Homework Answers
Terminology - 1
A. Goodwill-(32) The value of favourable, unidentifiable attributes related to a co.
B. Dividends - (35) The distribution of retained earning from a corporation to its shareholders.
C. Asset - (34) The resources owned and controlled by a business that are expected to provide future economic benefits.
D. Depreciation - (31) The process of allocating the cist if an asset over its useful life.
E. Prepaid Expense - (33) Cost paid in advance that benefit more than one accounting period.
Terminology -2
A. Accounts Payable - (40) Amount owed to suppliers for purchases made on credit.
B. Unearned Revenue - (38) Cash received when a customer pays in advance of being provided with a service or product.
C. Carrying amount - (36) Value at which an asset is recognised
D. Residual value - (37) An estimate of an amount that a co. Would obtain
E. Working capital - (39) A measure of liquidity used to
evaluate a co. short term debt paying ability. 
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XYZ borrows $500,000 for 2 years at 8% with semi-annual fixed principal is of $125,000. Round...
watch the term to the definition (USE SCANTROND A. Goodwill B. Dividends C. Asset D. Depreciation...
watch the term to the definition (USE SCANTROND A. Goodwill B. Dividends C. Asset D. Depreciation E. Prepaid expense 31. The process of allocating the cost of an asset over its useful life 32. The value of favourable, unidentifiable attributes related to a company 33. Costs paid in advance that benefit more than one accounting period 34. A resource owned or controlled by business that are expected to provide wted to provide future economic benefits 35. The distribution of retained...
You take a 12-years fixed rate loan at 5.0 % annual interest rate with initial principal...
You take a 12-years fixed rate loan at 5.0 % annual interest rate with initial principal of $400,000. The repayment is scheduled as quarterly instalments. (a) Solve for your quarterly payment. (6 marks) (b) Three years later, you decide the change to monthly instalment for the remaining period at the same interest rate. Solve for the monthly payment. (12 marks) (c) Calculate the total interest that you need to pay for the twelve years. (2 marks)
You take a 12-years fixed rate loan at 5.0% annual interest rate with initial principal of $400,000. The repayment is s...
You take a 12-years fixed rate loan at 5.0% annual interest rate with initial principal of $400,000. The repayment is scheduled as quarterly instalments. (a) Solve for your quarterly payment. (6 marks) (b) Three years later, you decide the change to monthly instalment for the remaining period at the same interest rate. Solve for the monthly payment. (12 marks) c) Calculate the total interest that you need to pay for the twelve years. (2 marks)
(c) Prepare the journal entry to record the first instalment payment. (Round answers to 2 decimal...
(c) Prepare the journal entry to record the first instalment payment. (Round answers to 2 decimal places, e.g. 1.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Exercise 10-7 (Part Level Submission) The following instalment payment schedule is for a long-term bank loan payable: Reduction of Interest Cash Payment Principal Interest Period Expense Principal Balance Issue date $108,000.00 $24,945.28 $5,400.00 $19,545.28 1 88,454.72 2 4,422.74 24,945.28 20,522.54...
The following instalment payment schedule is for a long-term bank loan payable: Reduction of Interest Cash...
The following instalment payment schedule is for a long-term bank loan payable: Reduction of Interest Cash Payment Principal Interest Period Principal Balance Expense $79,000.00 Issue date $4,740.00 $18,754.32 $14,014.32 64,985.68 1 2 18,754.32 3,899.14 14,855.18 50,130.50 15,746.49 3 18,754.32 3,007.83 34,384.01 4 18,754.32 2,063.04 16,691.28 17,692.73 5 18,754.32 1,061.59 17,692.73 0.00 Is the above schedule a fixed principal plus interest or blended principal and interest payment schedule? LINK TO TEXT Assuming payments are made annually, what is the interest rate...
On January 1,2017, Cage Company contracts to lease equipment for 5 years, agreeing to make a paym...
On January 1,2017, Cage Company contracts to lease equipment for 5 years, agreeing to make a payment of $120,987 at the beginning of each year, starting January 1, 2017. The leased equipment is to be capitalized at $550,000. The asset is to be amortized on a double-declining balance basis, and the obligation is to be reduced on an effective-interest basis. Cage's incremental borrowing rate is 6%, and the implicit rate in the lease is 5%, which is known by Cage....
Sheridan Furniture Company started construction of a combination office and warehouse building for its own use...
Sheridan Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $4,972,800 on January 1, 2017. Sheridan expected to complete the building by December 31, 2017. Sheridan has the following debt obligations outstanding during the construction period. Construction loan-10% interest, payable semiannually, issued December 31, 2016 $2,019,500 Short-term loan-8% interest, payable monthly, and principal payable at maturity on May 30, 2018 1,605,600 Long-term loan-9% interest, payable on January 1 of...
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...
Instructions Prepare the entry that should have been made at the date of each acquisition. E10-7...
Instructions Prepare the entry that should have been made at the date of each acquisition. E10-7 (Capitalization of Interest) Harrisburg Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,000,000 on January 1, 2014. Harrisburg expected to complete the building by December 31, 2014. Harrisburg has the following debt obligations outstanding during the construction period. Construction loan�12% interest, payable semiannually, issued December 31, 2013 $2,000,000 Short-term loan�10% interest, payable...
E10.7B (L0 2) (Capitalization of Interest) Bagwell Furniture Company started construction of a combination office and...
E10.7B (L0 2) (Capitalization of Interest) Bagwell Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $2,500,000 on January 1, 2020. Bagwell expected to complete the building by December 31, 2020. Bagwell has the following debt obligations outstanding during the construction period. Construction loan—15% interest, payable semiannually, issued December 31, 2019 Short-term loan—10% interest, payable monthly, and principal payable $1,000,000 at maturity on May 30, 2021 Long-term loan—11% interest,...
watch the term to the definition (USE SCANTROND A. Goodwill B. Dividends C. Asset D. Depreciation E. Prepaid expense 31. The process of allocating the cost of an asset over its useful life 32. The value of favourable, unidentifiable attributes related to a company 33. Costs paid in advance that benefit more than one accounting period 34. A resource owned or controlled by business that are expected to provide wted to provide future economic benefits 35. The distribution of retained...
You take a 12-years fixed rate loan at 5.0% annual interest rate with initial principal of $400,000. The repayment is scheduled as quarterly instalments. (a) Solve for your quarterly payment. (6 marks) (b) Three years later, you decide the change to monthly instalment for the remaining period at the same interest rate. Solve for the monthly payment. (12 marks) c) Calculate the total interest that you need to pay for the twelve years. (2 marks)
(c) Prepare the journal entry to record the first instalment payment. (Round answers to 2 decimal places, e.g. 1.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Exercise 10-7 (Part Level Submission) The following instalment payment schedule is for a long-term bank loan payable: Reduction of Interest Cash Payment Principal Interest Period Expense Principal Balance Issue date $108,000.00 $24,945.28 $5,400.00 $19,545.28 1 88,454.72 2 4,422.74 24,945.28 20,522.54...
The following instalment payment schedule is for a long-term bank loan payable: Reduction of Interest Cash Payment Principal Interest Period Principal Balance Expense $79,000.00 Issue date $4,740.00 $18,754.32 $14,014.32 64,985.68 1 2 18,754.32 3,899.14 14,855.18 50,130.50 15,746.49 3 18,754.32 3,007.83 34,384.01 4 18,754.32 2,063.04 16,691.28 17,692.73 5 18,754.32 1,061.59 17,692.73 0.00 Is the above schedule a fixed principal plus interest or blended principal and interest payment schedule? LINK TO TEXT Assuming payments are made annually, what is the interest rate...
On January 1,2017, Cage Company contracts to lease equipment for 5 years, agreeing to make a payment of $120,987 at the beginning of each year, starting January 1, 2017. The leased equipment is to be capitalized at $550,000. The asset is to be amortized on a double-declining balance basis, and the obligation is to be reduced on an effective-interest basis. Cage's incremental borrowing rate is 6%, and the implicit rate in the lease is 5%, which is known by Cage....
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...
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