Prepare cranes journal entries to record the issuance

Assignment Help Accounting Basics
Reference no: EM131560321

Exercise - Crane, Inc. issued a $65,000, 4-year, 9% note at face value to Flint Hills Bank on January 1, 2017, and received $65,000 cash. The note requires annual interest payments each December 31.

Prepare Crane's journal entries to record (a) the issuance of the note and (b) the December 31 interest payment.

Reference no: EM131560321

Questions Cloud

Expansion project-requires initial fixed asset investment : H. Cochran, Inc., is considering new three-year expansion project that requires initial fixed asset investment of $2, 310,000. What is the project's NPV?
Decisions impact the value of business : How do Merger and Acquisition (M&A) decisions impact the value of a business?
Produce the maximum return on the total investment : A money market manager must decide on the mix of investments to produce the maximum return on the total investment of $250K.
Capital structure impact the value of business : What is capital structure, and how do corporate decisions involving capital structure impact the value of a business?
Prepare cranes journal entries to record the issuance : Prepare Crane's journal entries to record (a) the issuance of the note and (b) the December 31 interest payment
The extent of its knowledge about production plans : that is the extent of its knowledge about production plans, For what values of volume, V, of production, if any, is site C a recommended site?
Discuss the current computer network system : AlphaCore Company is a midsized specialized cutting tools manufacturer. The company is growing slowly but steadily, and its current computer network system.
Generally not advantage of going public : Which of the following is generally NOT an advantage of going public?
Prepare nash journal entries for the january : Nash Corporation issued a 5-year, $84,000, zero-interest-bearing note to Brown Company on January 1, 2017, Prepare Nash's journal entries

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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