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mash [69]
3 years ago
8

U Co. had cash purchases and payments on account during the current year totaling $455,000. U's beginning and ending accounts pa

yable balances for the year were $64,000 and $50,000, respectively. What amount represents U's accrual-basis purchases for the year?
Business
1 answer:
Troyanec [42]3 years ago
3 0

Answer:

$441,000

Explanation:

The U Co. accrual- basis purchases for the current year can be determined using the following mentioned formula:

Accrual basis purchases=ending accounts payable balance+Cash paid for purchases during the current year-opening accounts payable balance

Accrual basis purchases=$50,000+$455,000-$64,000=$441,000

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On January 1, 2017, MM Co. borrows $350,000 cash from a bank and in return signs an 4% installment note for five annual payments
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Answer:

a. Journal entry to record the issue of notes

Date           Account Title & Explanation   Debit $        Credit $

Jan 1          Cash                                           350,000

                 Notes Payable                                                350,000

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b. Calculation of Interest Expenses

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Beginning balance of loan payment         350,000

Annual interest rate                                          4%

Interest expenses                                         14,000

Hence the interest expenses = $14,000

Principal amount is calculated as the difference between the annual payment and the interest expenses as seen below

                   Particulars                           Amount $

Annual payment                                      96,590

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Principal Payment                                  82,590

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The federal funds rate is the interest rate that banks charge one another for short-term (typically overnight) loans. When the F
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6 0
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