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On September 1, 2005, Cobb Co. issued a note payable to National Bank in the amount of $900,000, bearing interest at 12%, and payable in three equal annual principal payments of $300,000. On this date, the bank's prime rate was 11%. The first payment for interest and principal was made on...
When accrued liabilities increase from the beginning to the end of the year, it means cash was not expended for some of the company's operating expenses so the increase would be added to net income to conver to cash fow from operating activities under the indirect method? A. True B. False
Hi! I know school is closed but I got this question from my friend but I don't understand how to get the debit interest expense and the debit pacific bank and she is not here to explain it to me, can anyone help and tell me if we were on the right track. :confused: On September 1, Riva Co....
On September 1, Riva Co. assigns specific receivables totaling $750,000 to Pacific Bank as collateral on a $625,000, 12 percent note. Riva Co. will continue to collect the assigned accounts receivable. Pacific also assesses a 2 percent service charge on the total accounts receivable assigned. Riva...
Scenario: company leases out to tenant 12/08 space for 5000 per mo. Tenant decides to pay starting 1/8/09. Quest 1: prepare the journal entry that must be mae 12/31/08 to record rent rev. Quest 2: prepare journal enrty to record receipt of rent on1/8/09.:confused:
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