Ask Experts Questions for FREE Help !
Ask

accounting

Asked Jul 24, 2012, 04:05 AM —
A company has applied for a bank loan on february 04,2009. it was approved on march 03 of the same year, but the proceeds of such loan were credited to the company's bank account only on may 01. the loan was payable in four equal annual installments of 500,000 starting june 01,2010. it also incurs interest at half of 1% every month(based on the total principal) starting may 01,2009. the interest is payable at the same time as tha annual installments. the company's operations are based on a calendar year.

1.if the financial statements were to be prepared for the year 2009, what amount would appear as interest expense in the entity's statements of income and expenses.
2.using the information in no.1 what would appear as noncurrent portion of the loan payable account for a statement of financial position prepared as of december 31,2009?
3.a company had total assets of 1,500,000 as of january 01,2010. for hte year 2010,its liabilities have increase by 400,000, its owner invested an additional 100,000 and withdrew 50,000 and it had a net loss at 230,000. as of december 31,2010, it must have had total assets equal to?
4.a company's statement of changes in owner's equity showed a beginning balance of 250,000, an additional investments of 30,000, a withdrawal of 40,000, and an ending balance of 225,000. the company's results of operations for the year must have been ?



Check out some similar questions!

Questions on financial accounting,cost and management accounting [ 3 Answers ]

I want different sets of questions on financial accounting,cost and management accounting for free. I am a teacher in this area

AP Journal Entires - accrual accounting and cash accounting [ 6 Answers ]

What are the journal entries for accrual accounting and cash accounting for an invoice and a payment?

List five differences between mangement accounting and cost accounting [ 1 Answers ]

Describe five differences between management accounting and cost accounting



View more Banking questions Search
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Add your answer here.

Remove Text Formatting

Undo
Redo
 
Decrease Size
Increase Size
Bold
Italic
Underline
Align Left
Align Center
Align Right
Ordered List
Unordered List
Decrease Indent
Increase Indent
Insert Email Link
Wrap [QUOTE] tags around selected text
Wrap [CODE] tags around selected text
Wrap [HTML] tags around selected text
Wrap [PHP] tags around selected text
Wrap [YOUTUBE] tags around selected text
Notification Type: