Homework Answers
| 1 | ||||
| Interest period | Cash payment | Interest expense | Reduction of principal | Principal balance |
| Issue date | 70000 | |||
| 1 | 18200 | 4200 | 14000 | 56000 |
| 2 | 17360 | 3360 | 14000 | 42000 |
| 3 | 16520 | 2520 | 14000 | 28000 |
| 4 | 15680 | 1680 | 14000 | 14000 |
| 5 | 14840 | 840 | 14000 | 0 |
| 2 | ||||
| Current Portion | 14000 | |||
| Non-Current Portion | 14000 |
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Brief Exercise 10-7 Assad Inc. issued a five-year, 6% instalment note payable, with fixed principal payments...
Brief Exercise 10-8 Hyatt Inc. issued a five-year, 7% instalment loan payable, with blended principal and...
Brief Exercise 10-8 Hyatt Inc. issued a five-year, 7% instalment loan payable, with blended principal and interest payments due annually. The following instalment payment schedule is partially completed: Fill in the missing amounts. (Round answers to o decimal places, e.g. 5,275.) Cash Payment Interest Expense Interest Period Issue date Reduction of Principal Principal Balance $51,000 $12,439 $ 8,869 42,131 2,949 32,641 10,154 1,574 11,622 817* 11,622 *Adjusted for rounding differences. LINK TO TEXT What are the current and non-current portions...
Please show me how you did the current portion and the non-current portion calculations. Brief Exercise...
Please show me how you did the current portion and the
non-current portion calculations.
Brief Exercise 10-7 Assad Inc. issued a five-year, 8% instalment note payable, with fixed principal payments plus interest, due annually. The following instalment payment schedule is partially completed: Your answer is correct. Fill in the missing amounts. Cash Payment Interest Expense Reduction of Principal Interest Period Issue date Principal Balance $40,000 3200 $11,200 8000 32,000 10,560 2,560 8000 24000 9920 8000 16000 1,920 9,280 1,280 T...
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...
Sheridan Inc. issues a $336,000, 10-year, 6% mortgage note payable on November 30, 2021, to obtain...
Sheridan Inc. issues a $336,000, 10-year, 6% mortgage note payable on November 30, 2021, to obtain financing for a new building. The terms provide for monthly instalment payments. (a) Prepare the journal entries to record the mortgage loan on November 30, 2021, and the first two payments on December 31, 2021, and January 31, 2022, assuming the payment is a fixed principal payment of $2,800. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
A five-year, 4%, $80,000 note payable is issued on January 1. Terms include fixed annual principal...
A five-year, 4%, $80,000 note payable is issued on January 1.
Terms include fixed annual principal payments of $16,000, plus
interest on the outstanding balance. The entry to record the first
instalment payment will include a
debit to Notes Payable of $16,000.
credit to Interest Expense of $3,200.
credit to Notes Payable of $12,800.
debit to Cash of $16,000.
A five-year, 4%, $80,000 note payable is issued on January 1. Terms include fixed annual principal...
A five-year, 4%, $80,000 note payable is issued on January 1.
Terms include fixed annual principal payments of $16,000, plus
interest on the outstanding balance. The entry to record the first
instalment payment will include a
debit to Notes Payable of $16,000.
credit to Interest Expense of $3,200.
credit to Notes Payable of $12,800.
debit to Cash of $16,000.
A five-year, 4%, $80,000 note payable is issued on January 1. Terms include fixed annual principal...
A five-year, 4%, $80,000 note payable is issued on January 1.
Terms include fixed annual principal payments of $16,000, plus
interest on the outstanding balance. The entry to record the first
instalment payment will include a
debit to Notes Payable of $16,000.
credit to Interest Expense of $3,200.
credit to Notes Payable of $12,800.
debit to Cash of $16,000.
Brief Exercise 10-8 Hyatt Inc. issued a five-year, 7% instalment loan payable, with blended principal and interest payments due annually. The following instalment payment schedule is partially completed: Fill in the missing amounts. (Round answers to o decimal places, e.g. 5,275.) Cash Payment Interest Expense Interest Period Issue date Reduction of Principal Principal Balance $51,000 $12,439 $ 8,869 42,131 2,949 32,641 10,154 1,574 11,622 817* 11,622 *Adjusted for rounding differences. LINK TO TEXT What are the current and non-current portions...
Please show me how you did the current portion and the
non-current portion calculations.
Brief Exercise 10-7 Assad Inc. issued a five-year, 8% instalment note payable, with fixed principal payments plus interest, due annually. The following instalment payment schedule is partially completed: Your answer is correct. Fill in the missing amounts. Cash Payment Interest Expense Reduction of Principal Interest Period Issue date Principal Balance $40,000 3200 $11,200 8000 32,000 10,560 2,560 8000 24000 9920 8000 16000 1,920 9,280 1,280 T...
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...
Sheridan Inc. issues a $336,000, 10-year, 6% mortgage note payable on November 30, 2021, to obtain financing for a new building. The terms provide for monthly instalment payments. (a) Prepare the journal entries to record the mortgage loan on November 30, 2021, and the first two payments on December 31, 2021, and January 31, 2022, assuming the payment is a fixed principal payment of $2,800. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
A five-year, 4%, $80,000 note payable is issued on January 1.
Terms include fixed annual principal payments of $16,000, plus
interest on the outstanding balance. The entry to record the first
instalment payment will include a
debit to Notes Payable of $16,000.
credit to Interest Expense of $3,200.
credit to Notes Payable of $12,800.
debit to Cash of $16,000.
A five-year, 4%, $80,000 note payable is issued on January 1.
Terms include fixed annual principal payments of $16,000, plus
interest on the outstanding balance. The entry to record the first
instalment payment will include a
debit to Notes Payable of $16,000.
credit to Interest Expense of $3,200.
credit to Notes Payable of $12,800.
debit to Cash of $16,000.
A five-year, 4%, $80,000 note payable is issued on January 1.
Terms include fixed annual principal payments of $16,000, plus
interest on the outstanding balance. The entry to record the first
instalment payment will include a
debit to Notes Payable of $16,000.
credit to Interest Expense of $3,200.
credit to Notes Payable of $12,800.
debit to Cash of $16,000.
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