Reference no: EM131883305
Problem - Accounts and Notes Payable
Described below are certain transactions of Larson Company for 2012:
1. On May 10, the company purchased goods from Fry Company for $70,000, terms 3/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18.
2. On June 1, the company purchased equipment for $90,500 from Raney Company, paying $30,500 in cash and giving a one-year, 9% note for the balance.
3. On September 30, the company discounted at 10% its $210,000, one-year zero-interest-bearing note at First State Bank.
Instructions
(a) Prepare the journal entries necessary to record the transactions above using appropriate dates.
(b) Prepare the adjusting entries necessary at December 31, 2012 in order to properly report interest expense related to the above transactions. Assume straight-line amortization of discounts.
(c) Indicate the manner in which the above transactions should be reflected in the Current Liabilities section of Larson Company's December 31, 2012 balance sheet.
|
Metformin decreases the a1c on average
: Can you find any information about how much metformin decreases the A1c on average? Will metformin be enough?
|
|
What is the forecast cash position of jethro
: What is the forecast cash position of Jethro Turnbull at the end of the budget year, assuming a current bank overdraft of £15,000
|
|
Display a list of all three products with an image
: Display a list of all three products with an image, a product name, a product price, and a product description.
|
|
What was the result of change in strategy implemented
: A few years ago, JCPenney was a traditional, low-end department store that appeared to be in a slow decline. Bill Ackman of Pershing Square Capital Management.
|
|
Prepare the adjusting entries necessary at december
: Prepare the adjusting entries necessary at December 31, 2012 in order to properly report interest expense related to the above transactions
|
|
Recommendation on an initial workforce analytics project
: which will you recommend to the CEO to move forward with as the organization's first workforce analytics project? Explain the rationale for your choice
|
|
What is market commonality
: Who are competitors? How are competitive rivalry, competitive behavior, and competitive dynamics defined in the chapter?
|
|
How do awareness affect the firm competitive behavior
: How do awareness, motivation, and ability affect the firm's competitive behavior? What factors affect the likelihood a firm will take a competitive action?
|
|
Compute taxable income and income tax payable
: Compute taxable income and income tax payable for 2012. Which of the differences are temporary, and which are permanent
|