Reference no: EM132316604
Question
On July 31, 2017, Shamrock Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction was begun immediately and was completed on November 1, 2017.
To help finance construction, on July 31 Shamrock issued a $314,400, 3-year, 12% note payable at Netherlands National Bank, on which interest is payable each July 31. $206,400 of the proceeds of the note was paid to Minsk on July 31.
The remainder of the proceeds was temporarily invested in short-term marketable securities (trading securities) at 10% until November 1.
On November 1, Shamrock made a final $108,000 payment to Minsk. Other than the note to Netherlands, Shamrock's only outstanding liability at December 31, 2017, is a $32,600, 8%, 6-year note payable, dated January 1, 2014, on which interest is payable each December 31.
Calculate the interest revenue, weighted-average accumulated expenditures, avoidable interest, and total interest cost to be capitalized during 2017
Interest revenue$: ?
Weighted-average accumulated expenditures$: ?
Avoidable interest$: ?
Interest capitalized$: ?
2. Prepare the journal entries needed on the books of Shamrock Company at each of the following dates.
(1) July 31, 2017.
(2) November 1, 2017.
(3) December 31, 2017.
|
People on the tracks were customers
: What if only some of them were customers? What would the choice be then? Is that an easier choice?
|
|
Medical staff privileges at a hospital
: Please explain flowchart of all activities that should be completed when reviewing an applicant who wishes to be given medical staff privileges at a hospital.
|
|
Describe potential advantages of organizing a business
: Describe three potential advantages and three potential disadvantages of organizing a business as a S corporation.
|
|
State clearly the type of subsequent event
: State clearly the type of subsequent event (Type I or Type II), if any, and the required impact on the financial statements.
|
|
Calculate the interest revenue and weighted-average
: Calculate the interest revenue, weighted-average accumulated expenditures, avoidable interest, and total interest cost to be capitalized during 2017.
|
|
Website with responsive page layout
: DGTL11005 - Web Design - Central Queensland University - design and build a website comprised of between 3 and 5 pages that provides information about
|
|
How much interest expense is incurred
: A one-year, $25,200, 14% note is signed on April 1. If the note is repaid on November 1 of the same year, how much interest expense is incurred?
|
|
How do we define our self
: i How do we define our self? ii What is the nature of reality? iii What can be the relationship between researcher and participant?
|
|
Consider opening a can of soup to feed their families
: Why is Brazilian women, so proud and would not seriously consider opening a can of soup to feed their families?
|