Can I please have some assistance getting the right answer and a step by step guide.
Homework Answers
Statemnt showing Journal entries of following Transaction
| Date | Journal | Debit($) | Credit ($) |
| 31st dec 2019 |
Cash A/c dr To 6% Mortgage note payable A/c |
2750,000 |
2750,000 |
| ( Being Loan taken by harrision corporation and will be payable in equal installments) | |||
| 31st dec 2020 |
Interest Expense A/c Dr 6% Mortgage Note payable A/c Dr To cash A/c |
165000 227849 |
442849 |
| ( being payment made for the amount borrowed with interest charged in 1st installment) | |||
| 31st dec 2021 |
Interest Expense A/c Dr 6% Mortgage Note payable A/c Dr To cash A/c |
148329.06 294519.94 |
442849 |
| (being payment made for the amount borrowed with interest charged in 2 installment) |
Calculation of interest and closing balance of mortgage loan
| Year 1 | Year 2 | Year 3 | working | |
| Opening | 2750000 | 2472151 | 2177631.06 | |
| Interest @ 6% | 165000 | 148329.06 | 130657.86 | opening balance * 6% |
| Fixed Installment | 442849 | 442849 | 442849 | |
| Closing | 2472151 | 2177631.06 | 1865439.92 | (opening - principal) |
| Principal | 277849 | 294519.94 | 312191.14 | (fixed installment - interest) |
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Can I please have some assistance getting the right answer and a
step by step guide....
Can I please have some assistance getting the right answer and a step by step guide....
Can I please have some assistance getting the right answer and a
step by step guide.
SECTION 4 (12 points) d BRIL On January 1, 2019, Gibbs Corporation issued $8,000,000 face value, 7%, 15 year bonds at $8,777,020. This pric esulted in an effective interest rate of 6% on the bonds. Gibbs Corporation uses the effective interest method to amortiz ond premium or bond discount. The bonds pay annual interest on January 1. Required: On the journal pages provided below...
Can I please have some assistance getting the right answer and a step by step guide....
Can I please have some assistance getting the right answer and a
step by step guide.
SECTION 6 (6 points) Ayantee Corporation has 50,000 shares of 4%, $100 par value preferred stock outstanding at December 31, 2019. At December 31, 2019, the company declared a $750,000 cash dividend. The company did not pay cash dividends in the previous two years (2017 and 2018). Required: (1) On the lines below, list total amounts of the cash dividends for preferred stockholders and...
Can I please have some assistance getting the right answer and a step by step guide....
Can I please have some assistance getting the right answer and a
step by step guide.
SECTION 1 (4 points) Gold Corporation issued $9,000,000, 15 yeal bends at a discount. On April 1st of 2020, prior to maturity, when the carrying value of the bonds is $8,454,000, the company retires the bonds at 102. Required: On the journal page below, prepare (in good form) the April 1st journal entry for the retirement of the bonds. Be sure to include the...
Can I please have some assistance getting the right answer and a step by step guide....
Can I please have some assistance getting the right answer and a
step by step guide.
Not sure what not able to read it properly means? Do
you mean it's blurry or what?
SECTION 2 (30 points) Martin Corporation began operations on January 1, 2020. The company was authorized to issue up to 3 million shares of $4 par value common stock. The following transactions occurred in 2020. January 1 Issued 60,000 shares of common stock for $27 cash per...
Can I have a little assistance, please! Much appreciated! Problem 10-12A Laverne purchased a new piece...
Can I have a little assistance, please! Much appreciated!
Problem 10-12A Laverne purchased a new piece of equipment to be used in its new facility. The $420,000 piece of equipment was purchased with a $63,000 down payment and with cash received through the issuance of a $357,000, 7%, S-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $87,069 on December 31. Your answer is partially correct. Try again. Prepare an installment payments schedule...
weyganat, Accounting Principes, 13 ctice Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR PULL SCREEN PRINTER VERSION...
weyganat, Accounting Principes, 13 ctice Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR PULL SCREEN PRINTER VERSION BACK NEXT Question 15 Stuckey Company borrowed $800,000 on December 31, 2019, by issuing an $800,000, 8% mortgage note payable. The terms call for annual installment payments of $119,224 on December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to o decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is...
Please elaborate step by step the pmt(annuity) calculation for this problem Note Payable with Amortization Table: Installment Loan PROBLEM: AS&K, Inc. borrowed S250.000 by issuing an 8%, 3-year n...
Please elaborate step by step the pmt(annuity) calculation for
this problem
Note Payable with Amortization Table: Installment Loan PROBLEM: AS&K, Inc. borrowed S250.000 by issuing an 8%, 3-year note on January 1, 2018. AS&K must make payments every 6 months, beginning June 30, 2018. The note will be fully paid at maturity on December 31, 2020. AS&K prepares annual financial statements. Prepare the amortization table for this note along with any necessary journal entries. Also prepare the t-account for the...
Hi there - Can I please get some assistance with the very last portion of this...
Hi there - Can I please get some assistance with the very last
portion of this question?
Accounting Cycle Review 15 a-e Sandhill Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash Accounts Receivable $26,500 56,000 23,000 68,000 99.600 33,000 $410 31,500 14,200 19,400 -0- -0- 7,200 50,000 30,000 6,000 Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable...
I need assistance in entering these into Journal entries. Especially part 3 Property Plant and Equipment....
I need assistance in entering these into Journal entries.
Especially part 3 Property Plant and Equipment. I am confused on
how to depreciate the items properly (please show work on how to do
it)
1. Using the Journal, record the transactions that occurred
during 2017. If no specific date is provided for a transaction,
leave the date column blank. Since there are several transactions
for which no date is given, the journal entries, do NOT need to be
in chronological...
Can I please have some assistance getting the right answer and a
step by step guide.
SECTION 4 (12 points) d BRIL On January 1, 2019, Gibbs Corporation issued $8,000,000 face value, 7%, 15 year bonds at $8,777,020. This pric esulted in an effective interest rate of 6% on the bonds. Gibbs Corporation uses the effective interest method to amortiz ond premium or bond discount. The bonds pay annual interest on January 1. Required: On the journal pages provided below...
Can I please have some assistance getting the right answer and a
step by step guide.
SECTION 6 (6 points) Ayantee Corporation has 50,000 shares of 4%, $100 par value preferred stock outstanding at December 31, 2019. At December 31, 2019, the company declared a $750,000 cash dividend. The company did not pay cash dividends in the previous two years (2017 and 2018). Required: (1) On the lines below, list total amounts of the cash dividends for preferred stockholders and...
Can I please have some assistance getting the right answer and a
step by step guide.
SECTION 1 (4 points) Gold Corporation issued $9,000,000, 15 yeal bends at a discount. On April 1st of 2020, prior to maturity, when the carrying value of the bonds is $8,454,000, the company retires the bonds at 102. Required: On the journal page below, prepare (in good form) the April 1st journal entry for the retirement of the bonds. Be sure to include the...
Can I please have some assistance getting the right answer and a
step by step guide.
Not sure what not able to read it properly means? Do
you mean it's blurry or what?
SECTION 2 (30 points) Martin Corporation began operations on January 1, 2020. The company was authorized to issue up to 3 million shares of $4 par value common stock. The following transactions occurred in 2020. January 1 Issued 60,000 shares of common stock for $27 cash per...
Can I have a little assistance, please! Much appreciated!
Problem 10-12A Laverne purchased a new piece of equipment to be used in its new facility. The $420,000 piece of equipment was purchased with a $63,000 down payment and with cash received through the issuance of a $357,000, 7%, S-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $87,069 on December 31. Your answer is partially correct. Try again. Prepare an installment payments schedule...
weyganat, Accounting Principes, 13 ctice Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR PULL SCREEN PRINTER VERSION BACK NEXT Question 15 Stuckey Company borrowed $800,000 on December 31, 2019, by issuing an $800,000, 8% mortgage note payable. The terms call for annual installment payments of $119,224 on December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to o decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is...
Please elaborate step by step the pmt(annuity) calculation for
this problem
Note Payable with Amortization Table: Installment Loan PROBLEM: AS&K, Inc. borrowed S250.000 by issuing an 8%, 3-year note on January 1, 2018. AS&K must make payments every 6 months, beginning June 30, 2018. The note will be fully paid at maturity on December 31, 2020. AS&K prepares annual financial statements. Prepare the amortization table for this note along with any necessary journal entries. Also prepare the t-account for the...
Hi there - Can I please get some assistance with the very last
portion of this question?
Accounting Cycle Review 15 a-e Sandhill Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash Accounts Receivable $26,500 56,000 23,000 68,000 99.600 33,000 $410 31,500 14,200 19,400 -0- -0- 7,200 50,000 30,000 6,000 Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable...
I need assistance in entering these into Journal entries.
Especially part 3 Property Plant and Equipment. I am confused on
how to depreciate the items properly (please show work on how to do
it)
1. Using the Journal, record the transactions that occurred
during 2017. If no specific date is provided for a transaction,
leave the date column blank. Since there are several transactions
for which no date is given, the journal entries, do NOT need to be
in chronological...
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