On June 30, 2015, Nature Bank loaned $2,000,000 to Gary Simon on a one-year, 7% note. Requirements
Question:
On June 30, 2015, Nature Bank loaned $2,000,000 to Gary Simon on a one-year, 7% note.
Requirements
1. Compute the interest for the years ended December 31, 2015 and 2016, on the Simon note.
2. Which party has
a. A note receivable?
b. A note payable?
c. Interest revenue?
d. Interest expense?
3. How much in total would Simon pay the bank if he pays off the note early-say, on January 31, 2016?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
Req 1 Interest for 2015 2000000 x 007 x 612 70000 2016 2000000 x 00...View the full answer
Answered By
Nazrin Ziad
I am a post graduate in Zoology with specialization in Entomology.I also have a Bachelor degree in Education.I posess more than 10 years of teaching as well as tutoring experience.I have done a project on histopathological analysis on alcohol treated liver of Albino Mice.
I can deal with every field under Biology from basic to advanced level.I can also guide you for your project works related to biological subjects other than tutoring.You can also seek my help for cracking competitive exams with biology as one of the subjects.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0133375534
2nd Canadian edition
Authors: Jeffrey Waybright, Robert Kemp, Sherif Elbarrad
Question Posted:
Students also viewed these Accounting questions
-
On September 30, 2012, Citibank loaned $800,000 to George Wells on a one-year, 9% note. Requirements 1. Compute the interest for the years ended December 31, 2012 and 2013, on the Wells note. 2....
-
On July 31, 2012, Nature Bank loaned $1,250,000 to Gill Harrison on a one-year, 5% note. Requirements 1. Compute the interest for the years ended December 31, 2012 and 2013, on the Harrison note. 2....
-
On April 30, 2013, Scotiabank loaned $100,000 to Grant Hughes on a one-year, 6% note. Requirements 1. Compute the interest for the years ended December 31, 2013 and 2014, on the Hughes note. 2. Which...
-
The LEGO company is a perfect example of planning. They carefully crafted the name from two phrases into one word. Besides the name, they also planned how they would make the bricks fit into one...
-
If z = 3 j4, fine the value of ez.
-
Explain McCausland's interpretation of Matthew's use of Scripture. what evidence does he offer to support his interpretation? 2. Select any one of the cases of Matthew's use of Scripture presented by...
-
Selected account balances for Jills Java at the end of the month are listed below in random order: Identify or compute the following amounts for Jills Java: a. Total current assets b. Total current...
-
A study was made by a retail merchant to determine the relation between weekly advertising expenditures and sales. The following data were recorded:(a) Plot a scatter diagram.(b) Find the equation of...
-
A company is adding an additional machine to increase its operating capacity. The installed cost of this machine is $1,200,000. As utilization of the new machine ramps up, the company will see...
-
The directors of Mylo Ltd. are currently considering two mutually exclusive investment projects. Both projects are concerned with the purchase of a new plant. The following data are available for...
-
Vihn Luggage Manufacturing began operations on January 1, 2015. During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections, and...
-
The Bailey Insurance Agency received the following notes during 2015: Requirements 1. Identifying each note by number, compute interest using a 360-day year, and determine the due date and maturity...
-
The energy of a photon is 4.10 1019 J. What is the wavelength of the corresponding light? What is the color of this light?
-
Company began operations at the beginning of 2015. The following information pertains to this company. 1. Pretax financial income for 2015 is 100,000. 2. The tax rate enacted for 2015 and future...
-
On January 1, 2015, Palmer Company leased equipment to Immelman Corporation. The following information pertains to this lease. 1. The term of the non-cancelable lease is 6 years, with no renewal...
-
Tan Corporation issued HK\($600\),000,000 of 7% bonds on November 1, 2015, for HK\($644\),636,000. The bonds were dated November 1, 2015, and mature in 10 years, with interest payable each May 1 and...
-
You are the independent auditor engaged to audit Millay Corporations December 31, 2015, financial statements. Millay manufactures household appliances. During the course of your audit, you discovered...
-
CHN) reported the following in a recent annual report (in millions). Compute Cathay Pacifics pension expense. Service cost Interest on DBO Interest revenue on plan assets HK$316 342 371
-
Midlands Inc. had a bad year in 2019. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 80,000 units of product: net...
-
A sprinkler head malfunctions at midfield in an NFL football field. The puddle of water forms a circular pattern around the sprinkler head with a radius in yards that grows as a function of time, in...
-
Identify each of the following as relating to (a) The control environment, (b) Control procedures, or (c) Monitoring. 1. Hiring of external auditors to review the adequacy of controls 2. Personnel...
-
The following items may appear on a bank statement: 1. Bank correction of an error from posting another customer's check to the company's account 2. EFT deposit 3. Loan proceeds 4. NSF check Using...
-
Prepare journal entries for each of the following: a. Issued a check to establish a petty cash fund of $500. b. The amount of cash in the petty cash fund is $140. Issued a check to replenish the...
-
Prepare the operating activities section of the SCF for the Bessdoon Restaurant using the indirect method. Income Statement Sales Depreciation Other expenses Operating income Loss on sale of...
-
Gilly is the PFO of Petro, Incorporated. This year, Gilly\'s compensation package was $ 7 3 8 , 0 0 0 , which included $ 6 1 5 , 0 0 0 salary and an accrued, unfunded liability to pay the $ 1 2 3 , 0...
-
The cost analyst for Sheffer Systems collected the following data concerning direct materials: Actual production Direct materials purchased (actual) Standard cost of materials purchased Standard...
Study smarter with the SolutionInn App