Orthopedic Medical Group borrowed $2,100,000 on July 1 , 2012, by issuing a 9% long term note
Question:
Orthopedic Medical Group borrowed $2,100,000 on July 1 , 2012, by issuing a 9% long term note payable that must be paid in three equal annual installments plus interest each July 1 for the next three years.
Requirement
1. Insert the appropriate amounts to show how Orthopedic would report its current and long-termliabilities.
Transcribed Image Text:
20125 December 31 2013 | 2014 Current Liabilities: Current Portion of Long-Term Note Payable S Interest Payable Long-Term Liabilities: Long-Term Note Payable
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
December 31 2012 2013 2014 Current Liabilities Current Portion of Longterm Note ...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
For the next 15 years Andre expects to earn 12% compounded monthly on the Retirement Savings Plan (RSP) that he is starting. For the subsequent 10 years he expects a return of 7% compounded annually....
-
Siyabonga R5 000 which must be paid in three months' time and R2 000 which must be paid in six months' time. Kagiso offers to pay R3 000 immediately if he can pay the balance in one years' time....
-
On July 1 2012 Daveco purchases a new power hammer for $25,000. It is expected that the hammer will be used for $12,000 hours over the next ten years before sold off for $1,000 in salvage. The hammer...
-
The profit before tax as reflected in the draft statement of comprehensive income of Sword Limited for the financial years ended 31 December 2020 and 31 December 2021 respectively was as follows:...
-
Use Newton's method to solve |x| = 0 (the solution is 0). This is the square root of the absolute value of x. Why does the method fail? As mentioned in the text, although Newton's method works...
-
Thomas worked at a Sherwin-Williams paint store that James managed. Thomas and James had a falling out when, according to Thomas, "a relationship began to bloom between Thomas and one of the young...
-
Consider the tubular reactor to saponify ethyl acetate with sodium hydroxide in Example 15.1. (a) Assuming plug flow and perfect radial mixing, determine the length of the reactor to convert \(50...
-
The perpetual inventory records of the Park Company indicate the following transactions in the month of June: Required Compute the cost of goods sold for June and the inventory at the end of June,...
-
Discuss at least two reasons why job analysis is often described as the foundation of human resources management. Provide specific examples to support.
-
Consider the weather Example 11.5.1, discussed earlier. The meteorologists prediction record over the past 15 days is as follows: (a) Assuming a uniform distribution for the states of nature, obtain...
-
Adams Machine Tool, Inc., issued $350,000 of 10-year, 5% bonds payable on January 1. Adams Machine Tool, Inc., pays interest each January 1 and July 1 and amortizes any discount or premium by the...
-
At December 31, 2012, Couture Drapes owes $51,000 on accounts payable, plus salaries payable of $15,000 and income tax payable of $13,000. Couture Drapes also has $250,000 of notes payable that...
-
On September 1 of the current year, Mario irrevocably transfers a $100,000 whole life insurance policy on his life to Mario, Jr. as owner. On September 1, the policys interpolated terminal reserve is...
-
Provide your opinion as to how information technology can be very helpful to, but also can detract from, operational performance and efficiency. propose at least two examples of efforts that should...
-
1. What are some of the messages you received during your childhood about being/becoming a boy/man or a girl/woman in a Mexican household? 2. What were some of the positive aspects of getting those...
-
The circuit shown in Figure 1 is a 4-input inverting adder circuit, which is similar to the example that we covered in lecture. Answer the following questions: a) Using the "Golden Rules" and KCL,...
-
According to the Privacy Act 1988 and the Information Privacy Principles (IPPs), a person is entitled to have personal information protected. Explain how the legislation and IPPs apply to the...
-
1. What can charisma do for you? 2. What are the characteristics of charisma? 3. What are the clues of power? 4. What inhibits power? 5. How do you dismantle the 'imposter' syndrome? 6. Why are the...
-
Which Greek philosopher argued that matter is continuous in 350 B.C.?
-
Determine which of the following limits exist. Compute the limits that exist. lim x-0 1- + 3x X
-
For the following transactions write up the purchases day book and post the details to the relevant accounts in the ledgers. 2012 March 2 J Austen March 6 P Chang March 9 L Martins March 18 L Martins...
-
Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry. (a) Building (b) Cash (c) Interest Payable (d) Miscellaneous Expense (e) Nath Luken,...
-
Classify the following items as (1) Prepaid expense, (2) Unearned revenue, (3) Accrued revenue, or (4) Accrued expense. (a) Cash received for use of land next month (b) Fees earned but not received...
-
Classify the following items as (1) Prepaid expense, (2) Unearned revenue, (3) Accrued revenue, or (4) Accrued expense. (a) Cash received for services not yet (b) Insurance paid (c) Rent revenue...
-
Discuss with examples about financial innovation& how it develops banking industry?
-
Elaborate with real world examples about different financial markets that contributed towards growth of financial sector?
-
The following statement of financial position is for the partnership of Able, Brown, and Crown at November 1, 2018. Assets Liabilities Cash $ 20,000 Accounts payable $ 50,000 Other assets 180,000...
Study smarter with the SolutionInn App