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photoshop1234 [79]
3 years ago
5

Blossom Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During

the last part of 2022, Blossom had the following transactions related to notes payable.
Sept. 1 Issued a $16,800 note to Pippen to purchase inventory. The 3-month note payable bears interest of 8% and is due December 1. (Blossom uses a perpetual inventory system.)
Sept. 30 Recorded accrued interest for the Pippen note.
Oct. 1 Issued a $21,600, 9%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1.
Oct. 31 Recorded accrued interest for the Pippen note and the Prime Bank note.
Nov. 1 Issued a $26,400 note and paid $8,800 cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of 7% and matures in 12 months.
Nov. 30 Recorded accrued intererest for the Pippen note, the Prime Bank note, and the vehicle note.
Dec. 1 Paid principal and interest on the Pippen note.
Dec. 31 Recorded accrued interest for the Prime Bank note and the vehicle note.
A. Prepare journal entries for the transactions noted above.
B. Show the balance sheet presentation of notes payable and interest payable at December 31.
Business
1 answer:
shutvik [7]3 years ago
4 0

Answer:

Prepare journal entries for the transactions noted above.

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expensed as incurred

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A sample of gas occupies 575 ml at 1.50 atm and 125 degrees celsius. if temperature is changed to 20 degrees celsius and volume
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A sample of gas occupies 575 ml at 1.50 atm and 125 degrees Celsius. If the temperature is changed to 20 degrees Celsius and the volume is changed to 0.300 L. The will be a new pressure at 2.12 atm.

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V₁ = 0.575L

P₁ =1. So atm.

T₁ =125 + 273=398 k

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P₂ =?

T₂ = 20 +273= 293K

P1XV 1=T2

1.50 X 0.575 lit=398 K

P2 x 0.300 lit =293K

1-50 atm x 293KX 0.575 lit

0. 300 lit X 396 K

P₂ =2.1165 atm

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Lynn will receive $63,754 at the end of 8 years.

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Using following formula of future value to calculate the required interest rate.

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PV  = Present value = $40,000

n = number of years = 8 years

r = Interest rate = 6%

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8 0
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