPrepaid rentCurrent Year 1 Year Ago 2 Years Ago$ 26,72577,457$ 31,85895,4598,436240,40330,96741,29043,52952,50373,6718,200220,3893,372193,642$ 312,800$ 42,11569,129162,500Machinery, netTotal assets$ 448,480$ 386,621Liabilities and EquityAccounts payable$ 110,555Long-term notes payable83,471$ 65,99288,034Common stock162,500Retained earnings91,954162,50070,09539,056Total liabilities and equity$ 448,480$ 386,621$ 312,800Complete this question by entering your answers in the tabs below.Required 3A Required 3BCompute times interest earned for the current year and one year ago.Current Year1 Year AgoTimes Interest EarnedChoose Numerator:/ Choose Denominator:III11Times interest earned< Required 3ARequired 3B>timestimes

Step 1: gather all of the relevant financial records. Net income before taxes (EBIT), interest…

Answered: Year-end balance sheets follow. At…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 12SPA: ACCRUED INTEREST RECEIVABLE The following is a list of outstanding notes receivable as of December...

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PreviousBalance AnnualPercentageRate (APR)(as a %) MonthlyPeriodicRate FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $2,490.00 % 1 1 4 % $ $1,374.98 $300.00 $
For each notes receivable determine the interest revenue to be reported on the income statement for the year ended December 31. Use 360 days in your computations. date Face Rate% Term aug. 8. 45000. %7. 45days Oct. 7 62000 5 60 jan 6 28000 4 120 nov 12 43000 6 60
CAB Co. reported rent income of P600,000 under cash basis accounting for 2020. Additional Information are as follows: Dec. 31, 2020 Dec. 31, 2019 Unearned rent 50,000 30,000 75,000 Accrued rent income 40,000 How much is the rental collections on 2020?
*see attached What is the net rent income for the current year? *a. 275,000b. 290,000c. 350,000d. 365,000
Suppose Alladin Travel, Inc., holds a note receivable as an investment. At the endof June, $100 of interest revenue has been earned. Journalize the accrued revenueadjustment at June 30.
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. Monthly Periodic Purchases Payments and Cash Advances Annual Finance New Previous Balance Percentage Rate (APR) Charge (in $) and Balance Rate Credits (in $) (as a %) $15.00 12% % $177.40 $45.00
ACCRUED INTEREST RECEIVABLE The following is a list of outstanding notes receivable as of December 31, 20--: REQUIRED 1. Compute the accrued interest at the end of the year. 2. Prepare the adjusting entry in the general journal.
Complete or fill in the entire chart for the below annuities by filling in all the blanks # Payment and frequency (PMT) Time in years (n) Interest rate and compound frequency (I/Y) Present Value (PV) Future Value (FV) 6) $370.00 per end of quarter 9 years 5% compounded quarterly Not Applicable _______________ 7) $100.00 per month 5 years 6 % compounded monthly ______________ Not Applicable 8) $__________per year 8 years 12 % compounded annually $10,000 Not Applicable 9) $2,000 per quarter __________years 8.75 % compounded quarterly Not Applicable $112,181.65 10) $3,000 every 6 months 24 payments ____________% compounded semi-annually $50,000 Not Applicable 11) $_________ monthly 15 years 18% compounded monthly Not Applicable $1,000,0000 12) $1,690 every 3 months _________ years 2 ¼ % compounded quarterly…
Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…
transcribed image text: Luna's savings account had the following balances. Date 04/01/2019 04/17/2019 05/28/2019 06/22/2019 Balance 726,000 782,000 800,000 How much is Luna's ADB for the 2nd quarter of 2019? 535,000 O P752,670.33 O P752,380.43 O P760,648.35 O P761,033.33
The following data are taken from the financial statements of Pharoah Company. 2021 2020 Accounts receivable, end of year $559,500 $ 579,000 Net credit sales 4,098,600 3,385,125 Terms for all sales are 1/10, n/60.
Journalize the following transactions (use a 360-day year in interest calculations): Mar. 1 Received a 60-day, 10% note for $36,000, dated March 1, from Toy Co. in exchange for their outstanding account. Apr. 30 Received amount due on note above. Nov. 1 Received a 120-day, 10% note for $4,800, dated November 1, from Bear Co. in exchange for their outstanding account. Dec. 31 Recorded the adjusting entry for the accrued interest on December 31 on the Bear Co. note. (for each Journal Entry, omit the 4th journalizing step of providing an explanation): JOURNAL Date Post. DR CR Mar 1 Apr 30 Nov 1 Dec 31

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