Required information Exercise 7-7 (Algo) Notes payable-discount basis LO 7-2 [The following information applies to the questions displayed below.] On May 15, 2022, Powell Incorporated obtained a sixmonth working capital loan from its bank. The face amount of the note signed by the treasurer was $459,400. The interest rate charged by the bank was 7.75%. The bank made the loan on a discount basis. Exercise 7-7 (Algo) Part a Required: a-1. Calculate the loan proceeds made available to Powell. Required information Exercise 7-7 (Algo) Notes payable-discount basis LO 7-2 [The following information applies to the questions displayed below.] On May 15, 2022. Powell Incorporated obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $459,400. The interest rate charged by the bank was 7.75%. The bank made the loan on a discount basis. Exercise 7-7 (Algo) Part a - Horizontal model a-2. Use the horizontal model to show the effect of signing the note and the receipt of the cash proceeds on May 15, 2022. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Exercise 7.7 (Algo) Notes payable-discount basis LO 7-2 [The following information applies to the questions displayed below.] On May 15, 2022, Powell Incorporated obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $459,400. The interest rate charged by the bank was 7.75%. The bank made the loan on a discount basis. Exercise 7-7 (Algo) Part a - Journal entry a-3. Record the journal entry to show the effect of signing the note and the recelpt of the cash proceeds on May 15, 2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the proceeds of a short-term note payable (discount basis). Note: Enter debits before credits. Required information Exercise 7-7 (Algo) Notes payable-discount basis LO 7-2 [The following information applies to the questions displayed below.] On May 15, 2022, Powell Incorporated obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $459,400. The interest rate charged by the bank was 7.75%. The bank made the loan on a discount basis. Exercise 7-7 (Algo) Part b b. Calculate the amount of interest expense applicable to this loan during the fiscal year ended June 30,2022 . Required information Exercise 7-7 (Algo) Notes payable-discount basis LO 7-2 [The following information applies to the questions displayed below.] On May 15, 2022, Powell Incorporated obtained a six-month working capital Ioan from its bank. The face amount of the note signed by the treasurer was $459,400. The interest rate charged by the bank was 7.75%. The bank made the loan on a discount basis. Exercise 7-7 (Algo) Part c c. What is the amount of the current liability related to this loan to be shown in the June 30 , 2022, balance sheet? Required information Exercise 7-9 (Algo) Other accrued liabilities-payroll taxes LO 7-4 [The following information applies to the questions displayed below.] At September 30, 2022, the end of the first year of operations at Lukancic Incorporated, the firm's accountant neglected to accrue payroll taxes of $2,057 that were applicable to payrolls for the year then ended. Exercise 7-9 (Algo) Part a - Horizontal Model Required: a-1. Use the horizontal model to show the effect of the accrual that should have been made as of September 30, 2022. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative finanniat .... Exercise 7-9 (Algo) Other accrued liabilities-payroll taxes LO 7-4 [The following information applies to the questions displayed below.] At September 30, 2022, the end of the first year of operations at Lukancic Incorporated, the firm's accountant neglected to accrue payroll taxes of $2,057 that were applicable to payrolis for the year then ended. Exercise 7-9 (Algo) Part a - Journal Entry a-2. Record the journal entry to show the effect of the accrual that should have been made as of September 30,2022 . Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the accrual of payroll taxes for the year. Note: Enter debits before credits. Required information Exercise 7-9 (Algo) Other accrued liabilities-payroll taxes LO 7-4 [The following information applies to the questions displayed below.] At September 30, 2022, the end of the first year of operations at Lukancic Incorporated, the firm's accountant neglected to accrue payroll taxes of $2,057 that were applicable to payrolls for the year then ended. Exercise 7-9 (Algo) Part b b. Determine the income statement and balance sheet effects of not accruing payroll taxes at September 30, 2022. Required information Exercise 7-9 (Algo) Other accrued liabilities-payroll taxes LO 7-4 [The following information applies to the questions displayed below.] At September 30, 2022, the end of the first year of operations at Lukancic Incorporated, the firm's accountant neglected to accrue payroll taxes of $2,057 that were applicable to payrolls for the year then ended. Exercise 7-9 (Algo) Part b b. Determine the income statement and balance sheet effects of not accruing payroll taxes at September 30,2022
