Seattle Medical Group borrowed $2,700,000 on July 1, 2012, by issuing a 6% long term note payable

Question:

Seattle Medical Group borrowed $2,700,000 on July 1, 2012, by issuing a 6% long term note payable that must be paid in three equal annual installments plus interest each July 1 for the next three years.

Requirement

1. Insert the appropriate amounts to show how Seattle would report its current andlong termliabilities.

Seattle Medical Group borrowed $2,700,000 on July 1, 2012, by

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 978-0133052152

2nd edition

Authors: Robert Kemp, Jeffrey Waybright

See More Books

Question Posted: Apr 29, 2014 02:57 AM

See More Questions

For the next 15 years Andre expects to earn 12% compounded monthly on the Retirement Savings Plan (RSP) that he is starting. For the subsequent 10 years he expects a return of 7% compounded annually....
Siyabonga R5 000 which must be paid in three months' time and R2 000 which must be paid in six months' time. Kagiso offers to pay R3 000 immediately if he can pay the balance in one years' time....
Stella is tired of her sewing machine continually breaking down. The threading mechanism takes her significant time to fix every time and sometimes causes tears in the fabric so she has to start...
Plastic Co Pte Ltd (Plastico) is a Fiji company. The company has issued and paid up capital of $250,000 held in equal parts by two brothers. The companys business involves making plastic products for...
Substitute the following forms for A(T) into the expressions found in Exercise 12 and compare with the results in the text. With A(T) = T.
If a player rolls a 2, 3, or 12, it is called craps. What is the probability of getting craps or an even sum on one roll of the dice? a. 4/36 b. 18/36 c. 20/36 d. 22/36 e. 32/36 The casino game craps...
Identify the five steps involved in segmenting and targeting markets.
A hydrogen atom in the 5g state is placed in a magnetic field of 0.600 T that is in the z-direction. (a) Into how many levels is this state split by the interaction of the atom's orbital magnetic...
please check the answers in the boxes \ table [ [ , \ table [ [ Book ] , [ Income ] ] , \ table [ [ Book / Tax ] , [ Adjustment ] ] , Taxable Income,Additional information ] , [ Sales , 5 5 0 0 0 , ,...
Your brother has just started a new job as the Controller of an IESBA restricted audit client. You do not serve on the audit engagement. What steps must you take to ensure your independence is not...
Lincoln, Inc., issued $540,000 of 10-year, 5% bonds payable on January 1. Lincoln, Inc., pays interest each January 1 and July 1 and amortizes any discount or premium by the straight-line method....
At December 31, 2012, Dior Drapes owes $53,000 on accounts payable, plus salaries payable of $15,000 and income tax payable of $10,000. Dior Drapes also has $230,000 of notes payable that requires...
What pressure gradient along the streamline, $d p / d s$, is required to accelerate water in a horizontal pipe at a rate of $30 \mathrm{~m} / \mathrm{s}^{2}$ ?
Question: Divide.21r7-35r37r3r8-5r43r7-5r33r6-5r221r6-35r2 Divide. 2 1 r7 - 3 5 r3 7r 3r 8 - 5 r4 3 r7 - 5 r3 3 r6 - 5 r2 2 1 r6 - 3 5 r2 Divide. 21r7 - 35r 7r 38-54 3r7-53 3r6-52 216-3512
System of Equations: Value of a Value of b 9 a + 3 b = 3 0 8 a + 4 b = 2 8
An important practice is to check the validity of any data set that you analyze. One goal is to detect typos in the data, and another would be to detect faulty measurements. Recall that outliers are...
ve The re e Problem 3 Complete the following perpetual inventory form. Perpetual Inventory Total Product Name: Purchase Unit Size: Carried Forward: Date In Out 1/7 3 Balance 1/9 1/10 1/12 1/15 2 1 5...
the above date, Saloni was admitted in the partnership firm. Raman surrendered th 5 2 of his share and Rohit surrendered th 5 1 of his share in favour of Saloni. It was agreed that : (i) Plant and...
Consider a portfolio that has a value of $5 at the beginning of January, with returns of 5%, 10%, and 10% in January, February, and March, respectively. If there are no cash contributions or...
Determine the resultant moment produced by the forces about point O. 0.25 m 0.125 m, 0 0.3 m- 60 F = 500 N F = 600 N
From the following day book extracts, construct a VAT account for the month of October 2008. Net figures (before addition of VAT) for October 2008 Sales for month Purchases for month Returns inwards...
Three major segments of the transportation industry are motor carriers, such as YRC Worldwide; railroads, such as Union Pacific; and transportation arrangement services, such as C.H. Robinson...
Is the matching concept related to (a) The cash basis of accounting or (b) The accrual basis of accounting?
Is the matching concept related to (a) The cash basis of accounting or (b) The accrual basis of accounting?
Problem 12.6A (Algo) Liquidation of a partnership LO P5 Kendra, Cogley, and Mel share income and loss in a 3.21 ratio (in ratio form: Kendra, 3/6: Cogley, 2/6; and Mel, 1/6), The partners have...
Melody Property Limited owns a right to use land together with a building from 2000 to 2046, and the carrying amount of the property was $5 million with a revaluation surplus of $2 million at the end...
Famas Llamas has a weighted average cost of capital of 9.1 percent. The companys cost of equity is 12.6 percent, and its cost of debt is 7.2 percent. The tax rate is 25 percent. What is the companys...

Seattle Medical Group borrowed $2,700,000 on July 1, 2012, by issuing a 6% long term note payable

Question:

December 31 2013 2014 2012 Current Liabilities: Current Portion of Long-Term Note Payable $ Interest Payable Long-Term Liabilities: Long-Term Note Payable

Step by Step Answer:

December 31 2012 2013 2014 Current liabilities Current portion of longterm note ...View the full answer

Financial Accounting

Students also viewed these Accounting questions