User Account

All Pages

How much is the accrued interest

Assignment Help Financial Accounting
Reference no: EM132203949

AA signed a note payable for the cleaning service provided by DD (principal: $10,000, interest rate 12%, time 3 months). At the end of the 1stmonth, AA needs to record adjusting entries for accrued interest. How much is the accrued interest at the end of the 1st month?

Reference no: EM132203949

Questions Cloud

Reported on the balance sheet : In January 1, Year 2017, Kennard Co. issued $2,000,000, 5%, 10-year bonds, with interest payable on June 30 and December 31 when the market rate
Journalize the adjusting entry on december 31 : On December 31, Miller Company has incurred interest expense of $4,500 on outstanding notes, even though the company
Calculate the npv of the project : If required rate of return is 10%. Calculate the NPV of the project?
How much is inventory turnover ratio : AA found that they have $20,000 as ending inventory. During this accounting period, Cost of Goods Sold was $45,000. How much is inventory turnover ratio?
How much is the accrued interest : At the end of the 1stmonth, AA needs to record adjusting entries for accrued interest. How much is the accrued interest at the end of the 1st month?
How much would it report as cost of goods : Assume Swifty Manufacturing's cost of goods manufactured for 2020 amounted to $1190000. How much would it report as cost of goods sold for the year?
What changes on the balance sheet : What changes on the balance sheet and by how much (how is it accounted for)?
Prepare the bank reconciliation : When it comes to accounting, do you think the same person who receives cash payments should also prepare the bank reconciliation?
Effective interest rate method : Amortization schedule for Year 1 and Year 2 using the effective interest rate method.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Represent the balance outstanding on instalment sale

Interest-bearing liabilities represent the balance outstanding on instalment sale agreements and Supremo for five years at a market-related rental of R200 000 per month, subject to annual inflation escalations. The proceeds from the sale of the pro..

  Advance of a meeting with your finance director

In advance of a meeting with your finance director to discuss his remark, prepare an essay about the likely effect on performance if DD adopts IFRS.

  What academic most beneficial in your future career

what academic/research/theoretical concept do you think will be most beneficial in your future career

  General partner in partnership has unlimited legal liability

A general partner in a partnership has unlimited legal liability but also has managerial control over the partnership. A limited partner has limited liability but does not exercise control over the day-to-day operations. John, your client, owns a mac..

  Is an outflow of resources probable to settle the obligation

ChemX Inc, a chemical company, found out one week before its fiscal year end 12/31/X1 that its branch leaked significant amount of mercury (above safety level) at a plant site in Country A that requires a chemical company to buy and install specializ..

  What accounting treatment is required for convertible debt

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 ..

  Single individual shareholder who assumes the mortgage

Barnett Corporation owns an office building that cost $900,000. Barnett has taken $600,000 of depreciation on the building. The property is subject to a $600,000 mortgage. The office building has a current FMV of $400,000. Barnett Corporation is liqu..

  Vincent uses a periodic method for inventory

You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory.

  What is the maximum profit that missou mining company

Identify any costs in the the problem that are not relevant to this decision and What is the maximum profit that Missou Mining Company can expect to earn from the production of the 400,000 tons of Alpha

  Which project should cleveland accept

Cleveland Corp. can accept only one of two projects. The revenue and expenses for each of the projects is shown below. Which project should Cleveland accept if the corporation has a 8% cost of capital and a 40% marginal tax rate?

  What is the organizations approach to risk planning horizons

MBA 520- How do the organization's financial and strategic priorities affect accounting procedures and business decisions? How might that affect business success? What is the organization's approach to risk and short- versus long-term planning hori..

  Straight-line method to amortize bond discount and premium

Middleton Co. issued $800,000, 8%, 5 year bonds on January 1, 2014 at 99. Interest on these bonds is payable annually on January 1. Middleton Co. uses the straight-line method to amortize bond discount and premium.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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