How much did yankel lend its customer on august 31

Assignment Help Financial Management
Reference no: EM132329085

Question

The Yankel Corporation's controller repairs adjusting entries only at the end of the fiscal year. The following adjusting entries were prepared on December 31, 2018:

Debit Credit

Interest expense 2080

interest payable 2080

Insurance expense 62,000

Prepaid insurance 62,000

Interest receivable 4160

Interest revenue 4160

Additional information:

1. The company borrowed $32,000 on June 30, 2018. Principal and interest are due on June 30, 2019. This note is the company's only interest-bearing debt.

2. Insurance for the year on the company's office buildings is $93,000. The insurance is paid in advance.

3. On August 31, 2018, Yankel lent money to a customer. The customer signed a note with principal and interest at 12% due in one year.

Required:

1. What is the interest rate on the company's note payable?

2. The 2018 insurance payment was made at the beginning of which month?

3. How much did Yankel lend it's customer on August 31?

Reference no: EM132329085

Questions Cloud

What is the value of stock today : After that, the firm expects to maintain a constant dividend growth rate of 2% per year. What is the value of this stock today if the required return is 14%?
Record the journal entry to record the issuance of the bond : Crane Company sold $5,775,000, 7%, 15-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on December 31.
How much do you need to invest today : If you deposit money now, you can earn 7% per annum with a 50% probability, 6% with a 25% probability and 8% with a 25% probability.
Role in ensuring the law is fulfilling its purpose : What about businesses - do they have a role in ensuring the law is fulfilling its purpose?
How much did yankel lend its customer on august 31 : The company borrowed $32,000 on June 30, 2018. Principal and interest are due on June 30, 2019. This note is the company's only interest-bearing debt.
The amount of direct materials cost charged to completed : Capri Boat Corporation uses a job order cost system and applies overhead based on a percentage of direct labor cost. Cost flows through the Work in Process.
What amount of overhead will be assigned to a unit requires : Riverview Company's budget for the coming year includes $7,600,000 for manufacturing overhead, 40,000 hours of direct labor, and 280,000 hours of machine time.
Functional organizational structure in a global environment : Need help determining the pros and cons of a company using a functional organizational structure in a global environment.
Calculate what was elite corporations retained earnings : At the beginning of the current year, Elite Corporation had 130,000 shares of $1 par common stock outstanding and had retained earnings of $4,100,000.

Reviews

Write a Review

Financial Management Questions & Answers

  Foreign company acquisition

Acquisition by a foreign company and the effects of that decision and the results of foreign exchange in Euro and the exchange rate differences.

  Financial management for profit and non profit organizations

In this essay, we are going to discuss the issues of financial management in a non-profit organisation.

  Method for estimating a venture''s value

Evaluate venture's present value, cash and surplus cash and basic venture capital.

  Replacement analysis

This document show the Replacement Analysis of modling machine. Is replacement give profit to company or not?

  Business finance task - capital budgeting

Your company is considering using the payback period for capital-budgeting. Discuss the advantages and disadvantages of this technique.

  Analysis of the investment

In this project, you will focus on one of these: the additional cost resulting from the purchase of an apple press (a piece of equipment required to manufacture apple juice).

  Conduct a what-if analysis

Review the readings and media for this unit, including the Anthony's Orchard case study media. Familiarise yourself with the Anthony's Orchard company and its current situation.

  Determine operational expenditures

Organisations' behaviour is guided by financial data. In the short term, such data will help determine operational expenditures; in the long term, historical data may help generate forecasts aimed at determining strategic plans. In both instances.

  Personal financial management

How much will you have left over each half year if you adopt the latter course of action?

  Sources of finance for expansion into new foreign markets

A quoted company is considering several long-term sources of finance for expansion into new foreign markets.

  Long term financial planning

This assignment is designed for analyze Long term financial planning begins with the sales forecast and the key input in the long term fincial planning.

  Explain the role of fincial manager

This assignment explain the role of fincial manager, function of manger. And what are the motives of financial manager.

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