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Thread: Accounting Help

  1. #1
    Registered User Jumara3's Avatar
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    Accounting Help

    Can someone help me out with these 3 problems? I have a few minutes left on this homework assignment.

    OS Environmental provides cost effective solutions for managing regulatory requirements and environmental needs specific to the airlines industry. Assume that on July 1, 2010, the company issues a one-year note for the amount of $1,000,000. Interest is payable at maturity.

    11. Determine the amount of interest expense that should be recorded in a year-end adjusting entry assuming a 12% interest rate and a fiscal year-end September 30.

    $___________
    Answer

    12. Determine the amount of interest expense that should be recorded in a year-end adjusting entry assuming a 9% interest rate and a fiscal year-end October 31.

    $___________
    Answer

    13. Determine the amount of interest expense that should be recorded in a year-end adjusting entry assuming a 10% interest rate and a fiscal year-end December 31.

    $___________
    Answer
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    Originally Posted by jumara3 View Post
    can someone help me out with these 3 problems? I have a few minutes left on this homework assignment.

    Os environmental provides cost effective solutions for managing regulatory requirements and environmental needs specific to the airlines industry. Assume that on july 1, 2010, the company issues a one-year note for the amount of $1,000,000. Interest is payable at maturity.

    11. Determine the amount of interest expense that should be recorded in a year-end adjusting entry assuming a 12% interest rate and a fiscal year-end september 30.

    $___________
    answer

    12. Determine the amount of interest expense that should be recorded in a year-end adjusting entry assuming a 9% interest rate and a fiscal year-end october 31.

    $___________
    answer

    13. Determine the amount of interest expense that should be recorded in a year-end adjusting entry assuming a 10% interest rate and a fiscal year-end december 31.

    $___________
    answer
    11. 1,000,000 * 12% * 3/12
    12.1,000,000 * 9% * 4/12
    13.1,000,000 * 10% * 6/12
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    u sure?
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    working on em now give me 3 mins

    11) 30,000

    1mil * (3/12) .25 x .12 = 30,000

    12) 29,700

    1mil x (4/12) .33 x .09 = 29,700

    13) 50,000

    1mil x .50 x .10 = 50,000


    edit: dude beat me to it
    Last edited by SLU12; 11-16-2009 at 08:01 PM.
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    Originally Posted by PBM View Post
    11. 1,000,000 * 12% * 3/12
    12.1,000,000 * 9% * 4/12
    13.1,000,000 * 10% * 6/12
    Looks good to me.
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    Originally Posted by Jumara3 View Post
    u sure?
    Yes because you accrued the interest at the year end so your entry for the company that is paying out the interest is

    Dr.Interest Expense $30,000
    Cr. Interest Payable $30,000

    and the following year when you pay it out, it will be

    Dr.Interest Expense $90,000
    Dr.Interest Payable $30,000
    Cr. Cash $120,000
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    Finance undergrad major here

    Didn't do the problems, but PBM's answer looks like it's right
    Mod negged by BOZZ and getting redder all the time. Feels liberating man
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    ) Thanks

    also what about this 0

    The four people below have the following investment:



    Investment amount

    Interest rate

    Compounding
    Jerry

    $12,000

    12%

    Quarterly
    Elaine

    15,000

    8

    Semi-annually
    George

    22,000

    7

    Annually
    Kramer

    18,000

    9

    Annually


    33. 33. Which person will have the greatest investment accumulation in five years? __________
    Answer
    34.
    34. How much did the person accumulate? (ROUND TO NEAREST DOLLAR) $___________
    Answer
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    On August 1, 2010, Trico Technologies, an aeronautic electronics company, borrows $10,000,000 cash from FirstBanc Corp., to expand operations. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. Trico’s year-end is December 31.



    10. When the note is paid at maturity how much does net income decrease? $___________
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    ahh 20 mins lft
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  11. #11
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    Originally Posted by Jumara3 View Post
    On August 1, 2010, Trico Technologies, an aeronautic electronics company, borrows $10,000,000 cash from FirstBanc Corp., to expand operations. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. Trico?s year-end is December 31.



    10. When the note is paid at maturity how much does net income decrease? $___________
    Not sure if I understand this question.. is this exactly how the question is stated in the book?
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    yea
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    Originally Posted by Jumara3 View Post
    ) Thanks

    also what about this 0

    The four people below have the following investment:



    Investment amount

    Interest rate

    Compounding
    Jerry

    $12,000

    12%

    Quarterly
    Elaine

    15,000

    8

    Semi-annually
    George

    22,000

    7

    Annually
    Kramer

    18,000

    9

    Annually


    33. 33. Which person will have the greatest investment accumulation in five years? __________
    Answer
    34.
    34. How much did the person accumulate? (ROUND TO NEAREST DOLLAR) $___________
    Answer
    Jerry 21673.33

    Elaine 22203.66

    George 30856.14

    Kramer 27695.23


    *assuming each is compounded

    edit: all correct
    Last edited by SLU12; 11-16-2009 at 08:27 PM.
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  14. #14
    Registered User Jumara3's Avatar
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    one more-

    The four actors below have just signed a contract to star in a dramatic movie about relationships among hospital doctors. Each person signs independent contracts with the following terms:



    Contract amount

    Payment Date
    Derek

    $500,000

    Two years
    Isabel

    540,000

    Three years
    Meredith

    450,000

    Today
    George

    400,000

    One year

    Assume an annual discount rate of 10% (compounding annually).

    35. Which actor is being paid the most? ____________
    Answer

    36. What is the value of the contract amount today? $___________
    Answer
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  15. #15
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    Originally Posted by Jumara3 View Post
    On August 1, 2010, Trico Technologies, an aeronautic electronics company, borrows $10,000,000 cash from FirstBanc Corp., to expand operations. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. Trico?s year-end is December 31.



    10. When the note is paid at maturity how much does net income decrease? $___________
    Originally Posted by Jumara3 View Post
    yea
    Okay well I don't see the significance in the year end since the maturity date would be Jan 1 2011. Interest on the note would be 900,000.
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