On the first day of the fiscal year, Hawthorne Company obtained an $88,000, seven-year, 5% installment note from Sea Side Bank. The note requires annual payments of $15,208, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $4,400 and principal repayment of $10,808. The journal entry Hawthorne would record to make the first annual payment due on the note would include a:
Answers (2)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On the first day of the fiscal year, Hawthorne Company obtained an $88,000, seven-year, 5% installment note from Sea Side Bank. The note ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
The payment of a cash dividend would be classified as a (n): a. operating activity. b. investing activity. c. financing activity. d. significant noncash activity.
Answers (1)
Lobbyists are able to have influence on the policy-making process aftera law leaves the legislature because
Answers (1)
Which of the following is a way to track your money? O Personal financial software or app O Checking account register 0 Spreadsheet O All of the above
Answers (1)
Glen Albanese was arrested after federal authorities conducted an investigation that indicated the funds that he had raised for relief efforts for Hurricane Katrina victims had been used to purchase landscaping for his home, acquire a Labradoodle
Answers (1)
The Laurel Company reported the following data for last year: Decrease in the Cash account $25,000 Net cash provided by operating activities 20,000 Net cash provided by investing activities 15,000 Based solely on this information, the net cash flows
Answers (1)
New Questions in Business
Power and performance sports are dominant today because they do not foster the interests of people and organizations with the resources to sponsor and stage large sports events.
Answers (1)
9) Consider the following four alternatives: 1. $132 received in two years. 2. $160 received in five years. 3. $200 received in eight years. 4. $220 received in ten years.
Answers (1)
The Daily News had net income of $121,600, of which, 40% was distributed to the shareholders as dividends. During the year, the company sold $75,000 worth of common stock.
Answers (1)
Ruth Company showed the following balances at the end of its first year. Cash $7000 Prepaid Insurance $700 Accounts Receivable $3500 Accounts Payable $2800 Notes Payable $4200 Denton Capital $1400 Denton Drawing $700 Revenues $21000 Expenses $17500
Answers (1)
A bank sent out questionnaires to a simple random sample of customers asking whether they would like the bank to extend its hours. Eighty percent of those returning the questionnaire said they would like the bank to extend its hours.
Answers (1)