A company has a loan that is due on December 30, 2019. At that time they...
A company has a loan that is due on December 30, 2019. At that time they are required to pay $20,000. What was the original amount of the loan if it was taken out on September 30, 2017 at j4= 12%?
Homework Answers
I have assumed that, loan has been given at quartely compounding and has solved the question. Please let me know if there is any thing else or for any clarification. Hope this helps!
Add Answer to:
A company has a loan that is due on December 30, 2019. At that
time they...
Question 1 What nominal Interest rate compounded semi-annually is equivalent to 1397 Not complete Marked out...
Question 1 What nominal Interest rate compounded semi-annually is equivalent to 1397 Not complete Marked out of 1.00 question Select one: a. 13.86% . b. 13.41% O c. 12.60% O d. 14.34% Save response Question 2 Not complete duto 1.00 A company has a loan that is due on December 30, 2019. At that time they are required to pay $20,000. What was the original amount of the loan if it was taken out on September 30, 2017 at 12%?...
3) The company borrowed $20,000 to finance its business operation. The loan is due on December...
3) The company borrowed $20,000 to finance its business operation. The loan is due on December 31. Required: Calculate the interest and principle the company would have to pay the bank on December 31 under each of the following assumptions: a) The loan is at 12%, borrowed on January 2 of the same year. b) The loan is at 10%, borrowed on January 2 of the same year. c) The loan is at 12%, borrowed on April 1 of the...
Return to question On September 30, 2017, Ericson Company negotiated a two-year, 2,100,000 dudek loan from...
Return to question On September 30, 2017, Ericson Company negotiated a two-year, 2,100,000 dudek loan from a foreign bank at an interest rate of 4 percent per year. It makes interest payments annually on September 30 and will repay the principal on September 30, 2019. Ericson prepares U.S.-dollar financial statements and has a December 31 year-end. a. Prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for 1 dudek: September 30, 2017 December 31,...
30. On September 30, 2017, Ericson Company negotiated a two-year, 1,000,000 dudek loan from a for-...
30. On September 30, 2017, Ericson Company negotiated a two-year, 1,000,000 dudek loan from a for- eign bank at an interest rate of 2 percent per year. It makes interest payments annually on Septem- ber 30 and will repay the principal on September 30, 2019. Ericson prepares U.S.-dollar financial statements and has a December 31 year-end. a. Prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for 1 dudek: September 30, 2017 December 31,...
On January 1, 2019, the company obtained a $3 million loan with a 12% interest rate....
On January 1, 2019, the company obtained a $3 million loan with a 12% interest rate. The building was completed on September 30, 2020. Expenditures on the project were as follows: January 1, 2019 $ 1,330,000 March 1, 2019 780,000 June 30, 2019 230,000 October 1, 2019 660,000 January 31, 2020 540,000 April 30, 2020 855,000 August 31, 2020 1,440,000 On January 1, 2019, the company obtained a $3 million construction loan with a 12% interest rate. Assume the $3...
On September 30, 2015, Ericson Company negotiated a two-year, 2,200,000 dudek loan from a foreign bank...
On September 30, 2015, Ericson Company negotiated a two-year, 2,200,000 dudek loan from a foreign bank at an interest rate of 4 percent per year. It makes interest payments annually on September 30 and will repay the principal on September 30, 2017. Ericson prepares U.S.-dollar financial statements and has a December 31 year-end. September 30, 2015 $ 0.110 December 31, 2015 0.115 September 30, 2016 0.130 December 31, 2016 0.135 September 30, 2017 0.160 a. Prepare all journal entries related...
The stockholders' equity section of Joshua Company shows the following on December 31, 2019 Preferred stock,...
The stockholders' equity section of Joshua Company shows the following on December 31, 2019 Preferred stock, 6%, 50 par value, 5.000 shares outstanding Common stock, 55 par value, 80,000 shares outstanding Paid-in capital in excess of par, common stock Retained earnings $250.000 00000 200,000 Total stockholders' equity 210.000 $1.060.000 Required: Assume that the corporation has determined to pay out $90,000 in dividends at December 31, 2019. The last time that dividends were paid was on December 31, 2017. Calculate the...
The information below relates to “NOT partnership business” for the year ended 31st December, 2019 Nyamekye...
The information below relates
to “NOT partnership business” for the year ended 31st December,
2019 Nyamekye Oliver Twist GH¢’000 GH¢’000 GH¢’000 Capital
Introduced 20,000 30,000 40,000 Drawings 10,000 15,000 20,000 i.
Nyamekye is entitled to a salaries amounted to GH¢ 9,350,000 per
annum, sharing Profit or loss on the basis of capital contributed.
ii. Net profit for the period ended 31st December, 2019 was GH¢
38,500,000. Interest on drawings and Capital are 5% and 10% per
annum respectively. All expenses...
Exercise 7-27 On December 31, 2017, Cullumber Company signed a $1,054,800 note to Riverbed Bank. The...
Exercise 7-27
On December 31, 2017, Cullumber Company signed a $1,054,800 note
to Riverbed Bank. The market interest rate at that time was 11%.
The stated interest rate on the note was 9%, payable annually. The
note matures in 5 years. Unfortunately, because of lower sales,
Cullumber’s financial situation worsened. On December 31, 2019,
Riverbed Bank determined that it was probable that the company
would pay back only $632,880 of the principal at maturity. However,
it was considered likely that...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company’s records and related documents: On July 1, 2018, a two-year insurance premium on equipment in the amount of $740 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. At the end of 2018, the unadjusted balance in the Supplies account was $1,140. A physical count of...
Question 1 What nominal Interest rate compounded semi-annually is equivalent to 1397 Not complete Marked out of 1.00 question Select one: a. 13.86% . b. 13.41% O c. 12.60% O d. 14.34% Save response Question 2 Not complete duto 1.00 A company has a loan that is due on December 30, 2019. At that time they are required to pay $20,000. What was the original amount of the loan if it was taken out on September 30, 2017 at 12%?...
Return to question On September 30, 2017, Ericson Company negotiated a two-year, 2,100,000 dudek loan from a foreign bank at an interest rate of 4 percent per year. It makes interest payments annually on September 30 and will repay the principal on September 30, 2019. Ericson prepares U.S.-dollar financial statements and has a December 31 year-end. a. Prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for 1 dudek: September 30, 2017 December 31,...
30. On September 30, 2017, Ericson Company negotiated a two-year, 1,000,000 dudek loan from a for- eign bank at an interest rate of 2 percent per year. It makes interest payments annually on Septem- ber 30 and will repay the principal on September 30, 2019. Ericson prepares U.S.-dollar financial statements and has a December 31 year-end. a. Prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for 1 dudek: September 30, 2017 December 31,...
The stockholders' equity section of Joshua Company shows the following on December 31, 2019 Preferred stock, 6%, 50 par value, 5.000 shares outstanding Common stock, 55 par value, 80,000 shares outstanding Paid-in capital in excess of par, common stock Retained earnings $250.000 00000 200,000 Total stockholders' equity 210.000 $1.060.000 Required: Assume that the corporation has determined to pay out $90,000 in dividends at December 31, 2019. The last time that dividends were paid was on December 31, 2017. Calculate the...
The information below relates
to “NOT partnership business” for the year ended 31st December,
2019 Nyamekye Oliver Twist GH¢’000 GH¢’000 GH¢’000 Capital
Introduced 20,000 30,000 40,000 Drawings 10,000 15,000 20,000 i.
Nyamekye is entitled to a salaries amounted to GH¢ 9,350,000 per
annum, sharing Profit or loss on the basis of capital contributed.
ii. Net profit for the period ended 31st December, 2019 was GH¢
38,500,000. Interest on drawings and Capital are 5% and 10% per
annum respectively. All expenses...
Exercise 7-27
On December 31, 2017, Cullumber Company signed a $1,054,800 note
to Riverbed Bank. The market interest rate at that time was 11%.
The stated interest rate on the note was 9%, payable annually. The
note matures in 5 years. Unfortunately, because of lower sales,
Cullumber’s financial situation worsened. On December 31, 2019,
Riverbed Bank determined that it was probable that the company
would pay back only $632,880 of the principal at maturity. However,
it was considered likely that...
Most questions answered within 3 hours.
-
The tires of a car make 61 revolutions as the car reduces its
speed uniformly from...
asked 6 minutes ago -
Peabody, Inc., sells fireworks. The company’s marketing director
developed the following cost of goods sold budget...
asked 11 minutes ago -
A signal transduction pathway includes the steps listed
below.
1. An inactive signal transduction molecule is...
asked 10 minutes ago -
1. The correlation coefficient determined for two variables has
a value of 0.89. Describe, in words,...
asked 16 minutes ago -
The following data relate to direct materials costs for
November:
Actual costs
4,700 pounds at $5.35...
asked 14 minutes ago -
Kyle, a 95.0 kg football player, leaps straight up into the air
(with no horizontal velocity)...
asked 38 minutes ago -
Which of the following is a measure of profitability?
A.
Quick (acid-test) ratio
B.
Net sales...
asked 41 minutes ago -
Find the total pressure exerted by 2 grams of ethane and 3 grams
of CO2 contained...
asked 42 minutes ago -
A fireman standing on a 5.2 m high ladder operates a water hose
with a round...
asked 38 minutes ago -
A cream formulation is studied for accelerated stability study.
Creaming was observed when formulation was tested...
asked 41 minutes ago -
A 1,150 lumen light bulb is placed 37 cm in front of a mirrored
wall, whose...
asked 52 minutes ago -
Given that z is a standard normal random variable, compute the
following probabilities (to 4 decimals)....
asked 58 minutes ago