On June 30, Year 3, Perez Company's total current assets were $495,500 and its total current liabilities were $272,500. On July 1, Year 3, Perez issued a short-term note to a bank for $41,200 cash. Required a. Compute Perez's working capital before and after issuing the note. b. Compute Perez's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) Before the Transaction After the Transaction a. Working capital b. Current ratio
Q: Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent…
A: Interest expense is an expense which is reported on expense side under the statement of profit or…
Q: The following notes receivable transactions occurred for Harris Company during the last three months…
A: Notes receivable: It is a written document by which the other person promises to pay a certain…
Q: On May 1, Year 1, Benz's Sandwich Shop loaned $10,000 to Mark Henry for one year at 6 percent…
A: Workings. a) Given, Loan Amount=$10000,Interest Rate=6%,Time=8 months(i.e. from May to December)…
Q: On October 1, 2010, the company deposits 12.000 TL in a bank account for 1 year at 10%. Which entry…
A: Accrued revenues are those revenues which are earned but not received in the business. These are…
Q: The adiusted trial balance data given below is from Cameron White Company's worksheet for the year…
A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…
Q: the year ended as on 31st December 2020 (Amounts are in 000’ OMR) PARTICULARS OMR Interest on…
A: Correct option is D.deducted in other comprehensive income
Q: Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent…
A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 6 percent…
A: The interest amount is obtained when the loan amount is multiplied by the interest rate. Interest…
Q: On the basis of the following data related to assets due within one year for Simons Co. prepare…
A: Balance sheet is a financial statement which shows the position of a firm at a particular point of…
Q: The following balances have been excerpted from Chlorine's Statement of Financial Position for the…
A: SOLUTION- FORMULAS 1- TOTAL GROSS SALES ON ACCOUNT = TOTAL GROSS SALES - CASH SALES . 2-TOTAL NET…
Q: Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are…
A: Non - Interest Income - It is type of bank's income which derives from the various fees charge to…
Q: On November 1, Lee Corporation borrowed 10,000 by signing a six-month 5% bank loan payable. On this…
A: When a loan is borrowed which is a liability, Loan Payable A/c will be credited by the amount of the…
Q: On May 15, Wild Quest Clothiers borrowed some money on a 4-month note to provide cash during the…
A: Note is a financial instrument which is used to make financial transactions. A note receivable is an…
Q: Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent…
A: Principal is the amount lent to a person by another person for a return of benefit called as…
Q: On October 1, 2010, the company deposits 36.000 TL in a bank account for 1 year at 5%. Which entry…
A: Step 1 Calculation of Accrued Interest revenue for 3 months Accrued Interest for…
Q: On June 30, Year 3, Rundle Company's total current assets were $497,500 and its total current…
A: Ratio analysis means where different ratio of various years of years companies has been compared and…
Q: Company received from a customer a one-year, P500,000 note bearing annual interest of 8%. After…
A: Notes Receivable is an instrument that is evidence of a debt and makes an obligation on the issuer…
Q: On June 30, Year 3, Franklin Company's total current assets were $496,000 and its total current…
A: Total current assets after issuing the note =Total current assets before issuing the note + Cash…
Q: On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 7 percent…
A: a. Interest income = Loan amount x interest rate x no. of months/12 = $12000*7%*8/12 = $560
Q: On June 30, Year 3, Franza Company’s total current assets were $900,000 and its total current…
A: Solution.... (a).After issuing of notes Current assets = $900,000 Current liabilities =…
Q: On June 30, Year 3, Munoz Company's total current assets were $499,500 and its total current…
A: Before transaction Working capital = current assets - current liabilities = 499500 - 272000 = 227500…
Q: The following balances have been excerpted from Chlorine's Statement of Financial Position for the…
A: The money left over after deducting the costs of producing a product or providing a service is known…
Q: On June 30, Year 3, Franza Company’s total current assets were $900,000 and its total current…
A: Formulas: Working Capital = Total Current assets - Total Current liabilities Current ratio = Total…
Q: On December 31 year-end, Crain Corporation has an $8,400 note receivable from a customer. The…
A: A note receivable is a document which is written promise made which indicates an amount to be…
Q: On June 30, 2018, Munoz Company’s total current assets were $503,500 and its total current…
A: Working capital = Current assets - Current liabilities Current ratio = Current assets / Current…
Q: The following balances have been excerpted from Chlorine's Statement of Financial Position for the…
A: 1. Gross sales on account = Accounts receivable, increase + Accounts written-off + Cash received…
Q: On October 1, 2010, the company deposits 12.000 TL in a bank account for 1 year at 10%. Which entry…
A: Interest Revenue = Deposit amount * Rate * Period
Q: abardeen corporation borrowed 58,000 from the bank on october 1, year 1. the note had a 4 percent…
A: d. Compute the total amount of cash (principal and interest) that was paid to bank on March 31, Year…
Q: How much interest receivable is reported on the December 31, 20x2 statement of financial position
A: Given face value as on Jan 1, 20x1 = P1200000 Interest rate = 10% Given Interest are net due as on…
Q: a. Prepare journal entries (in general journal form) to record the above transactions. Use a 360-day…
A: Notes payable: Notes Payable is a written promise to pay a certain amount on a future date, with…
Q: On October 31, 2021, Bundle Company engaged in the following transactions: (1) Obtained a P500,000,…
A: Company B obtained P 500,000, six month loan from city bank that discounted at 12%. So, the amount…
Q: Abardeen Corporation borrowed $90,000 from the bank on October 1, Year 1. The note had an 8 percent…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: The journal entry on December 31 would consist of a debit to Notes Payable for $10,000, debit to…
A: Notes payable: Notes payable can be defined as the promissory note in which one party promises other…
Q: Presented below are the receivables of One Time Big Time Corporation as of December 31, 2018. Mr. A…
A:
Q: The following balances have been excerpted from Chlorine's Statement of Financial Position for the…
A: Account payable means the amount owed by business to outsider for the goods received and services…
Q: abardeen corporation borrowed 58,000 from the bank on october 1, year 1. The note had a 4 percent…
A: Note payable: Note payable refers to the liability of the business, as business borrow money against…
Q: Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are…
A: Since you have asked many multipart questions, we are answering the first three parts. To get the…
Q: Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent…
A: Interest:- An interest is the compulsory charge which is paid by the borrower to the lender of money…
Q: On June 30, Year 3, Rundle Company's total current assets were $501,000 and its total current…
A: 1. WORKING CAPITAL : = ( CURRENT ASSET - CURRENT LIABILITIES ) 2. CURRENT RATIO : = ( CURRENT ASSET…
Q: On November 16, Bell borrowed $10,000 from Graham and gave a 90-day, 12% note. On December 31, the…
A: As of the end of accounting period, the company that has lent money needs to record interest on a…
Q: On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 6 percent…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: On June 30, Year 3, Franklin Company's total current assets were $500,500 and its total current…
A: The ratio analysis helps to analyze the financial statements of the business. The current ratio anf…
Q: Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are…
A:
Q: On June 30, Year 3, Solomon Company's total current assets were $497,500 and its total current…
A:
Q: Muscat Company borrowed OMR100,000 from the bank signing a 12 %, 3-month note on January 1. the…
A: Interest accrued on March 31= Face value of note x rate of interest x no. of months / 12 =…
Q: January, Lily Bhd sold goods at a quoted price of RM10,000 with a credit term of 2/10, net 90. Show…
A: credit term of 2/10, net 90 means credit is allowed for 90 days. If the payment will receive within…
Practice Help
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- On June 30, Year 3, Benson Company's total current assets were $501,500 and its total current liabilities were $274,500. On July 1, Year 3, Benson issued a short-term note to a bank for $39,200 cash. Required a. Compute Benson's working capital before and after issuing the note. b. Compute Benson's current ratio before and after issuing the note. Note: Round your answers to 2 decimal places. a. Working capital b. Current ratio Before the Transaction After the TransactionOn June 30, Year 3, Franklin Company's total current assets were $495,000 and its total current liabilities were $275,000. On July 1, Year 3, Franklin issued a short-term note to a bank for $41,000 cash. Required a. Compute Franklin's working capital before and after issuing the note. b. Compute Franklin's current ratio before and after issuing the note. Note: Round your answers to 2 decimal places. a. Working capital b. Current ratio Before the Transaction After the TransactionOn June 30, Year 3, Franklin Company's total current assets were $500,500 and its total current liabilities were $275,500. On July 1, Year 3, Franklin issued a short-term note to a bank for $39,400 cash. Required a. Compute Franklin's working capital before and after issuing the note. b. Compute Franklin's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) a. Working capital b. Current ratio Before the transaction After the transaction
- On June 30, Year 3, Munoz Company's total current assets were $499,500 and its total current liabilities were $272.000. On July 1, Year 3, Munoz issued a long-term note to a bank for $38.200 cash. Required a. Compute Munoz's working capital before and after issuing the note. b. Compute Munoz's current ratio before and after issuing the note. (Round your answers to 1 decimal place.) Belore the transaction After the transaction Working capital Current ratioOn June 30, Year 3, Solomon Company's total current assets were $497,500 and its total current liabilities were $270,000. On July 1. Year 3, Solomon issued a long-term note to a bank for $41,000 cash. Required a. Compute Solomon's working capital before and after issuing the note. b. Compute Solomon's current ratio before and after issuing the note. (Round your answers to 1 decimal place.) Before the transaction After the transaction a. Working capital b. Current ratio MacBook Air 80 88 DII DD F2 F3 F6 F7 F8 F9 F10 F11 @ # $ & 2 3 4 7 8 W E Y 0 P S D G H J K CV N M %3D ROn June 30, Year 3, Franza Company’s total current assets were $900,000 and its total current liabilities were $360,000. On July 1, Year 3, Franza issued a long-term note to a bank for $72,000 cash. Requireda. Compute Franza’s working capital before and after issuing the note.b. Compute Franza’s current ratio before and after issuing the note. (Round your answers to 1 decimal place.)
- On June 30, Year 3, Franza Company’s total current assets were $900,000 and its total current liabilities were $360,000. On July 1, Year 3, Franza issued a short-term note to a bank for $72,000 cash. Requireda. Compute Franza’s working capital before and after issuing the note.b. Compute Franza’s current ratio before and after issuing the note. (Round your answers to 2 decimal places.)On June 30, Year 3, Franklin Company's total current assets were $496,000 and its total current liabilities were $272,500. On July 1, Year 3, Franklin issued a short-term note to a bank for $40,400 cash. Required a. Compute Franklin's working capital before and after issuing the note. b. Compute Franklin's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) After the transaction Before the transaction Working capital а. b. Current ratioOn June 30, Year 3, Rundle Company's total current assets were $501,000 and its total current liabilities were $274,000. On July 1, Year 3, Rundle issued a short-term note to a bank for $39,400 cash. Required a. Compute Rundle's working capital before and after issuing the note. b. Compute Rundle's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) Before the After the transaction transaction a. Working capital b. Current ratio MacBook Air 80 DII DD F2 F3 F4 F5 F6 F7 F8 F9 F10 23 2$ & * 3 4 6. 7 E R Y D F G H J K この * CO
- Abardeen Corporation borrowed $118,000 from the bank on October 1, Year 1. The note had an 6 percent annual rate of interest and matured on March 31, Year 2. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in Year 1? b. What amount of interest expense was recognized on the Year 1 income statement? Note: Do not round intermediate calculations. Round your answer to the nearest dollar amount. c. What amount of total liabilities was reported on the December 31, Year 1, balance sheet? Note: Do not round intermediate calculations. Round your answer to the nearest dollar amount. d. What total amount of cash was paid to the bank on March 31, Year 2, for principal and interest? e. What amount of interest expense was reported on the Year 2 income statement? Note: Do not rbund intermediate calculations. Round your answer to the nearest dollar amount. a. Amount of cash paid b. Interest expense c. Total liabilities d.…Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent annual rate of interest and matured on March 31, Year 2. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in Year 1? b. What amount of interest expense was recognized on the Year 1 income statement? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) c. What amount of total liabilities was reported on the December 31, Year 1, balance sheet? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) d. What total amount of cash was paid to the bank on March 31, Year 2, for principal and interest? e. What amount of interest expense was reported on the Year 2 income statement? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) a. Amount of cash paid b. Interest expense c. Total liabilities d. Amount of cash…Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent annual rate of interest and matured on March 31, Year 2. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in Year 1? b. What amount of interest expense was recognized on the Year 1 income statement? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) c. What amount of total liabilities was reported on the December 31, Year 1, balance sheet? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) d. What total amount of cash was paid to the bank on March 31, Year 2, for principal and interest? e. What amount of interest expense was reported on the Year 2 income statement? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) a. Amount of cash paid $ b. Interest expense $ 1,050 Total liabilities $ 106,050 C.…