Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

calculate the non current portion of each payable Shamrock Tree Farm has a December 31 fiscal year end. The company has six notes payable outstanding

calculate the non current portion of each payable
image text in transcribed
Shamrock Tree Farm has a December 31 fiscal year end. The company has six notes payable outstanding on December 31,2024 , as follows: 1. A 10-month, 5%,$40.800 note payable issued on August 1, 2024. Interest is payable monthly on the first day of each month starting on September 1 . 2. A four-month, 4%,$20,400 note payable issued on September 1,2024 . Interest and principal are payable at maturity. 3. A six-month, 4.5\%, $36,000 note payable issued on November 1, 2024. Interest and principal are payable at maturity. 4. A five-year, 3.5%,$84,000 note payable issued on March 31,2024 . Shamrock Tree Farm is required to pay $16,800 plus interest on March 31 each year starting in 2025 . 5. A six-year, 3%,$172,800 note payable issued on October 1, 2024. Shamrock Tree Farm is required to pay $2,400 plus interest on the first day of each month starting on November 1, 2024. All payments are up to date. 6. A four-year, 5%;$52,800 note payable issued on January 31,2023 . Shamrock Tree Farm is required to pay $13,200 every January 31 starting in 2024 . Interest is payable monthly on the last day of each month, starting on February 28,2023

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools for Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

5th Edition

9781118560952, 1118560957, 978-0470239803

More Books

Students also viewed these Accounting questions

Question

1.. How can fail-safe methods be used to reduce service failures?

Answered: 1 week ago