Sunday
December 21, 2014

Homework Help: accounting

Posted by joyCypre on Monday, June 17, 2013 at 3:34am.

Cypress Oil Company's December 31, 2013, balance sheet listed $645,000 of notes receivable and $16,000 of interest receivable included in current assets. The following notes make up the notes receivable balance:

Note 1 Dated 8/31/2013, principal of $300,000 and interest at 10% due on 2/28/2014.
Note 2 Dated 6/30/2013, principal of $150,000 and interest due 3/31/2014.
Note 3

$200,000 face value noninterest-bearing note dated 9/30/2013, due 3/31/2014. Note was issued in exchange for merchandise.

The company records adjusting entries only at year-end. There were no other notes receivable outstanding during 2013.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Accounting Question? - What is the distinguishing characteristic between ...
Balance Sheet - Use the following information to complete the balance sheet (1) ...
Accounting - O' Hara Company began operations on December 1, 2011. Presented ...
accounting - O' Hara Company began operations on December 1, 2011. Presented ...
finance - 1. Baldwin Products Company anticipates reaching a sales level of $6 ...
Accounting - O' Hara Company began operations on December 1, 2011. Presented ...
Accounting - Use the following adjusted trial balance of Webb Trucking Company ...
Accounting - Use the following adjusted trial balance of Webb Trucking Company ...
financial management - Using the following information, prepare a balance sheet ...
accounting - Use the following adjusted trial balance of Webb Trucking Company ...

Search
Members