the first part to the question is answered but the second part refers to the first part.
Homework Answers
| Interest expense ($20,000*6%*11/12) | $ 1,100 | |
| Interest payable ($20,000*6%*1/12) | $ 100 | |
| Cash | $ 1,200 |
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the first part to the question is answered but the
second part refers to the first...
only part C needs to be answered M to Problem 12-31. To he Slly 12-31. To...
only part C needs to be answered
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Connect Assignment: Chapter 10 i On November 1, 2019, Norwood borrows $560,000 cash from a bank...
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Problem 10-6A Installment notes LO C1 On November 1, 2017, Norwood borrows $200,000 cash from a...
Problem 10-6A Installment notes LO C1 On November 1, 2017, Norwood borrows $200,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments of $50,091 each year on October 31. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of...
Check my work On November 1, 2019, Norwood borrows $510,000 cash from a bank by signing...
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On January 1, Gemstone Company obtained a $165,000, 10-year, 7% ins nt note from Guarantee Bank....
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Use the following to answer questions 17 - 19: V January 1, 2020, Hector Company obtained a $50.000, four-year, 7% installment note from Sylvester Bank. The note requires four annual payments of $14,761, beginning on December 31, 2020. 17. Total interest expense Hector would report on its year end December 31, 2020 income statement is: $3,500 B. $14,761 C. $11,261 D. $0 The balance in Notes Payable at December 31, 2020, after the first payment is made would be: A....
Mr. Bill S.Preston purchased a new house for $80,000. He paid $20,000 upfront on the down...
Mr. Bill S.Preston purchased a new house for $80,000. He paid $20,000 upfront on the down payment and agreed to pay the rest over the 25 years in 25 equal annual payments that include principal payments plus 7 percent compound interest on the unpaid balance. What will these equal payments be? 2. What is the present value of an annuity of $80 received at the beginning of each year for the next six years? The first payment will be received...
Problem 10-5A Installment notes LO C1 On November 1, 2019, Norwood borrows $580,000 cash from a...
Problem 10-5A Installment notes LO C1 On November 1, 2019, Norwood borrows $580,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments of $133,965 each year on October 31. Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of December 31, 2019 (the end of its annual reporting period). (b) The first annual payment on...
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Bramble Corp. had the following transactions involving notes payable. July 1, 2020 Borrows $56,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $67,800 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Feb. 1, 2021 Pays principal and interest to Lyon County State Bank. Apr. 1, 2021 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account titles...
Please help with the entire question. Each part answered separately (6 parts) P3.4. Copper Hospital's trial...
Please help with the entire question. Each part answered
separately (6 parts)
P3.4. Copper Hospital's trial balance at November 30, 20X2, which includes data accumulated since December 31,20X1, is as follows Cash Accounts receivable Inventory Land Buildings Equipment Accounts payable Notes payable Bonds payable Hospital net assets $14,700 34,900 7,400 30,000 200,000o 105,000 $11,200 25,000 75,000 274,300 Routine services revenue Ancillary services revenue Other operating revenues Salaries and wages expense Supplies expense Utilities expense Insurance expense Repairs expense Interest expense...
only part C needs to be answered
M to Problem 12-31. To he Slly 12-31. To help pay for the pickup VM Corp. obtained a $20,000 loan dealer, payable in four end-of-year 5000 plus 10% interest on the loan TOE the manag and o 42.43 Refer to p truck, the BVM C from the truck dealer year. inves payments 20-ye balance each year. (a) Compute the after mpute the after-tax rate of return for the ther with the loan. Note...
Connect Assignment: Chapter 10 i On November 1, 2019, Norwood borrows $560,000 cash from a bank by signing a five-year installment note bearing 9% interest. The note requires equal payments of $143,970 each year on October 31. points Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of December 31, 2019 (the end of its annual reporting period). (b) The first annual payment on...
Problem 10-6A Installment notes LO C1 On November 1, 2017, Norwood borrows $200,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments of $50,091 each year on October 31. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of...
Check my work On November 1, 2019, Norwood borrows $510,000 cash from a bank by signing a five-year installment note bearing 9% Interest. The note requires equal payments of $131,116 each year on October 31. Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of December 31, 2019 (the end of its annual reporting period). (b) The first annual payment on the note. Complete...
On January 1, Gemstone Company obtained a $165,000, 10-year, 7% ins nt note from Guarantee Bank. The note requires annual payments of $23,492, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $11,550 and principal repayment of $12.942. The journal entry to record the payment of the first annual amount due on the note would include a Oa. credit to interest Payable for $11,550 Ob. debit to Cash for...
Use the following to answer questions 17 - 19: V January 1, 2020, Hector Company obtained a $50.000, four-year, 7% installment note from Sylvester Bank. The note requires four annual payments of $14,761, beginning on December 31, 2020. 17. Total interest expense Hector would report on its year end December 31, 2020 income statement is: $3,500 B. $14,761 C. $11,261 D. $0 The balance in Notes Payable at December 31, 2020, after the first payment is made would be: A....
Mr. Bill S.Preston purchased a new house for $80,000. He paid $20,000 upfront on the down payment and agreed to pay the rest over the 25 years in 25 equal annual payments that include principal payments plus 7 percent compound interest on the unpaid balance. What will these equal payments be? 2. What is the present value of an annuity of $80 received at the beginning of each year for the next six years? The first payment will be received...
Problem 10-5A Installment notes LO C1 On November 1, 2019, Norwood borrows $580,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments of $133,965 each year on October 31. Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of December 31, 2019 (the end of its annual reporting period). (b) The first annual payment on...
Bramble Corp. had the following transactions involving notes payable. July 1, 2020 Borrows $56,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $67,800 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Feb. 1, 2021 Pays principal and interest to Lyon County State Bank. Apr. 1, 2021 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account titles...
Please help with the entire question. Each part answered
separately (6 parts)
P3.4. Copper Hospital's trial balance at November 30, 20X2, which includes data accumulated since December 31,20X1, is as follows Cash Accounts receivable Inventory Land Buildings Equipment Accounts payable Notes payable Bonds payable Hospital net assets $14,700 34,900 7,400 30,000 200,000o 105,000 $11,200 25,000 75,000 274,300 Routine services revenue Ancillary services revenue Other operating revenues Salaries and wages expense Supplies expense Utilities expense Insurance expense Repairs expense Interest expense...
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