10-year, 13% bond, December 31, 2013,
Q: F. Shown below are the accounts with open of Liwayway Trading as at December 31, 200G before adjust…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: You discovered the following errors in connection with your examination of the financial statements…
A: Non-Counterbalancing errors are those errors that do not get adjusted with the next year's figures…
Q: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $30,000 $29,200 Inventory 75,800 76,500 Accounts…
A: Introduction: Statement of cash flows: All cash in and out flows are shown in cash flow statements.…
Q: Cash $38,100; Short-term investments $4,100; Accounts receivable $48,500; Supplies $6,100; Long-term…
A: Introduction: Balance sheet: All Assets and liabilities are shown in balance sheet. It tells the Net…
Q: On January 1 , 2021, Gray Co. issued its 10%, 4-year convertible debt instrument with a face amount…
A: Above question is based on Compounded Financial Instrument. In these type of instrument, two…
Q: On May 1, Boyz Security Services rented office space and paid two month's rent in advance in the…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Compute the standard cost of the ingredients for one gallon of the nutrition drink. (Round…
A: Actual Input Material Required for 100 Gallon Batch Price ounce of lime kool drink 2000 $…
Q: A company produces two (2) products, “ore” and “tin”. The following sales forecast for both products…
A: A company produces two (2) products, “ore” and “tin”. The following sales forecast for both products…
Q: Beta Ltd manufactures laptops. Cellar Ltd routinely buys laptops from Beta Ltd. On 1 June 2021, Beta…
A: journal entry is the first step that is considered by the business when they sell they are good…
Q: Ben & Ben Music Company carries a wide variety of musical instruments, sound reproduction equipment,…
A: Solution; 1) WARRANTY EXPENSE: Warranty expense (sales) = 5,400,000 Estimated warranty cost = 2%…
Q: Seventeen Company is a dealer in machinery. At the beginning of current year, a machinery was leased…
A: It is an arrangement between two parties in which one party (lessor) allows another party (lessee)…
Q: How much is your monthly payment? use monthly compunding formula
A: Answer:
Q: Makati Inc. acquires a building on February 1, 2020 at a cost of 5,500,000. The building has an…
A: Journal entries are the accounting entry to update books of accounts.
Q: Paul and Wayne equally own PW Partnership. Paul's basis was $30,000 and Wayne's basis was $22,000 at…
A: Partnership: A legal form of business operation between two or more individuals who share management…
Q: Course Name: Advanced Accounting Problem-1 ) Ram and Shyam undertook jointly to build a house for a…
A: A joint venture is a partnership for short period. In a joint venture, 2 or more persons join…
Q: Fabienne Talent Agency has a beginning capital amounting P 1,250,000, an additional investment of P…
A: Formula: Ending capital = Beginning capital + Additional investments + Net income - Withdrawals.
Q: Internal balances Multiple Choice Represent activity between the governmental funds and enterprise…
A: Here describe the details of internal balance which is described as the activity in between the…
Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…
A: Last In First Out (LIFO) : Under this method ,materials last received are issued first. Thus…
Q: Unit 1 question 9
A: 1. Payment of Creditors on account- Cash Payment Journal 2. Return of Merchandise sold for credit-…
Q: Gain on extinguishment of 3-year 10% P1 million mortgage note to be recognized in profit or loss in…
A: Date Principal & Terms Status Mode of settlement 1/1/2020 3-year, 1,000,000 mortgage…
Q: Unit IV question 3
A: A journal entry is a type of accounting entry used to record a business transaction in a company's…
Q: ariable costs per unit: Manufacturing: irect materials $ 26 mirect labor $ 15 ariable manufacturing…
A: Solution: Under variable costing, unit product cost includes Variable manufacturing costs such as…
Q: Lee Manufacturing Corporation was incorporated on January 3, 2021. The corporation's financial…
A: 1. Analysis for intangible asset accounts: Patents: Particulars Amount Unadjusted Balances…
Q: Carad Co. is an electronics company which makes two types of televisions – plasma screen TVs and LCD…
A: Solution Formula Sales price variance =(Actual price - standard price )*actual volume. Sales volume…
Q: The fastener division of Southern Fasteners manufactures zippers and then sells them to customers…
A: Solution: In case of spare capacity, minimum transfer price is the variable cost of making per unit…
Q: ansaction: On August 1, the business, Design Thinking Ltd, provided nsulting services for a customer…
A: Solution: In cas when services have been paid but amount will be received in near future, then this…
Q: On January 1, 2021, South Company acquired a building for P5,000,000. The entity paid P500,000 down…
A: The question is related to Journal entries to record purchase of Building by signed non interest…
Q: On January 1, 2021, West Company acquired a tract of lana for P1,000,000. The entity paid P100,000…
A: Accrued interest on December 31,2021 = (P1000, 000 - P100000) ×10% = P90000
Q: The following information was taken from Cristine Company's accounting records for the current year:…
A: Cost of goods sold = Cost of goods manufactured + Decrease in finished goods inventory Cost of goods…
Q: -ughout the year vertible into 20 million shares of c e into 18.0 million shares of comn
A: Given as,
Q: What amount should be recognized as depreciation expense of the right of use asset for the current…
A: BTS Company entered into a 10 year lease for an equipment. The present value of the lease payments…
Q: Sheridan Corporation wishes to exchange a machine used in its operations. Sheridan has received the…
A: Journal entries are the first step in the recording process. If asset is sold at a value lower than…
Q: Income Statement accounts are closed at which stage of the accounting process? Multiple Cholce At…
A: The Income Statement is one of a company’s core financial statements that shows their profit and…
Q: of this question, how would I be able to solve for the amount ending balance in retained earnings? I…
A: Given:
Q: Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: Unit VI question 20 part A
A: Calculation of gain or loss on elevator are as follows.
Q: Amanzi Company applies Overhead based on Direct Labour hours. At The beginning of the year, Amanzi…
A: Formula: Predetermined overhead rate = Estimated overhead / Direct labor hours
Q: Love International Corp. has renegotiated a restructuring of its 10%, P2 million unsecured note…
A: The notes are repaid in more than one year therefore these are treated as a long-term liability. The…
Q: An installment note payable for a principal amount of $48,000 at 6% interest requires Lawson Company…
A: preparation of an amortization table amount borrowed = 48,000 rate of interest = 6%annually annual…
Q: discussion on why is it important for an estate to have cash and why should selling an estate's…
A: Here discuss about the details of estate tax and its important for the cash liquidity and the…
Q: Subway, the fast food restaurant franchise, recently announced it is bringing back the "$5 Footlong"…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: During the current year, merchandise is sold for $54,400 cash and for $81,400 on account. The cost…
A: The difference between the net sales and cost of goods is called Gross profit. Total sales are…
Q: 1.What are the three primary inventory cost flow assumptions? 2. How is cost of goods sold…
A: Since you have posted multiple questions, we will do the first one for you. To get the other…
Q: Statement of Cash Flows The following is a list of the items to be included in the preparation of…
A: The cash flow statement is prepared to record cash flow from various activities during the period.…
Q: What does operating leverage measure, and how is it computed?
A: Degree of Operating Leverage measures percentage in operating income for a given percentage change…
Q: Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct…
A: The direct material variance is the difference between the standard cost of materials generated by…
Q: From the French Instrument Corporation second-quarter report ended 2018, do a vertical analysis for…
A: Vertical analysis: It implies to a method of analyzing or evaluating the financial statements of a…
Q: 2. At December 31, 2023, Davie Company had the following balances in the accounts it maintains at…
A: Hi student, Since there are multiple questions, we will answer only first question. Since, first…
Q: Prepare adjusting entry for October 31. Show computation. A bank loan amounting to P100,000 was…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On January 1, 2021, Kristine Company acquired 10% of the outstanding voting shares of another…
A: On Jan-01 , 2021 Kristine Company Acquired 10% outstanding Voting shares of another entity On…
1. | Other debt outstanding | |||
10-year, 13% bond, December 31, 2013, interest payable annually | $4,000,000 | |||
6-year, 10% note, dated December 31, 2017, interest payable annually | $1,600,000 | |||
2. | March 1, 2020, expenditure included land costs of $150,000 | |||
3. | Interest revenue earned in 2020 | $49,000 |
(a)
The amount of interest |
$
|
Step by step
Solved in 3 steps with 2 images
- On December 31, 2019, Main Inc. borrowed $3,000,000 at 12% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $360,000; June 1, $600,000; July 1, $1,500,000; December 1, $1,500,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10.year, 13% bond, December 31, 2013, interest payable annually $4,000,000 6-year, 10% note, dated December 31, 2017, interest payable annually $1,600,000 2. March 1, 2020, expenditure included land costs of $150,000 3. Interest revenue earned in 2020 $49,000 Instructions a. Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building. b. Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2020.On December 31, 2019, Nash Inc. borrowed $3,600,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $432,000; June 1, $720,000; July 1, $1,800,000; December 1, $1,800,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually $4,800,000 6-year, 11% note, dated December 31, 2017, interest payable annually $1,920,000 2. March 1, 2020, expenditure included land costs of $180,000 3. Interest revenue earned in 2020 $58,800 Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building. The amount of interest %24On December 31, 2019, Riverbed Inc. borrowed $3,660,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $439,200; June 1, $732,000; July 1, $1,830,000; December 1, $1,830,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually $4,880,000 6-year, 11% note, dated December 31, 2017, interest payable annually $1,952,000 2. March 1, 2020, expenditure included land costs of $183,000 3. Interest revenue earned in 2020 $59,780 Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the…
- On December 31, 2019, Riverbed Inc. borrowed $3,660,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $439,200; June 1, $732,000; July 1, $1,830,000; December 1, $1,830,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually $4,880,000 6-year, 11% note, dated December 31, 2017, interest payable annually $1,952,000 2. March 1, 2020, expenditure included land costs of $183,000 3. Interest revenue earned in 2020 $59,780 Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building. The amount of interest $On December 31, 2019, Pronghorn Inc. borrowed $4,140,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $496,800; June 1, $828,000; July 1, $2,070,000; December 1, $2,070,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually $5,520,000 6-year, 11% note, dated December 31, 2017, interest payable annually $2,208,000 2. March 1, 2020, expenditure included land costs of $207,000 3. Interest revenue earned in 2020 $67,620 (a) Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building. The amount of interest %24On December 31, 2019, Pronghorn Inc. borrowed $4,140,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $496,800; June 1, $828,000; July 1, $2,070,000; December 1, $2,070,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually $5,520,000 6-year, 11% note, dated December 31, 2017, interest payable annually $2,208,000 2. March 1, 2020, expenditure included land costs of $207,000 Interest revenue earned in 2020 $67,620 3.
- On December 31, 2024, Windsor Inc. borrowed $3,480,000 at 12% payable annually to finance the construction of a new building. In 2025, the company made the following expenditures related to this building: March 1, $417,600; June 1, $696,000; July 1, $1,740,000; December 1, $1,740,000. The building was completed in February 2026. Additional information is provided as follows. 1. 2. 3. (a) Other debt outstanding: 10-year, 13% bond, December 31, 2018, interest payable annually 6-year, 10% note, dated December 31, 2022, interest payable annually March 1, 2025, expenditure included land costs of $174,000. Interest revenue of $56,840 earned in 2025. Your answer is correct. Determine the amount of interest to be capitalized in 2025 in relation to the construction of the building. The amount of interest $ $4,640,000 1,856,000 212280On December 31, 2024, Sunland Inc. borrowed $1,080,000 at 13% payable annually to finance the construction of a new building. In 2025, the company made the following expenditures related to this building: June 1, $432,000; July 1, $648,000; September 1, $1,296,000; December 1, $648,000. The building was completed in April 2026. Additional information is provided as follows: 1. 2 (a) Other debt outstanding 10-year, 11% bond, dated December 31, 2018, interest payable annually 15-year, 13% note, dated December 31, 2012, interest payable annually Interest revenue earned in 2025 (b) Your answer is correct. The amount of interest $ Determine the amount of interest to be capitalized in 2025 in relation to the construction of the building. (Round answer to O decimal places, e.g. 5,125.) eTextbook and Media List of Accounts ate Your answer is partially correct. 138,060 $10,800,000 $2,700,000 Account Titles and Explanation $6,480 Prepare the journal entry to record the capitalization of interest…On December 31, 2024, Tamarisk Inc. borrowed $3,960,000 at 13% payable annually to finance the construction of a new building. In 2025, the company made the following expenditures related to this building: March 1, $475,200; June 1, $792,000; July 1, $1,980,000; December 1, $1,980,000. The building was completed in February 2026. Additional information is provided as follows. 1. 2. 3. (a) Other debt outstanding: 10-year, 14% bond, December 31, 2018, interest payable annually 6-year, 11% note, dated December 31, 2022, interest payable annually March 1, 2025, expenditure included land costs of $198,000. Interest revenue of $64,680 earned in 2025. Your answer is correct Determine the amount of interest to be capitalized in 2025 in relation to the construction of the building. The amount of interest $ eTextbook and Media Date Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2025. (Credit account titles are…
- On December 31, 2024, Novak Inc. borrowed $4,500,000 at 12% payable annually to finance the construction of a new building. In 2025, the company made the following expenditures related to this building: March 1, $540,000; June 1, $900,000; July 1, $2,250,000; December 1, $2,250,000. The building was completed in February 2026. Additional information is provided as follows. 1. Other debt outstanding: 10-year, 13% bond, December 31, 2018, interest payable annually 6-year, 10% note, dated December 31, 2022, interest payable annually $6,000,000 2,400,000 2. March 1, 2025, expenditure included land costs of $225,000. 3. Interest revenue of $73,500 earned in 2025. (a) Determine the amount of interest to be capitalized in 2025 in relation to the construction of the building. The amount of interest $ eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer (b) Prepare the journal entry to record the capitalization of interest and the recognition of interest…On December 31, 2024, Crane Inc. borrowed $3,060,000 at 13% payable annually to finance the construction of a new building. In 2025, the company made the following expenditures related to this building: March 1, $367,200; June 1, $612,000; July 1, $1,530,000; December 1, $1,530,000. The building was completed in February 2026. Additional information is provided as follows. 1. 2. 3. (a) Other debt outstanding: 10-year, 14% bond, December 31, 2018, interest payable annually 6-year, 11% note, dated December 31, 2022, interest payable annually March 1, 2025, expenditure included land costs of $153,000. Interest revenue of $49,980 earned in 2025. Determine the amount of interest to be capitalized in 2025 in relation to the construction of the building. The amount of interest $ $4,080,000 1,632,000 taOn December 31, 2024, Oriole Inc. borrowed $4,200,000 at 13% payable annually to finance the construction of a new building. In 2025, the company made the following expenditures related to this building: March 1, $504,000; June 1, $840,000; July 1, $2,100,000; December 1, $2,100,000. The building was completed in February 2026. Additional information is provided as follows. 1. Other debt outstanding: 10-year, 14% bond, December 31, 2018, interest payable annually 6-year, 11% note, dated December 31, 2022, interest payable annually $5,600,000 2,240,000 2. March 1, 2025, expenditure included land costs of $210,000. 3. Interest revenue of $68,600 earned in 2025. (a) (b) Your Answer Correct Answer (Used) Determine the amount of interest to be capitalized in 2025 in relation to the construction of the building. The amount of interest $ 277,550 Your Answer Correct Answer (Used) Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any,…