On October 1, 2013, Tangier Company borrowed $44,000 from the bank by issuing a one year 8% interest bearing note.
a) Prepare the journal entry to record the issuance of the note.
b) Compute the amount of interest expense that will be shown on the 2013 income statement.
c) What is the total amount of cash that will be paid to the bank at the maturity of the note on October 1, 2014?
d) Prepare the liabilities section of the balance sheet at December 31, 2013.
124.Francisco Company began 2013 with a balance of $320 in Sales Tax payable. During the year, the company recorded taxable sales of $82,500. The ending balance in Sales Tax payable was $345 Francisco's sales tax rate is 5%.
a) How much sales tax did Francisco collect during 2013?
b) How much sales tax did Francisco pay during 2013?
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