Homework Answers
Part 1:-
|
Accounting period |
Principal balance of beginning month |
Monthly cash payment |
Interest Expense |
Principal Repayment |
Principal balance end of month |
|
1 |
27,000 |
1184.53 |
112.5 |
1072.03 |
25,928 |
|
2 |
25,928 |
1184.53 |
108.0332083 |
1076.496792 |
24,851 |
|
3 |
24,851 |
1184.53 |
103.547805 |
1080.982195 |
23,770 |
|
4 |
23,770 |
1184.53 |
99.04371256 |
1085.486287 |
22,685 |
|
5 |
22,685 |
1184.53 |
94.52085302 |
1090.009147 |
21,595 |
|
6 |
21,595 |
1184.53 |
89.97914825 |
1094.550852 |
20,500 |
|
7 |
20,500 |
1184.53 |
85.4185197 |
1099.11148 |
19,401 |
|
8 |
19,401 |
1184.53 |
80.83888853 |
1103.691111 |
18,298 |
|
9 |
18,298 |
1184.53 |
76.24017556 |
1108.289824 |
17,189 |
|
10 |
17,189 |
1184.53 |
71.6223013 |
1112.907699 |
16,076 |
|
11 |
16,076 |
1184.53 |
66.98518588 |
1117.544814 |
14,959 |
|
12 |
14,959 |
1184.53 |
62.32874916 |
1122.201251 |
13,837 |
|
13 |
13,837 |
1184.53 |
57.65291061 |
1126.877089 |
12,710 |
|
14 |
12,710 |
1184.53 |
52.95758941 |
1131.572411 |
11,578 |
|
15 |
11,578 |
1184.53 |
48.24270436 |
1136.287296 |
10,442 |
|
16 |
10,442 |
1184.53 |
43.50817397 |
1141.021826 |
9,301 |
|
17 |
9,301 |
1184.53 |
38.75391636 |
1145.776084 |
8,155 |
|
18 |
8,155 |
1184.53 |
33.97984934 |
1150.550151 |
7,005 |
|
19 |
7,005 |
1184.53 |
29.18589038 |
1155.34411 |
5,849 |
|
20 |
5,849 |
1184.53 |
24.37195659 |
1160.158043 |
4,689 |
|
21 |
4,689 |
1184.53 |
19.53796474 |
1164.992035 |
3,524 |
|
22 |
3,524 |
1184.53 |
14.68383126 |
1169.846169 |
2,354 |
|
23 |
2,354 |
1184.53 |
9.809472226 |
1174.720528 |
1,180 |
|
24 |
1,180 |
1184.53 |
4.914803361 |
1179.615197 |
0 |
Part 2:- Journal Entry
Month 1 Entry:-
Interest account Dr. 112.5 $
Car loan account Dr. 1072.03 $
To, cash a/c 1184.53 $
Month 2 Entry:-
Interest account Dr. 108.03 $
Car loan account Dr. 1076.5 $
To, cash a/c 1184.53 $
Add Answer to:
ACC 213 Lab #9 for Chapter 10 - Installment Notes & Amortization Tables 4 5 Instructions:...
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AutoSave OFF Insert Draw Chapter 10 Excel Assignm View Home S US Page Layout Formulas 10 AA I - a. Au Data = Review = = 2 General D $ % ) LO Paste & 047 A Arial B IU x fx B C D ACC 213 Lab 9 for Chapter 10 - Installment Notes & Amortization Tables Instructions: First, complete the amortization table in Part 1 using the information provided. Once the table is completed, then record the two...
Chapter 10 Excel Assignm AutoSave OFF Formulas Data Review View Page Layout Draw Home Insert A...
Chapter 10 Excel Assignm AutoSave OFF Formulas Data Review View Page Layout Draw Home Insert A A General 10 Arial A $.% 9 0 BIU Paste fx 047 D E C B A Name: ACC 213 Lab #9 for Chapter 10-Installment Notes & Amortization Tables 3 Instructions: First, complete the amortization table in Part 1 using the information provided. 4 Once the table is completed, then record the two joumal entries in Part 2. 5 Information: 6 Your car loan...
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Amortization Table On April 1, 2018, Clyde Barrow Company bought a delivery truck for $54,000 on a 6%, five-year installment note. You have been tasked with preparing an amortization table in Excel for the bookkeeper to assist him in recording the monthly payments, with the first payment starting on May 1, 2018. Prepare a monthly amortization table for the loan showing the payment date, payment, principal part of the payment, the interest portion of the payment, and the remaining balance....
Application Problem 10-13 b A company takes out a four-year, $880,000 mortgage on May 1. The...
Application Problem 10-13 b A company takes out a four-year, $880,000 mortgage on May 1. The interest rate on the loan is 4% per year, and blended payments of $19,870 (including both interest and principal) are to be made at the end of each month. The following is an extract from the loan amortization table the bank provided the company: Payment 1 Payment 2 Payment 3 Payment 4 Beginning Loan Balance $880,000 863,063 846,070 829,020 Payment $19,870 19,870 19,870 19,870...
ntries for installment note transactions Instructions Chart of Accounts Amortization Table Journal Final Question Instructions On...
ntries for installment note transactions Instructions Chart of Accounts Amortization Table Journal Final Question Instructions On January 1 of Year 1, Bryson Company obtained a $150,000, four-year, 9% installment note from Campbell Bank. The note requires annual payments of $46,300, beginning on December 31 of Year 1. Required: a. Prepare a table for this installment note, similar to the one presented in Exhibit 4. b. Journalize the entries for the issuance of the note and the four annual note payments....
Notes payable (due in 5 years) Accounts payable Bonds payable (due in 10 years) Machinery $...
Notes payable (due in 5 years) Accounts payable Bonds payable (due in 10 years) Machinery $ 5,000 1,500 12,000 6,500 Discount on bonds payable Wages payable Interest payable (due in 2 weeks) Sales tax payable $1,400 700 350 300 Prepare the liabilities section of its classified balance sheet. (Negative amount(s) should be indicated by a minus sign.) WOOHOO CO. Liabilities Section of Balance Sheet December 31 Liabilities Current liabilities Total current liabilities Long-term liabilities Total long-term liabilities Total liabilities Exercise...
Chapter 10 Exercise Seved Help Save & Exit Submit Check my work 4 Dobbs Company issues...
Chapter 10 Exercise Seved Help Save & Exit Submit Check my work 4 Dobbs Company issues 7%, two-year bonds, on December 31, 2019, with a par value of $102,000 and semiannual interest payments. Carrying Value $ 95,960 97,478 98,980 100,490 102,000 Semiannual Period-End (0) (1) (2) (3) (4) Unanortized Discount $6,040 4,530 3,020 1,510 12/31/2019 6/30/2020 12/31/2020 6/30/2021 12/31/2021 071 points eBook Hint Use the above straight-line bond amortization table and prepare journal entries for the following. Print Required: (a)...
can someone please show me how this is done?? L010-4 EXERCISE 10.6 Use of an Amortization...
can someone please show me how this is done??
L010-4 EXERCISE 10.6 Use of an Amortization Table Glen Pool Club, Inc., has a $150,000 mortgage liability. The mortgage is payable in monthly installments of $1,543, which include interest computed at an annual rate of 12 percent (1 percent monthly). a. Prepare a partial amortization table showing (1) the original balance of this loan, and (2) the allocation of the first two monthly payments between interest expense and the reduction in...
2- Record the payment of the first installment payment of interest and principal on December 31, 2018. 3- Record the pa...
2- Record the payment of the first installment payment of
interest and principal on December 31, 2018.
3- Record the payment of the second installment payment of
interest and principal on December 31, 2019.
4- Record the payment of the third installment payment of
interest and principal on December 31, 2020.
5- Record the payment of the fourth installment payment of
interest and principal on December 31, 2021.
On January 1, 2018, Eagle borrows $35,000 cash by signing a four-year,...
AutoSave OFF Insert Draw Chapter 10 Excel Assignm View Home S US Page Layout Formulas 10 AA I - a. Au Data = Review = = 2 General D $ % ) LO Paste & 047 A Arial B IU x fx B C D ACC 213 Lab 9 for Chapter 10 - Installment Notes & Amortization Tables Instructions: First, complete the amortization table in Part 1 using the information provided. Once the table is completed, then record the two...
Chapter 10 Excel Assignm AutoSave OFF Formulas Data Review View Page Layout Draw Home Insert A A General 10 Arial A $.% 9 0 BIU Paste fx 047 D E C B A Name: ACC 213 Lab #9 for Chapter 10-Installment Notes & Amortization Tables 3 Instructions: First, complete the amortization table in Part 1 using the information provided. 4 Once the table is completed, then record the two joumal entries in Part 2. 5 Information: 6 Your car loan...
Exercise 9-2A Record Installment notes (LO9-2) On January 1, 2021, Tropical Paradise borrows $42.000 by agreeing to a 5%, four-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $967.23 are due at the end of each month with the first Installment due on January 31, 2021. Required: Record the Issuance of the Installment note payable and the first two monthly payments....
Amortization Table On April 1, 2018, Clyde Barrow Company bought a delivery truck for $54,000 on a 6%, five-year installment note. You have been tasked with preparing an amortization table in Excel for the bookkeeper to assist him in recording the monthly payments, with the first payment starting on May 1, 2018. Prepare a monthly amortization table for the loan showing the payment date, payment, principal part of the payment, the interest portion of the payment, and the remaining balance....
Application Problem 10-13 b A company takes out a four-year, $880,000 mortgage on May 1. The interest rate on the loan is 4% per year, and blended payments of $19,870 (including both interest and principal) are to be made at the end of each month. The following is an extract from the loan amortization table the bank provided the company: Payment 1 Payment 2 Payment 3 Payment 4 Beginning Loan Balance $880,000 863,063 846,070 829,020 Payment $19,870 19,870 19,870 19,870...
ntries for installment note transactions Instructions Chart of Accounts Amortization Table Journal Final Question Instructions On January 1 of Year 1, Bryson Company obtained a $150,000, four-year, 9% installment note from Campbell Bank. The note requires annual payments of $46,300, beginning on December 31 of Year 1. Required: a. Prepare a table for this installment note, similar to the one presented in Exhibit 4. b. Journalize the entries for the issuance of the note and the four annual note payments....
Notes payable (due in 5 years) Accounts payable Bonds payable (due in 10 years) Machinery $ 5,000 1,500 12,000 6,500 Discount on bonds payable Wages payable Interest payable (due in 2 weeks) Sales tax payable $1,400 700 350 300 Prepare the liabilities section of its classified balance sheet. (Negative amount(s) should be indicated by a minus sign.) WOOHOO CO. Liabilities Section of Balance Sheet December 31 Liabilities Current liabilities Total current liabilities Long-term liabilities Total long-term liabilities Total liabilities Exercise...
Chapter 10 Exercise Seved Help Save & Exit Submit Check my work 4 Dobbs Company issues 7%, two-year bonds, on December 31, 2019, with a par value of $102,000 and semiannual interest payments. Carrying Value $ 95,960 97,478 98,980 100,490 102,000 Semiannual Period-End (0) (1) (2) (3) (4) Unanortized Discount $6,040 4,530 3,020 1,510 12/31/2019 6/30/2020 12/31/2020 6/30/2021 12/31/2021 071 points eBook Hint Use the above straight-line bond amortization table and prepare journal entries for the following. Print Required: (a)...
can someone please show me how this is done??
L010-4 EXERCISE 10.6 Use of an Amortization Table Glen Pool Club, Inc., has a $150,000 mortgage liability. The mortgage is payable in monthly installments of $1,543, which include interest computed at an annual rate of 12 percent (1 percent monthly). a. Prepare a partial amortization table showing (1) the original balance of this loan, and (2) the allocation of the first two monthly payments between interest expense and the reduction in...
2- Record the payment of the first installment payment of
interest and principal on December 31, 2018.
3- Record the payment of the second installment payment of
interest and principal on December 31, 2019.
4- Record the payment of the third installment payment of
interest and principal on December 31, 2020.
5- Record the payment of the fourth installment payment of
interest and principal on December 31, 2021.
On January 1, 2018, Eagle borrows $35,000 cash by signing a four-year,...
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