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Iteru [2.4K]
3 years ago
14

On january 1, zero company obtained a $52,000, 4-year, 6.5% installment note from regional bank. the note requires annual paymen

ts consisting of principal and interest of $15,179, beginning on december 31 of the current year. the december 31, year 1 carrying amount in the amortization table for this installment note will be equal to:
Business
1 answer:
nydimaria [60]3 years ago
8 0
It's either $14,252 or $27,635
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The following items are found in the financial statements.
Oksana_A [137]

Answer:

(a) Discount on bonds payable  ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LIABILITIES

(b) Interest expense (credit balance)  ⇒ WHEN INTEREST EXPENSE IS INCLUDED IN THE INCOME STATEMENT IT HAS A DEBIT BALANCE, WHEN IT HAS A CREDIT BALANCE IT MEANS IT IS A LIABILITY AND MUST BE REPORTED IN THE BALANCE SHEET

(c) Unamortized bond issue costs  ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET, IT IS A CONTRA LIABILITY ACCOUNT

(d) Gain on repurchase of debt  ⇒ SHOULD BE REPORTED IN THE INCOME STATEMENT AS PART OF OTHER GAINS AND LOSSES

(e) Mortgage payable (payable in equal amounts over next 3 years)  ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LIABILITIES (UNDER CURRENT AND LONG TERM LIABILITIES)

(f) Debenture bonds payable (maturing in 5 years) ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LONG TERM LIABILITIES

(g) Notes payable (due in 4 years)  ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LONG TERM LIABILITIES

(h) Premium on bonds payable   ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LIABILITIES (REDUCES BONDS PAYABLE)

(i) Bonds payable (due in 3 years) ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LONG TERM LIABILITIES

5 0
3 years ago
Which of the following is NOT positively associated with transformational leadership, according to research?
HACTEHA [7]

The correct answer is (c) lower levels of internal competition

Transformational leadership can be defined as a leadership approach that causes a change in individual and its social systems. Its main goal is to change an individual in a positive way so that it changes a follower into a leader. The competition at lower levels will increase if an individual will become leader from a follower. If there will be lower levels of internal competition, this is not positively associated with transformational leadership.




3 0
3 years ago
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Refer to the table. what is the total amount of producer surplus (per barrel of oil) earned by all four producers if the market
PolarNik [594]
Hello! Sorry this is a little late.

I believe the correct answer to your question is $87.75.

I hope this helps, and have a great rest of your day!
4 0
3 years ago
Read 2 more answers
Casey Electronics has a piece of machinery that costs $300,000 and is expected to have a useful life of 6 years or 40,000 hours.
kozerog [31]

Answer:

None of the given options.

Depreciation expense for year 1 would be $37,500.

Explanation:

Cost = $400,000

Residual value = $50,000  

Expected hours = 40,000

Working hours (year 1) = 6,000 hours  

Now,  

Depreciation per hour = \frac{Cost-Residual Value}{Expected hours}  

Depreciation per hour = \frac{300,000 - 50,000}{40,000}  

Depreciation per hour = \frac{250,000}{40,000}  

Depreciation per hour = $6.25

Depreciation expense (year 1) = Depreciation per hour × Working hours (year 1)

Depreciation expense (year 1) = $6.25 × 6,000

Depreciation expense (year 1) = $37,500

4 0
3 years ago
Which process is used to select more than half of federal civilian workers?
VMariaS [17]
The appropriate response is civil service examination. Civil service examination will be examinations actualized in different nations for enlistment and admission to the common administration. They are expected as a strategy to accomplish a successful, objective open organization on a legitimacy framework.
8 0
3 years ago
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