Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

El 1 de mayo, Industrias Lectric emiti notas a 9 meses por un monto de $ 60 millones. Los intereses se pagan al vencimiento. Requerimiento:

El 1 de mayo, Industrias Lectric emiti notas a 9 meses por un monto de $ 60 millones. Los intereses se pagan al vencimiento.

Requerimiento:

Determine la cantidad de gasto de intereses que debe registrarse en una entrada de ajuste de fin de ao bajo cada uno de los siguientes suposiciones independientes: (asegrese de mostrar todo el trabajo para recibir crdito completo y etiquete cada respuesta claramente)

1. Tasa 8%Fin de Ao el 31 de Enero

2. Tasa 10%Fin de Ao el 31 de Octubre

3. Tasa 9%Fin de Ao el 30 de Junio

4. Tasa 13%Fin de Ao al 31 de Diciembre

On May 1, Industrias Lectric issued 9-month notes for an amount of $ 60 million. Interest is paid at maturity.

Request:

Determine the amount of interest expense that must be recorded in a year-end adjustment entry under each of the following independent assumptions: (be sure to show all work to receive full credit and label each answer clearly)

1. Rate 8% New Year on January 31

2. Rate 10% New Year on October 31

3. Rate 9% New Year's Eve on June 30

4. Rate 13% End of the Year as of December 31

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

Accounting

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

23rd Edition

978-0324662962

More Books

Students also viewed these Accounting questions