Business, 28.03.2020 01:54, emmalucilleblaha1995
Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2015. The company does not make entries to accrue interest except at December 31.
Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12-month, 10% note.
Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note.
16 Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti’s outstanding accounts receivable.
31 Accrued interest revenue on all notes receivable.
Journalize the transactions for Elburn Supply Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e. g. 5,275.)
Date
Account Titles and Explanation
Debit
Credit
Nov 1st
Dec 11th
Dec 16th
Dec 31st
Record the collection of the Lopez note at its maturity in 2016. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.)
Date
Account Titles and Explanation
Debit
Credit
Nov 1st
Answers: 3
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Verizon communications, inc., provides the following footnote relating to its leasing activities in its 10-k report. the aggregate minimum rental commitments under noncancelable leases for the periods shown at december 31, 2010, are as follows: years (dollars in millions) capital leases operatingleases 2011 $97 $1,898 2012 74 1,720 2013 70 1,471 2014 54 1,255 2015 42 1,012 thereafter 81 5,277 total minimum 418 $ 12,633 rental commitments less interest and (86) executory costs present value of 332 minimum lease payments less current (75) installments long-term obligation $257 at december 31, 2010 (a) confirm that verizon capitalized its capital leases using a rate of 7.4 %. (b) compute the present value of verizon's operating leases, assuming an 7.4% discount rate and rounding the remaining lease term to 3 decimal places. (use a financial calculator or excel to compute. do not round until your final answers. round each answer to the nearest whole number.)
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Elburn Supply Co. has the following transactions related to notes receivable during the last 2 month...
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