The billips corporation purchased equipment

Assignment Help Accounting Basics
Reference no: EM13871399

On January 1, 2010, the Billips Corporation purchased equipment having a fair value of $72,054.94 by issuing a $90,000 note, payable in three $30,000 annual installments beginning December 31, 2010.
Requirement:
Prepare 
(1) The journal entry to record the purchase of the equipment, 

(2) A schedule to compute the annual interest expense, 

(3) The journal entries to record yearly interest expense and note repayments over the life of the note.

Reference no: EM13871399

Maintain the principal intact investment income

The City of Rocky Basin received a $ 2,000,000 gift from a prominent citizen. The terms of the gift require the city to maintain the principal intact investment income is to

Seaview township received a $ 1,000,000 gift from j. r.

Seaview Township received a $ 1,000,000 gift from J. R. Chancellor to sponsor an annual community picnic. All reasonable costs associated with sponsoring the picnic are to b

Two thirds to bay town and one third to valley city

The trust fund income of $ 1,800 ($ 3,000  $ 700  $ 500) was distributed as provided in the trust agreement: two thirds to Bay Town and one third to Valley City.

The general fund charged the investment trust fund

The General Fund charged the Investment Trust Fund $ 500 for administrative expenses This amount was paid in cash Income of $ 50,000 was distributed to the participating citie

What should jon do if he wants better information

Using only the information provided (ignore other operating expenses), prepare comparative income statements for 2015 and 2016. Was 2015 really as profitable as indicated by i

Prepare a statement of fiduciary net position

The following information is available for Russellville at June 30, 2012. Prepare a statement of fiduciary net position for Russellville Pension Trust Fund as of June 30, 20

Granted credit with shorter payment deadlines

Indicate the most likely effect of the following changes in credit policy on the receivables turnover ratio and days to collect (+ for increase, for decrease, and NE for no ef

The accrued expenses at the beginning of the year

Costs of operating the plan were $ 175,000; of this amount $ 150,000 was paid in cash and the remainder was accrued. The accrued expenses at the beginning of the year were a

Reviews

Write a Review

 
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