4 5 Miso Corp. borrowed $575,000 from the bank on August 1, 2024. The note had...

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4 5 Miso Corp. borrowed $575,000 from the bank on August 1, 2024. The note had an 4 percent annual rate of interest and matured on April 30, 2025. Interest and principal were paid in cash on the maturity date. a Required a. What amount of cash did Miso pay for interest in 2024? b. What amount of interest expense was recognized on the December 31, 2024 (year end) income statement? c. What amount of total liabilities was reported on the December 31, 2024, balance sheet? d. What total amount of cash was paid to the bank on April 30, 2025, for principal and interest? e. What amount of interest expense was reported on the Year 2 income statement? a 2024 Interest Paid b 2024 Interest Expense c 2024 Liabilities d 2025 Cash Paid e 2025 Interest Expense The following selected transactions apply to White House Solutions for November and December of 2025. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. Make all entries to 2 decimal places. 1. Cash sales for November 2025 were $70,500, plus sales tax of 3.5 percent. 2. White House Solutions paid the November sales tax to the state agency on December 10, 2025. 3. Cash sales for December 2025 were $61,000, plus sales tax of 3.5 percent. Required a. Show the effect of the preceding transactions in a horizontal statements model. b. What was the total amount of sales tax paid in 2025? c. What was the total amount of sales tax collected in 2025? ACCOUN T 1 2 3 ASSETS Cash ####### 2 points 2 points 2 points 2 points 2 points b 2025 Sales Tax Paid c 2025 sales Tax Collected LIABILITIES AP 2,000.00 EQUITY sales tax Retained Common payable Earnings Stock ####### 2 points 2 points REVENUE EXPENSE NET INC CF 4 points 4 points 4 points 4 5 Miso Corp. borrowed $575,000 from the bank on August 1, 2024. The note had an 4 percent annual rate of interest and matured on April 30, 2025. Interest and principal were paid in cash on the maturity date. a Required a. What amount of cash did Miso pay for interest in 2024? b. What amount of interest expense was recognized on the December 31, 2024 (year end) income statement? c. What amount of total liabilities was reported on the December 31, 2024, balance sheet? d. What total amount of cash was paid to the bank on April 30, 2025, for principal and interest? e. What amount of interest expense was reported on the Year 2 income statement? a 2024 Interest Paid b 2024 Interest Expense c 2024 Liabilities d 2025 Cash Paid e 2025 Interest Expense The following selected transactions apply to White House Solutions for November and December of 2025. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. Make all entries to 2 decimal places. 1. Cash sales for November 2025 were $70,500, plus sales tax of 3.5 percent. 2. White House Solutions paid the November sales tax to the state agency on December 10, 2025. 3. Cash sales for December 2025 were $61,000, plus sales tax of 3.5 percent. Required a. Show the effect of the preceding transactions in a horizontal statements model. b. What was the total amount of sales tax paid in 2025? c. What was the total amount of sales tax collected in 2025? ACCOUN T 1 2 3 ASSETS Cash ####### 2 points 2 points 2 points 2 points 2 points b 2025 Sales Tax Paid c 2025 sales Tax Collected LIABILITIES AP 2,000.00 EQUITY sales tax Retained Common payable Earnings Stock ####### 2 points 2 points REVENUE EXPENSE NET INC CF 4 points 4 points 4 points

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Question 4 a Miso Corp paid 916667 for interest in 2024 calculated as 575000 principal x 4 interest ... View the full answer