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Calculate the discount rate used by the lender and

Question 1:

Payable discount basis On August 1, 2013, Colombo Co. s treasurer signed a note promising to pay $120,000 on December 31, 2013. The proceeds of the note were $114,000.

Required:

a. Calculate the discount rate used by the lender.

b. Calculate the effective interest rate (APR) on the loan.

c. Use the horizontal model (or write the journal entry) to show the effects of

1. Signing the note and the receipt of the cash proceeds on August 1, 2013.

2. Recording interest expense for the month of September.

3. Repaying the note on December 31, 2013.

Question 2:

Unearned revenues ticket sales Kirkland Theater sells season tickets for six events at a price of $378. For the 2013 season, 1,200 season tickets were sold.

Required:

a. Use the horizontal model (or write the journal entry) to show the effect of the sale of the season tickets.

b. Use the horizontal model (or write the journal entry) to show the effect of presenting an event.

c. Where on the balance sheet would the account balance representing funds received for performances not yet presented be classified?

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Financial Accounting: Calculate the discount rate used by the lender and

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Solution Preview :

Prepared by a verified Expert

Financial Accounting: Calculate the discount rate used by the lender and

Reference No:- TGS0667150

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Solution Preview :

Prepared by a verified Expert

Financial Accounting: Calculate the discount rate used by the lender and

Reference No:- TGS0667150

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