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Entries for issuing installment note transactions
On the first day of the fiscal year, Harris Company borrowed $65,000 by giving a 10-year, 6% installment note to Cuba Bank. The note requires annual payments of $8,832, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $3,900 and principal repayment of $4,932.
a. Journalize the entries to record the following:
1. Issued the installment note for cash on the first day of the fiscal year.
2. Paid the first annual payment on the note.
b. Explain how the notes payable would be reported on the balance sheet at the end of the first year.
crossover point. j. marcel enterprises has gathered projected cash flows for two projects. at what interest rate could
Assess financial accounting standards as they relate to presentation and disclosure in general purpose financial statements and evaluate, measure, value and present financial statements in conformity with GAAP relating to assets
Special Revenue Fund - Voluntary Non-exchange Transactions. In FY 2012, the city expended $90,000 for park improvements from grant resources.
Evaluate the maximum depreciation expense
Top Sail Company produces one type of machine with the following costs and revenues for year. Total Revenues: 5,600,000 What is the selling price per unit What is the variable cost per unit What is the contribution margin What is the break-even point..
The general manager of Qantas had two concerns: the company's worsening cash position ($3000 cash and No bank loan at the end of 2011, No cash and a $7,000 bank loan at the end of 2012) and an inadequate level of net profit. (According to General ..
Outline any ethical issues involved in Mr Smith taking the trip. Relate any ethical issues directly to the facts of the business case and outline any benefits to Practical Solutions Pty Ltd of Mr Smith taking the trip.
questionduring april leary company sold 1000 units of product q. its starting inventory and purchases during the month
schieble corporation provide detachable 5-year warrants to buy one share of common stock par value 2 at 30 at a time
Plant capacity in terms of machine hours used will increase by 4,400 hours. Compute the overhead rate for next year.
What is your assessment of the schedule performance index (SPI) and cost performance index (CPI) of the project? What actions or corrective actions would you want to take, keeping in mind the project performance so far?
noosa bicycle ltd manufactures two types of bikes-amateur and professional. the company has been using direct labour
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