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  1. business
  2. accounting
  3. the annual interest rate on the note payable is 8.

The annual interest rate on the note payable is 8.25%. The note has been outstanding...

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Question

Accounting

The annual interest rate on the note payable is 8.25%. The note has been outstanding for the entire year. (Note Payable is 370,000 )

The answer is interest payable = 30,525 , interest expense = -30525 (Plz show the steps how to get the number of 30525)

The short-term investment was purchased on 9/30 for $50,000 at an annual interest rate of 7%. Accrue the interest earned. The interest will be received next year.

The answer is interest receivable = 875 , interest income = -875 (Plz show the steps how to get the number of 875)

Depreciation on the Equipment is based on a useful life of 10 years and $100,000 salvage value. (Equipment 600,000)

The answer is accumulated depreciation equipment = 50,000, depreciation expense -50000 (Plz show the steps how to get the number of 50000)

The adjustment to bad debt expense should be based on the desired ending balance in the Allowance for Doubtful Accounts account of 10% of the ending A/R balance (hint: there is already a balance in the Allowance Account) Ending balance $4500, initial balance $8000

The answer is an allowance for doubtful accounts = -14450 and bad debt expense -14450 (Plz show the steps how to get the number of 14450)

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