Payment for interst and principle

Assignment Help Accounting Basics
Reference no: EM13158198

On September 1 2010 Herman Co. issued a note payable to National Bank in the amount of 1,200,000 bearing interst at 12% and payable in three equal annual principal payments of $400,000. On this date the banks prime rate was 11%. The first payment for interst and principle was made on September 1 2011. At december 31 2001, Herman should record accured insterst payable.

Reference no: EM13158198

Questions Cloud

How would you classify a crab : Axel is a fishery biologist inspecting a bay in which insects feed upon algae, fish feed upon insects, and crabs consume the remains of fish that die. In this example, how would you classify a crab?
Compass test : I have to take the Compass test to get in an English 101 class. What do I need to study or know? First college class for me, so... I need to know what to study for the initial test.
What cells type would he focus upon : Jose cultivates a variety of plants for the fabric industry and is interested in genetically engineering fiber cell types. What cells type would he focus upon?
Exploring the intellectual gifts of islam : Write a 700-word essay exploring the intellectual gifts of Islam. In the end, what was Islam's attitude towards the discoveries of ancient scholars and how did that relationship spark the Renaissance?
Payment for interst and principle : On this date the banks prime rate was 11%. The first payment for interst and principle was made on September 1 2011. At december 31 2001, Herman should record accured insterst payable.
What was the molarity of the koh solution : A volume of 60.0 mL of aqueous potassium hydroxide (KOH) was titrated against a standard solution of sulfuric acid (H2SO4)What was the molarity of the KOH solution
What would be the annual percentage rate : What would the annual percentage rate be if the city plans to make an interest payment of $2 million - The City of Phoenix plans to buy five additional mass transit cars for $15 million, and pay off its loan in 10 years.
Researched position paper or war-inevitable and integral : my researched position paper has to be an additional 3 papers, pertaining to any 3 outside legit educational sources. my professor said i could look and search in the psychology (do u think sociology would work too?) section of academic files in my s..
What category of organisms does leon hope to study : Leon hopes to become an ichthyologist (fish biologist). What category of organisms does Leon hope to study?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Operating income and average contribution margin ratio

If 15,000 units of the new product could be sold at $16.00 per unit, and the company's other business did not change, calculate the company's total operating income and average contribution margin ratio. (The new product adds an additional $37,800..

  Amount of revenue for constructing large hotel

Wynn, Inc. has contract to construct a large hotel for $12,000,000. The contract was signed on the month January 2, 2010 and it was expected that the hotel would be complete on the month of December 31, 2013. Under these situations, what amount of ..

  Concept of unit-level activities

How can the concept of unit-level activities be applied to an airline? More specifically, what are two examples of unit-level activities for JetBlue? What steps has JetBlue taken to manage these unit-level activities more efficiently?

  What was the pension expense for the year

The actual return on plan assets was $1 million although it was expected to be $6 million. On average, employees' remaining service life with the company is 18 years.

  Corporation balance of retained earnings-stockholder equity

How will the declaration and distribution of a 10 percent stock dividend affect the issuing corporation's balance of retained earnings and total stockholders' equity, respectively?

  What was the total amount of dividends paid

PepsiCo's financial statements are presented in Appendix A. Coca-Cola's financial statements are presented in Appendix B.

  Journal entries-common stock reacquired

Record the following transactions of a company in a general journal form: Reacquired 8,000 of its own $10 par value common stock at $40 cash per share. The stock was originally issued at $15 per share.

  Specializing in accounting support for small businesses

You are an employee of BusComm Consulting. Begun as a small business just a few years ago, BusComm has outsourced its payroll and tax accounting and return preparation to Accountpreneurs, a company specializing in accounting support for small busi..

  Create a monthly sales budget

Nygaard sports single product is purchased for $30 per unit and resold for $53 per unit. the expected inventory level of 4750 units on december 31, 2009, is more than the managements desired level for 2010, which is 20% of the next month's expecte..

  What is bobs actual deduction for miscellaneous itemized

Brain files a single tax return and decides to itemize his deductions. Bob's income for the year consists of $75000 of salary, $3000 long term capital gain and $1500 interst income. Bob's expenses for the year consists of $800 investment advice fe..

  Common method of capital budgeting

Which of the following is not a common method of capital budgeting?

  Internal controls differences

What is the difference between a general control and an application control? What internal controls can be implemented using information systems to safeguard an organization's electronic assets?

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd