Business, 20.08.2021 07:10 Fetty1738

The Eldorado Corporation’s controller prepares adjusting entries only at the end of the reporting year. The following adjusting entries were prepared on December 31, 2021: Debit Credit
Interest expense 61,740
Interest payable 61,740
Rent expense 20,250
Prepaid rent 20,250
Interest receivable 1,480
Interest revenue 1,480

Additional information:

The company borrowed $588,000 on March 31, 2021. Principal and interest are due on March 31, 2022. This note is the company’s only interest-bearing debt.
Rent for the year on the company’s office space is $40,500. The rent is paid in advance.
On October 31, 2021, Eldorado lent money to a customer. The customer signed a note with principal and interest at 10.0% due in one year.

Required:
1. What is the interest rate on the company's note payable?
2. The 2021 rent payment was made at the beginning of which month? (Do not round your intermediate calculation.)
3. How much did Eldorado lend its customer on October 31?

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 11:30

12. to produce a textured purée, you would use a/an a. food processor. b. wide-mesh sieve. c. immersion blender d. food mill. student a incorrect which is correct answer?

Answers: 2

Answer

Business, 23.06.2019 00:00

The undress company produces a dress that women use to quickly and easily change in public. the company is just over a year old and has been successful through a kickstarter campaign. the undress company has identified a customer segment, but if it wants to reach a larger customer segment market outside of the kickstarter family, what question must it answer?

Answers: 1

Answer

Business, 23.06.2019 00:30

2. which of the following statements about interest is true? a. interest is a one-time fee that you pay for lending money. b. interest is expressed as a percentage of the amount you are borrowing. c. because interest rates tend to be small numbers, they typically don't have much effect on the price of the goods you're purchasing. d. interest is a penalty that you pay when you don't pay your bills on time.

Answers: 1

Answer

Business, 23.06.2019 02:30

Interview notes mike is 50 and made $36,000 in wages in 2017. he is single and pays all the cost of keeping up his home. mike's daughter, brittany, lived with mike all year. brittany's son, hayden, was born in november 2017. hayden lived in mike's home since birth. brittany is 25, single, and had $1,500 in wages in 2017. she is not disabled. mike provides more than half of the support for both brittany and hayden. mike, brittany, and hayden are all u.s. citizens with valid social security numbers. 4. who can mike claim as a qualifying child(ren) for the earned income credit?

Answers: 1

Answer

You know the right answer?

The Eldorado Corporation’s controller prepares adjusting entries only at the end of the reporting ye...

Questions