Question
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%,...
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that have annual payments of $17,783. The first note payment consists of $7,810 of interest and $9,973 of principal repayment. a. Journalize the entry to record the issuance of the installment notes b. Journalize the first annual note payment. For a compound transaction, If an amount box does not require an entry, leave it blank
Times interest earned Berry Company reported the following on the company's income statement in two recent years: Current Year Prior Year Interest expense $298,000 $357,600 Income before income tax expense 3,635,600 4,148,160 a. Determine the number of times interest charges were earned for current Year and prior Year. Round to one decimal place. Current Year Prior Year b. is the number of times interest charges are earned improving or declining?
Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $5,600,000, 7%, 4-year bond that pays semiannual interest of $196,000 ($5,600,000 x 7% x %), receiving cash of $5,230,630. Journalize the bond issuance. If an amount box does not require an entry, leave it blank.
Answers
Debit 1000 credit $ Cash / Bank Noles payable $ 71000 Noles payable Interest Expense cash (Bank $99+3 $7810 $17783 2 Times interest earned = Earnings before intereste tex Interest Expense 3635600 +298000 208000 = 13.2 times. current year = - Prior year = 4148160 + 357600 357600 = 12.6 times. 6 It is improving from prior year since he has given Income before income fare, but we need income before tone and interest. we have to add back the interest expenses. to in come before ton.7 Issue of bonds drasld - Cash / Bank $5230630 Discount om Bonds payable $ 369370 Bonds payable B5600000 I The Difference amount is I brelod bonds payable to discount on
Similar Solved Questions
1 answers
Are these correct? if incorrect what's the explanation of the correct answer? G admission require... Quill...
are these correct? if incorrect what's the explanation of the correct answer? G admission require... Quill Bot | Al Parap... A solenoid has a loop density of 100 turns per cm. A current of 12 A flows through it. What is the magnitude of the magnetic field created inside the solenoid? O 201.9 ...
1 answers
Question 9 of 23 Submit How many moles of chlorine gas at 120. °C and 33.3...
Question 9 of 23 Submit How many moles of chlorine gas at 120. °C and 33.3 atm would occupy a vessel of 33.0 L? mol 1 2 3 +/- 0 x 100 Tap here or pull up for additional resources...
1 answers
The Target Copy Company is contemplating the replacement of its old printing machine with a new...
The Target Copy Company is contemplating the replacement of its old printing machine with a new model costing $ 7 0,000. The old machine, which originally cost $40,000, has 6 years of expected life remaining and a current book value of $ 19 ,000 versus a current market value of $ 22 ,000. Target'...
1 answers
How do you solve the triangle given #triangleABC, a=22, b=18, mangleC=130#?
How do you solve the triangle given #triangleABC, a=22, b=18, mangleC=130#?...
1 answers
What potential would you expect for the cell ZnlZn2+ (0.10 M) II Cu2+(0.10 M)|Cu? Show your...
What potential would you expect for the cell ZnlZn2+ (0.10 M) II Cu2+(0.10 M)|Cu? Show your calculations below....
1 answers
Please answer all and circle the answers!!! i always give thumbs up for correct answers!!! Set...
please answer all and circle the answers!!! i always give thumbs up for correct answers!!! Set up, but do not evaluate, an integral for the area of the surface obtained by rotating the curve y = Inx' about the x-axis on the interval 15x55. a. [ 27x12ct), A1+ (0 dx b. dx C. [ 21(55(x), 1-(...
1 answers
How do you find the first and second derivative of #lnx^2 #?
How do you find the first and second derivative of #lnx^2 #?...
1 answers
Exercise 10-3 Variable Overhead Variances (LO10-3] Logistics Solutions provides order fulfillment services for dot.com merchants. The...
Exercise 10-3 Variable Overhead Variances (LO10-3] Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains warehouses that stock items carried by its dot.com clients. When a client receives an order from a customer, the order is forwarded to Logistics Sol...
1 answers
1. Using the MATLAB rltool command (or rlocus and rlocfind), plot the K > 0 root...
1. Using the MATLAB rltool command (or rlocus and rlocfind), plot the K > 0 root locus for What is the value of the largest damping ra- 2+2s+1 s(s120)7,7 -2,12). 1 + KL(s) = 0, where L(s) = tio associated with the pair of complex poles? At which value of K is it achieved? Turn in a printout of yo...
1 answers
(5) Fixm 2 1, an integer, and suppose P~ Uniform([0, 1]) and N ~Binomial(m, P) (a) Determine E(Xk...
(5) Fixm 2 1, an integer, and suppose P~ Uniform([0, 1]) and N ~Binomial(m, P) (a) Determine E(Xk(NP) where χκ (n), k-0, 1, 2, . . . , are defined as follows: 1 if n-k 0 otherwise (b) Determine E(Xk(N)h(N)) for a general function h : R R (c) Determine E(PIN) Warning: E(PN) is not N/m as yo...
1 answers
Intimacy vs isolation affects our relationship with Christ.
intimacy vs isolation affects our relationship with Christ....
1 answers
QUESTION 21 Scabies is a skin disease caused by A protozoan. O A bacterium O A...
QUESTION 21 Scabies is a skin disease caused by A protozoan. O A bacterium O A prion. O Amite. O A slow virus....