Homework Answers
Qusetion no (1)
The Correct option is (c) :- At the beginning of the loan, The principal balance is larger than it is at the end.
Question no(2)
The Correct option is (a) :- They are both Installment Loan
Question no (3)
The Correct option is (d) :- The true Statement is --- Payment of installment loans consist of both principal and interest.
Answer to the Questions of Second Image
Question no (1) of Second image
The Correct option is (b) :- Credit; Notes payable
Question no (2) OF Second image
The Correct option is (b) :- $16.67
Calculations
no of days 30
rate of interest
so the amount of accrued interest will be
$5000*4%*30/360
16.67
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Click to watch the Concept Clip Installment Credit video and then answer the questions below. 1....
Exercise 10-10 Installment note with equal total payments LO C1 On January 1, 2017, Eagle borrows...
Exercise 10-10 Installment note with equal total payments LO C1 On January 1, 2017, Eagle borrows $18,000 cash by signing a four-year. 9% installment note. The note requires four equal payments of $5,556, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments (B) (C) (D) Period Ending Beginning Balance Debit Interest Expense Debit Notes Payable Credit...
19 On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment...
19 On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $10,333, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments points (E) ( 8 02:16:59 Period Ending Date 2019 (A) Beginning Balance (B) Debit Interest Expense (C) Debit Notes Payable (D) Credit...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $28,000...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $28,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $8,081, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) (A) Beginning Balance Payments (B) (C) Debit Debit Interest Notes Expense Payable (D) Credit Cash (E)...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $15,000...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $15,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $4,428, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments . (E) Period Ending Date . (A) Beginning Balance (B) Debit Interest Expense (C) Debit...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $35,000...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $10,333, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments (B) (C) Debit Interest Debit Notes Expense Payable (A) Beginning Balance Period Ending Date 2019...
Consider the following note payable transactions of Cabal Video Productions, (Click the icon to view the...
Consider the following note payable transactions of Cabal Video Productions, (Click the icon to view the transactions.) Requirements 1. Journalize the transactions for the company. 2. Considering the given transactions only, what are Cabal Video Productions' total liabilities on December 31, 2019? Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Oct. 1, 2018: Purchased equipment costing $80,000 by issuing a five-year, 8% note payable. The...
Use the following to answer questions 17 - 19: V January 1, 2020, Hector Company obtained...
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....
Exercise 10-10 Installment note amortization table LO C1 On January 1, 2018, Eagle borrows $31,000 cash...
Exercise 10-10 Installment note amortization table LO C1 On January 1, 2018, Eagle borrows $31,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $9,360, consisting of accrued interest and principal on December 31 of each year from 2018 through 2021. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments...
On January 1, 2019, Eagle Company borrows $25,000 cash by signing a four-year, 7% installment note....
On January 1, 2019, Eagle Company borrows $25,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $7,381, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare the journal entries for Eagle to record the note's issuance and the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.) Record the payment of the first installment payment of interest and principal on...
Consider the following note payable transactions of Carlton Video Productions (Click the icon to view the...
Consider the following note payable transactions of Carlton Video Productions (Click the icon to view the transactions.) Requirements 1. Journalize the transactions for the company 2. Considering the given transactions only, what are Carlton Video Productions' total liabilities on December 31, 2019? More Info - X of the journal entry) Requirement 1. Journalize the transa Oct. 1. 2018: Purchased equipment each October 1 yments of $16,000 plus interest Date Account 2018 Oct 1 2018 Oct. 1 Purchased equipment costing 580,000...
Exercise 10-10 Installment note with equal total payments LO C1 On January 1, 2017, Eagle borrows $18,000 cash by signing a four-year. 9% installment note. The note requires four equal payments of $5,556, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments (B) (C) (D) Period Ending Beginning Balance Debit Interest Expense Debit Notes Payable Credit...
19 On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $10,333, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments points (E) ( 8 02:16:59 Period Ending Date 2019 (A) Beginning Balance (B) Debit Interest Expense (C) Debit Notes Payable (D) Credit...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $28,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $8,081, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) (A) Beginning Balance Payments (B) (C) Debit Debit Interest Notes Expense Payable (D) Credit Cash (E)...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $15,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $4,428, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments . (E) Period Ending Date . (A) Beginning Balance (B) Debit Interest Expense (C) Debit...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $10,333, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments (B) (C) Debit Interest Debit Notes Expense Payable (A) Beginning Balance Period Ending Date 2019...
Consider the following note payable transactions of Cabal Video Productions, (Click the icon to view the transactions.) Requirements 1. Journalize the transactions for the company. 2. Considering the given transactions only, what are Cabal Video Productions' total liabilities on December 31, 2019? Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Oct. 1, 2018: Purchased equipment costing $80,000 by issuing a five-year, 8% note payable. The...
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....
Exercise 10-10 Installment note amortization table LO C1 On January 1, 2018, Eagle borrows $31,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $9,360, consisting of accrued interest and principal on December 31 of each year from 2018 through 2021. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments...
Consider the following note payable transactions of Carlton Video Productions (Click the icon to view the transactions.) Requirements 1. Journalize the transactions for the company 2. Considering the given transactions only, what are Carlton Video Productions' total liabilities on December 31, 2019? More Info - X of the journal entry) Requirement 1. Journalize the transa Oct. 1. 2018: Purchased equipment each October 1 yments of $16,000 plus interest Date Account 2018 Oct 1 2018 Oct. 1 Purchased equipment costing 580,000...
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