Reference no: EM132774967
Questions -
Q1. A company borrowed $30,000 in cash by signing a $30,000, three-year notice payable with a 10% annual interest rate. What is needed in the journal entry to record this borrowing of $30,000?
A. Credit to note payable for $30,000
B. Credit to interest expense for $9,000
C. Debit to cash for $39,000
D. Debit to note payable for $30,000
Q2. A company has a long-term loan on which it is making annual payments of $30,000. This year, the $30,000 payment is composed of $28,000 in interest and $2,000 that goes toward repaying the loan. What is needed in the journal entry to record this $30,000 cash loan payment?
A. Debit to loan payable for $30,000
B. Credit to loan payable for $2,000
C. Credit to interest expense for $30,000
D. Debit to interest expense for $28,000
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How much is in the account today
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Calculate the depletion expense for the next five years
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Should your company replace its year-old machine
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Calculate the price of the bonds
: Calculate the price of the bonds, and the number of bonds Rump would need to issue, if the company was to receive an AA rating
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What is needed in the journal entry to record this borrowing
: A company borrowed $30,000 in cash by signing a $30,000, What is needed in the journal entry to record this borrowing of $30,000
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Calculate the budget and volume variances for fixed overhead
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Compute Rachael Ray operating expenses
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What is the WACC for the company
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What is the impact of this error on the financial statements
: The accountant for the company mistakenly input a $1,000 rental payment on the building as $100 in the accounting records. What is the impact of this error
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