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[DOC File]Multiple-Choice Questions - CPA Diary
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Interest Expense 2,000,000 ... 000,000 and with a stated interest rate of 10% on Jan. 01, 2008. The interest is payable semiannually on June 30 and December 31. The bonds mature on every December 31 at a rate of P2, 000,000 per year for 2 years. ...
interest expense vs payable

[DOC File]DISCUSSION QUESTIONS - Benedictine
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Interest income 3,000 8% bonds payable 98,500 Loss on retirement of bonds 7,800 Investment in Spede bonds 105,000 Interest expense 4,300 To eliminate intercompany bonds and record constructive loss on retirement of bonds, and eliminate intercompany interest income and interest expense. Interest payable 4,000 Interest receivable 4,000 To ...
interest payable formula

[DOC File]ITS - Website Hosting - Personal/Professional | Western ...
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Interest expense is calculated using the effective rate (times the BV of Bonds) and interest payable is calculated using the stated rate (times BP). Any difference between the two is a plug to either Discount or Premium on Bonds.
interest payable entry

[DOC File]Financial Accounting volume 2 questions
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Sales and general expense (100) Interest expense (50) Income tax expense (40) Net income $60. Balance Sheets at December 31, 19X1 and 19X2. 19X1 19X2. Assets. Cash $50 $60. Accounts receivable 500 520. Inventory 750 770. Current assets $1,300 $1,350. Fixed assets (net) 500 550. Total assets $1,800 $1,900. Liabilities and equity. Notes payable ...
gaap interest expense definition

[DOC File]Practice Problem 2
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Interest Expense. Rent Receivable. Rent Revenue. Income Taxes Payable. Income Tax Expense. Wages Expense. Wages Payable. Interest Payable. Interest Receivable. Step 1. Step 2. Step 3. The unadjusted trial balance at September 30 shows that the unadjusted balances ar e$630 for Supplies and $0 for Supplies Expense.
interest expense vs interest payment

[DOC File]FA Chapter 3 SM
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Recalculate approximate interest expense on the basis of average interest rates and overall monthly notes payable. Compare individual notes outstanding with the prior year’s. Compare total balance in notes payable, interest expense, and accrued interest with prior years.
interest payable on balance sheet

What is the difference between interest expense and interest ...
The entry to properly accrue 2001 Interest Expense should include: a. A debit to Interest Expense and a credit to Interest Payable. b. A debit to Interest Expense and a credit to Cash. c. A debit to Interest Expense and a credit to Accounts Receivable. d. A debit to Interest Expense and a …
cash interest vs interest expense

[DOC File]BONDS & L-T NOTES
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To record accrued interest expense. May 20 Interest Payable 2,667. Interest Expense 5,333. Cash 8,000. To record payment of accrued and current interest expense ($8,000 – 2,667). Exercise 3-4 (concluded) c. Apr. 30 Salaries Expense 4,000. Salaries Payable 4,000. To record accrued salaries ($10,000 x 2/5 week). May 3 Salaries Payable 4,000 ...
interest payable t account

[DOC File]Chapter 7
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20,000 500 Dec. 31 Interest Expense. Interest Payable. Discount on Bonds Payable 20,500. 20,000 500 Semi-annual interest payment = $500,000 x 0.08 x 0.5 = $20,000. The total discount of $10,000 is amortized over 10 years. Since interest is paid twice a year, the amount of discount amortized at the time of each interest payment = $10,000/20 ...
interest expense vs payable

[DOC File]Practice Problem 2
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Notes Payable 65,000. 2. Interest Expense 3,900* Notes Payable 4,932. Cash 8,832 *$65,000 × 0.06. b. Notes payable are reported as liabilities on the balance sheet. The portion of the note payable that is due within one year is reported as a current liability. The remaining portion of the note payable that is not due within one year is ...
interest payable formula

Interest expense and interest payable