Chapter 10 Homework 1

Chapter 10 Homework 1 - 25,000.00 Interest Payable 1,250.00...

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Professor Smith ACCT151 20 November 2008 Chapter 9/10 Homework 1 E9-6,P9-1,E10-2,E10-5 E9-6) 1.a) $9.00 b) $15.00 2.a) 2% b) 4.5% P9-1) Jan1 Cash 25,000.00 Notes Payable 25,000.00 To Jan10 Line of Credit 400,000.00 Line of Credit Payable 400,000.00 Feb1 Cash 17,600.00 Interest Expense 2,400.00 Notes Payable 20,000.00 Mar1 Cash 150,000.00 Line of Credit 150,000.00 Jun1 Line of Credit 100,000.00 Interest Expense 3,000.00 Cash 103,000.00 Jun30 Interest Expense 1,250.00 Interest Payable 1,250.00 Interest Expense 1,500.00 Interest Payable 1,500.00 Aug1 Notes Payable 20,000.00 Cash 20,000.00 Sep1 Cash 200,000.00 Line of Credit 200,000.00 Nov1 Accounts Payable 12,000.00 Interest Expense 1,080.00 Notes Payable 12,000.00 Interest Payable 1,080.00 Dec31 Notes Payable
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Unformatted text preview: 25,000.00 Interest Payable 1,250.00 Interest Expense 1,250.00 Cash 27,500.00 b) Feb1 20,000.00 no interest Mar1 50,000.00 2,625.00 Sep1 200,000.00 6,000.00 Nov1 12,000.00 160.00 E10-2) 1) $500,000.00 2) $ 20,000.00 3)a. $ 20,000.00 * 13.59 = $271,800.00 $500,000.00 * 0.463 = $231,500.00$503,300.00 b. $ 20,000.00*14.877 = $297,540.00 $500,000.00 * 0.558 = $279,000.00$576,540.00 c. $ 20,000.00*12.462 = $249,240.00 $500,000.00 * 0.386 = $193,000.00$442,240.00 E10-5) a. Bond Payable 75,000.00 Loss on Redemption 3,250.00 Cash 76,500.00 Bond Discount 1,750.00 b. Financing section of income statement...
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Chapter 10 Homework 1 - 25,000.00 Interest Payable 1,250.00...

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