Solution-Prepare journal entries to record acquisition of

Prepare journal entries to record acquisition of building

Assignment Help Financial Accounting

Reference no: EM13872111

Purpose: This exercise will illustrate the accounting entries for a long-term note payable.

The Weiss Corporation issued a $400,000, 10%, 10-year mortgage note on December 31, 2013. The terms provide for semiannual installment payments of $32,097.03 on June 30 and December 31. The note along with $80,000 cash was given in exchange for a new building. The accounting period is the calendar year.

Instructions

Prepare the journal entries to record:

(a) The acquisition of the building and inception of the mortgage loan payable.

(b) The first mortgage payment on June 30, 2014.

Reference no: EM13872111

Questions Cloud

Analyzing a property of an algorithm : Problems in Computer Science are often classified as belonging to a certain class of problems (e.g., NP, Unsolvable, Recursive). In this problem you will be analyzing a property of an algorithm whose classification is not known for all possible in..

Comparing two different capital structures-equity plan : The NBA Corporation is comparing two different capital structures, an all-equity plan (Plan I) and a levered plan (Plan II). Under Plan I, NBA would have 200 shares of stock outstanding. Under Plan II, NBA would have 100 shares of stock and $5,000 in..

Evaluate the time interval required to empty : (a) Show that the time interval required to empty the tank is given by (b) Evaluate the time interval required to empty the tank if it is a cube 0.500 m on each edge, if A = 2.00 cm2, and d = 10.0 m.

Create a program to print a battleship grid to the console : Create a program to print a battleship grid to the console

Prepare journal entries to record acquisition of building : Prepare the journal entries to record The acquisition of the building and inception of the mortgage loan payable and The first mortgage payment on June 30, 2014.

Ratio of radius of aluminum sphere : A uniform lead sphere and a uniform aluminum sphere have the same mass. What is the ratio of the radius of the aluminum sphere to the radius of the lead sphere?

Determine the difference h in the heights : A U-tube open at both ends is partially filled with water (a). Oil having a density of 750 kg/m3 is then poured into the right arm and forms a column L = 5.00 cm high (b) (a) Determine the difference h in the heights of the two liquid surfaces.

Calculates the value of a firms common stock : Utilizing the free cash flow approach calculates the value of a firm's common stock given the following information:

Prepare the amortization schedule for the note payable : Prepare the amortization schedule for the note payable. Determine the amount to report as interest expense on the income statement for the fiscal year ending March 31, 2015.

User Account

All Pages

Prepare journal entries to record acquisition of building

Reference no: EM13872111

Reference no: EM13872111

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT