Marigold Corporation issued a one-year, 10%, $354000 note on April 30, 2022. Interest expense for the year ended December 31, 2022 was O $26550. O $35400. O $20650. O $23600.
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- On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight years. What is the amount of the current portion of the noncurrent note payable due in the second year? A. $800 B. $1,000 C. $500 D. nothing, since this is a noncurrent note payableOn August 15, 2022, Pharoah Company signs a $248000, 7%, twelve-month note payable. Which of the following entries correctly records the accrued interest on December 31, 2022? Dr Interest Expense $5786.67 Cr Interest Payable $5786.67 Dr Interest Expense $10850.00 Cr Interest Payable $10850.00 Dr Interest Expense $17360.00 Cr Interest Payable $17360.00 Dr Interest Expense $6510.00 Cr Interest Payable $6510.00
- On March 1, 2024, Lewis Services issued a 10% long - term notes payable for $24,000. It is payable over a 6– year term in $4000 principal installments on March 1 of each year, beginning March 1, 2025. Which of the following entries needs to be made on March 1, 2024? O A. Current Portion of Long - Term Notes Payable Long- Term Notes Payable 24,000 24,000 O B. Long - Term Notes Payable Accounts Payable 24,000 24,000 O C. Long - Term Notes Payable 4000 Cash 4000 O D. Cash 24,000 Long - Term Notes Payable 24,000On September 30, 2022 World Company borrowed P1, 000, 000 on a 9% note payable. The entity paid the first of four quarterly payments of P264, 200 when due on December 31, 2022. 1. What amount should be reported as interest expense for 2022? A. 90, 000 В. 22,500 C. 67,500 D. 30,000 2. On December 31, 2022, what is the carrying amount of the note payable? A. 758, 300 В. 750, 000 С. 825, 800 D. 735, 800On November 1, 2018, A-1 Products borrowed $64,000 on a 5%, 5-year note with annual installment payments of $12,800 plus interest due on November 1 of each succeeding year. On November 1, 2020, what is the balance of the Long-Term Notes Payable account? (Round your answer to nearest whole number.) OA. $38,400 OB. $64,000 OC. $12,800 O D. $51,200
- On December 1, 2024 Modern Deing Products borrowed $97,000 on a 0% 10-year note with annual installment payments of $9 700 plus interest due on December 1 of each succeeding year On December 1. the principal was recorded as a What amount of the nole will be shown as portion of 20247 (Round your answer to nearest whole number) Nole Payable on OA $19,400 OB $15.500 OC. $9,700 OD $5,820On January 1, 2022, AA Company received a 5%, P10,000,000, note collectible in installment plus interest every December 31 of each year until December 31, 2025. The note is collectible in principal as follows: December 31, 2022 P1,000,000 December 31, 2023 2,000,000 December 31, 2024 3,000,000 December 31, 2025 4,000,000 The interest effective on January 1, 2022 is at 3%, on December 31, 2022 is at 4%. How much is the carrying value of the note on December 31, 2022?On Jan. 1, 2020, EC Company reported a note payable of P 1,200,000. The note is dated Oct. 1, 2019, bears interest at 12% and is payable in three equal annual payments of P 400,000. The first interest and principal payment was made on Oct. 1, 2020. What amount should be reported as interest expense for 2020? *a. P 30,000b. P 132,000c. P 165,000d. P 180,000
- Company A received a 5-year Non-interest bearing note payable to Company A on December 31, 2024, P 5,000,000. The market interest rate for this type of transaction is 12%. What is the amount that shall be reported on the statement of financial position on December 31, 2022, as Notes Receivable (net of discount or premium)?On January 1, 2021, Aloha Co. received the following note: Face amount P 1,000,000 Effective interest 18% Stated interest 0% The note is due in four equal annual installments. The first installment is due on December 31, 2021. The interest income to be recognized in the statement of financial performance for the year 2022 is _______? . Do not round off your present value factors but round off your final answer to two decimal places.On January 1, 2021, Biliran Company received a 5%, P10,000,000, note collectible in installment plus interest every December 31 of each year until December 31, 2024. The note is collectible in principal as follows: December 31, 2021 P1,000,000 December 31, 2022 2,000,000 December 31, 2023 3,000,000 December 31, 2024 4,000,000 The interest effective on January 1, 2021 is at 3%, on December 31, 2021 is at 4%. How much is the carrying value of the note on December 31, 2021? How much of the carrying value of the note receivable is reported as non-current as of December 31, 2022?
