On 30 June 2021, Modling Ltd borrowed $270,000 as a 6-year interest-only loan. The interest rate...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On 30 June 2021, Modling Ltd borrowed $270,000 as a 6-year interest-only loan. The interest rate is 8.5% p.a. with payments required on June 30 each year. In relation to this loan, state the amount that would be reported as current liability in the Statement of financial position on 30 June 2026. Round your answer to the nearest whole dollar. On 30 June 2021, Modling Ltd borrowed $270,000 as a 6-year interest-only loan. The interest rate is 8.5% p.a. with payments required on June 30 each year. In relation to this loan, state the amount that would be reported as current liability in the Statement of financial position on 30 June 2026. Round your answer to the nearest whole dollar.
Expert Answer:
Answer rating: 100% (QA)
Transaction Account Title Debit Credit 1 Prepaid rent ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Now that you have reviewed information about Extremely Board, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to...
-
Now that you have reviewed information about iCandy, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record...
-
Now that you have reviewed information about Hi-Fi Way, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to...
-
Devils Tower National Monument in Wyoming became America's first national monument in 1906. This rock formation has a height of 867 feet and is a popular climbing site. It was also used as the alien...
-
A student argues that phagocytosis is a wasteful process because after engulfed organisms are digested and destroyed, the remaining material is excreted from the cell. A more efficient process would...
-
A business has three branches at Coimbatore, Trivandrum and Bangalore. The Head Office at Madras purchases goods and sends them to branches, to be sold at a uniform percentage of profit on cost. The...
-
Which event(s) in Exercise 6 can be considered unusual? Explain your reasoning. Data from Exercises 6 Basketball player Dwight Howard makes a free throw shot about 56% of the time. Find the...
-
At the end of the current year, $12,300 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than...
-
On April 1, 2022, an investor bought 2500 shares of PT Telkom Tbk. With a price of IDR 4550 per share. The investor gets a margin of 65% with a maintenance margin of 30%. Try to determine what the...
-
The proposed rates were not in the range the CEO expected given the pricing analysis. The CEO has asked the pricing actuary to verify the total projected loss cost excluding potential large storm...
-
A 20 kVA, 1000 V/200 V, 50 Hz single-phase transformer gave the following test results:- Open Circuit Test: 200 V, 3.5 A, 400 W on L.V. side Measurement Short Circuit Test: 50 V, 30 A, 1200 W on H....
-
A Johnson corporation bond is currently selling for $850. The bond matures in 20 years, has a face value of $1,000, and a yield to maturity of 10.55%. What is the bond's coupon rate ?
-
An endowment fund of $20,000 is to pay out $R every year forever, with the first payment made exactly 2 years from now. If j1 = 7%, what is R?
-
A firm currently with $120 million of current assets, $50 million of fixed assets, $70 of debt and $100 million of equity is considering acquiring a new equipment of $30 million price. The useful...
-
You deposit $10,000 today and withdraw $R at the end of every 6-month period for 5 years. If the interest rate is j1 = 12%, what is R?
-
You started a venture 2 years ago with $400,000 dollars and own 60% of the 500,000 shares issued. What is the pre and post money valuations under each deal offered: Alpha Ventures offers $200,000 for...
-
Why is it important to have a quality mindset as a strategic leader? How does leading with a quality mindset improve patient-centered care and ultimately patient outcomes? How will leading with a...
-
Write a paper detailing a geographic information system (GIS) of your own design that would utilize data in an original manner.
-
Describe how MinuteClinic puts the following promotion strategies to work for them: stressing tangible cues, using personal information sources, creating a strong organizational image, and engaging...
-
Discuss the importance of integrated marketing communications. Give some current examples of companies that are and are not practicing integrated marketing communications.
-
What does the AMA Statement of Ethics have to say about marketing unhealthy or harmful products to consumers, particularly children and young adults? Go to the AMA Web site at www.marketingpower.com...
-
Where do you start developing BOs for any particular EBT? What questions do you need to ask?
-
What are the four characteristics that a BO must satisfy to fully qualify as a BO in any particular pattern?
-
What criteria do you use to filter the list of BOs?
Study smarter with the SolutionInn App