Trayer Company obtains $20,000 in cash by signing a 9%, 6-month, $20,000 note payable to First Bank

Question:

Trayer Company obtains $20,000 in cash by signing a 9%, 6-month, $20,000 note payable to First Bank on July 1. Trayer’s fiscal year ends on September 30. What information should be reported for the note payable in the annual financial statements?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting Tools for Business Decision Making

ISBN: 978-1118128169

5th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

See More Books

Question Posted: Apr 07, 2014 11:06 AM

See More Questions

Karelian Bear Dog, Inc. had 500,000 shares of common stock and 10,000 shares of 8%, $100 par, preferred stock outstanding on December 31, 2013. The preferred stock is cumulative, nonconvertible...
Delhi Company obtains Rs400,000 is cash by signing a July 1. Fredericksons fiscal year ends on September 30. What information should be reported for the note payable in the annual financial...
What purpose do client files serve? What information should be included in a client file?
The data below provides weekly sales for the past 12 weeks (weeks 21-32). Week Sales 21 4,000 22 3,655 23 3,958 24 3,983 25 4,538 26 4,120 27 4,692 28 4,421 29 4,859 30 5,030 31 5,540 32 5,670 Use a...
Let T: P2 P2 be the linear transformation defined by T(p(x)) = xp'(x). (a) Which, if any, of the following polynomials are in ker( T)? (i) 1 (ii) x (iii) x2 (b) Which, if any, of the polynomials in...
Outline the steps in developing a research proposal.
An 800-kg car moving at $108 \mathrm{~km} / \mathrm{hr}$ hits and gets entangled with a large truck of inertia $10,000 \mathrm{~kg}$ initially at rest. What is the kinetic energy of the wreckage?...
Suppose you have been presented with selected information taken from the financial statements of Southwest Airlines Co., shown below. Instructions (a) Calculate each of the following ratios for 2014...
Question 2 Abantu Ltd, a textile manufacturing company in Bungoma, recently introduced a compensation programme for its employees. As a human resource specialist, explain what prompted the firm to...
Colby Limited is a manufacturing company whose total factory overhead costs fluctuate somewhat from year to year, according to the number of machine-hours worked in its production facility. These...
Peggy Jantzen believes a current liability is a debt that can be expected to be paid in one year. Is Peggy correct? Explain.
Dakota University sold 9,000 season football tickets at $100 each for its five-game home schedule. What entries should be made. (a) When the tickets are sold and (b) After each game?
You have synthesized an oligopeptide containing an RGD sequence surrounded by other amino acids. What is the effect of this peptide when added to a fibroblast cell culture grown on a layer of...
Answer each of the following questions. Model each problem with input cells to allow for flexibility in answering similar questions. Interest rates are stated as simple annual rates. 1. If you invest...
An annuity certain is payable monthly in advance for 40 years. The annuity is to be paid at the rate of 100 pa for the first 20 years, 120 pa for the next 5 years and 200 pa for the last 15 years....
After graduating from college in May 2018, Ryan Crews started his career in finance at the W&T Corporation, a small- to medium-sized warehouse distributor in Nashville, Tennessee. The company was...
What an example STAR (Situation, Task, Action, Result.) question for a Accounting example on how there was a time when you had a disagreement with someone. As for context use a excel project?
Find a trade (amount of wine exchanged for amount cheese) that makes both countries better off in both goods relative to when no trade was allowed. What is the consumption point in each country with...
A first-order reaction (A B) has a half-life of 25 minutes. If the initial concentration of A is 0.300 M, what is the concentration of B after 50 minutes? (a) 0.300 M (b) 0.225 M (c) 0.150 M (d)...
What are some of the various ways to implement an awareness program?
3L Communications (3L) is a merchant that sells high-end optical telecommunications equipment. Jodi Merola is a sole proprietor doing business as NY Telecom Supply (Merola). In summary, 3L entered...
Leffler Company is considering purchasing equipment. The equipment will produce the following cash flows: Year 1, $38,000; Year 2, $40,000; and Year 3, $50,000. Leffler requires a minimum rate of...
If Colleen Mooney invests $4,172.65 now and she will receive $10,000 at the end of 15 years, what annual rate of interest will Colleen earn on her investment?
Wayne Kurt has been offered the opportunity of investing $25,490 now. The investment will earn 10% per year and at the end of that time will return Wayne $80,000. How many years must Wayne wait to...
A farmer wonders if his crops grow better in sun or in shade. He measures the amount of fruit gathered from a sample of 50 trees growing in full sun and from a sample of 50 trees growing in mostly...
Consider the diagram. Determine the length of AC to the nearest cm. Determine the length of DC to the nearest cm. 28 38 A 224 cm 789 B
Use this picture to answer the following questions. 10 18 16. 3 AB=10 AC=16 AD=22 AE=15 BC-17 BD=18 15 BE=25 CD=26 CE=8 DE=11 Find the Nearest Neighbor Circuit for each vertex. Also give the weight...

Trayer Company obtains $20,000 in cash by signing a 9%, 6-month, $20,000 note payable to First Bank

Question:

Step by Step Answer:

Cash obtained 20000 Note payable 9 Time 312 Note payable in annual finan...View the full answer

Accounting Tools for Business Decision Making

Students also viewed these Accounting questions