Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

the following not transactions occurred during the year for zuber company Compute the interest for each of the following notes: (Use 360 days for interest

the following not transactions occurred during the year for zuber company
image text in transcribed
image text in transcribed
image text in transcribed
Compute the interest for each of the following notes: (Use 360 days for interest calculation. Round to the nearest dollar and enter your answer with no decimals or dollar signs.) Date of Interest Term Note Principal Rate July 10 $7,200 b. April 14 12,000 May 19 11,200 130 days 160 days 160 days 9% a 8% 7.5% c. a.) Interest is 234 b.) Interest is 427 c.) Interest is 373 The following note transactions occurred during the year for Zuber Company: Nov. 20 Zuber issued a 90-day, 12 % note payable for $6,000 to Porter Company for merchandise. Dec. 8 Zuber signed a 120-day, 10 % note at the bank for $7,200. a. Prepare the journal entries necessary to adjust the interest accounts at Use 360 days for calculations and round to the nearest dollar. December 31. Enter the answers with a comma and no decimals or dollar signs in the proper debit or credit side. Nov 20 Interest Expense Interest Payable Dec 8 Interest Expense Interest Payable Question 3 (10 points A delivery truck costing $24,000 is expected to have a $2,000 salvage value at the end of its useful life of four years or 125,000 miles. Assume that the truck was purchased on January 2. Calculate the depreciation expense for the second year using each of the following depreciation methods: (a) straight-line, (b) double-declining balance, and (c) units-of- production. (Assume that the truck was driven 28,000 miles in the second year.) Round all answers to the nearest dollar. Enter answer with a comma and no decimals or dollar signs. a.) Straight-line b.) Double-declining balance c.) Units-of-production

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_2

Step: 3

blur-text-image_3

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

Auditing And Systems Exam Questions And Explanations

Authors: Irvin N. Gleim

10th Edition

158194246X, 978-1581942460

More Books

Students also viewed these Accounting questions