Homework Answers
| 1 | ||||
| Interest period | Cash payment | Interest expense | Reduction of principal | Principal balance |
| Issue date | 51000 | |||
| 1 | 12439 | 3570 | 8869 | 42131 |
| 2 | 12439 | 2949 | 9490 | 32641 |
| 3 | 12439 | 2285 | 10154 | 22487 |
| 4 | 12439 | 1574 | 10865 | 11622 |
| 5 | 12439 | 817 | 11622 | 0 |
| 2 | ||||
| Current Portion | 10865 | |||
| Non-Current Portion | 11622 |
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Brief Exercise 10-8 Hyatt Inc. issued a five-year, 7% instalment loan payable, with blended principal and...
Brief Exercise 10-7 Assad Inc. issued a five-year, 6% instalment note payable, with fixed principal payments...
Brief Exercise 10-7 Assad Inc. issued a five-year, 6% instalment note payable, with fixed principal payments plus interest, due annually. The following instalment payment schedule is partially completed: Fill in the missing amounts. Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance $70,000 Issue date $18,200 56,000 17,360 3,360 2,520 15,680 1,680 14,000 14,840 840 LINK TO TEXT What are the current and non-current portions of the note at the end of period 3? Current portion $ Non-current...
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....
*Exercise 10-7 (Part Level Submission) The following instalment payment schedule is for a long-term bank loan...
*Exercise 10-7 (Part Level Submission) The following instalment payment schedule is for a long-term bank loan payable: Cash Payment Interest Expense Reduction of Principal Interest Period Issue date $24,945.28 24,945.28 24,945.28 24,945.28 24,945.28 $5,400.00 4,422.74 3,396.61 2,319.18 1,187.87 519,545.28 20,522.54 21,548.67 22,626.10 23,757.41 Principal Balance $108,000.00 88,454.72 67,932.18 46,383.51 23,757.41 0.00 "(a) Your answer is correct. Is the above schedule a fixed principal plus interest or blended principal and interest payment schedule? Blended principal and interest payment schedule Attempts: 1...
Exercise 10-7 (Part Level Submission) The following instalment payment schedule is for a long-term bank loan payable: C...
Exercise 10-7 (Part Level Submission) The following instalment payment schedule is for a long-term bank loan payable: Cash Payment Interest Expense Reduction of Principal Interest Period Issue date $19,545.28 $24,945.28 24,945.28 24,945.28 24,945.28 24,945.28 $5,400.00 4,422.74 3,396.61 2,319.18 1,187.87 20,522.54 21,548.67 22,626.10 23,757.41 Principal Balance $108,000.00 88,454.72 67,932.18 46,383.51 23,757.41 0.00 (a) Is the above schedule a fixed principal plus interest or blended principal and interest payment schedule?
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...
Exercise 10-5 La Porte Company obtained a 10-year, 5%, $164,000 mortgage loan to finance the purchase...
Exercise 10-5 La Porte Company obtained a 10-year, 5%, $164,000 mortgage loan to finance the purchase of a warehouse at March 31, 2017. The terms provide for semi-annual instalment payments on September 30 and March 31 Record the obtaining of the mortgage payable on March 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Date Debit Credit Mar. 31 SHOW LIST OF ACCOUNTS LINK TO TЕXT Record the...
Exercise 10-5 Ste. Anne Corp. obtained a 10-year, 5%, $136,000 mortgage loan to finance the purchase...
Exercise 10-5 Ste. Anne Corp. obtained a 10-year, 5%, $136,000 mortgage loan to finance the purchase of a building at December 31, 2017. The terms provide for semi-annual instalment payments on June 30 and December 31. Your answer is correct. Record the obtaining of the mortgage payable on December 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Cash 136000 2 T Mortgage...
Exercise 10-5 La Porte Company obtained a 10-year, 5 % , $187 ,000 mortgage loan to...
Exercise 10-5 La Porte Company obtained a 10-year, 5 % , $187 ,000 mortgage loan to finance the purchase of a warehouse at March 31, 2017. The terms provide for semi-annual instalment payments on September 30 and March 31. Record the obtaining of the mortgage payable on March 31, 2017. (Credit account titles are automatically indented when the amount entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 SHOW IIST OF ACCOUNTS LINK TO TEX...
Brief Exercise 10-9 Meche Inc. signs a 10-year, 4 %, $270,000 mortgage payable on November 30,...
Brief Exercise 10-9 Meche Inc. signs a 10-year, 4 %, $270,000 mortgage payable on November 30, 2017, to obtain financing for a new equipment. The terms provide for payments at the end of each month. Prepare the entries to record the mortgage on November 30, 2017, and the first two payments on December 31, 2017, and January 31, 2018, assuming the payment is (a) a fixed principal payment of $2,250, plus interest, and (b) a blended principal and interest payment...
Brief Exercise 10-7 Assad Inc. issued a five-year, 6% instalment note payable, with fixed principal payments plus interest, due annually. The following instalment payment schedule is partially completed: Fill in the missing amounts. Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance $70,000 Issue date $18,200 56,000 17,360 3,360 2,520 15,680 1,680 14,000 14,840 840 LINK TO TEXT What are the current and non-current portions of the note at the end of period 3? Current portion $ Non-current...
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....
*Exercise 10-7 (Part Level Submission) The following instalment payment schedule is for a long-term bank loan payable: Cash Payment Interest Expense Reduction of Principal Interest Period Issue date $24,945.28 24,945.28 24,945.28 24,945.28 24,945.28 $5,400.00 4,422.74 3,396.61 2,319.18 1,187.87 519,545.28 20,522.54 21,548.67 22,626.10 23,757.41 Principal Balance $108,000.00 88,454.72 67,932.18 46,383.51 23,757.41 0.00 "(a) Your answer is correct. Is the above schedule a fixed principal plus interest or blended principal and interest payment schedule? Blended principal and interest payment schedule Attempts: 1...
Exercise 10-7 (Part Level Submission) The following instalment payment schedule is for a long-term bank loan payable: Cash Payment Interest Expense Reduction of Principal Interest Period Issue date $19,545.28 $24,945.28 24,945.28 24,945.28 24,945.28 24,945.28 $5,400.00 4,422.74 3,396.61 2,319.18 1,187.87 20,522.54 21,548.67 22,626.10 23,757.41 Principal Balance $108,000.00 88,454.72 67,932.18 46,383.51 23,757.41 0.00 (a) Is the above schedule a fixed principal plus interest or blended principal and interest payment schedule?
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...
Exercise 10-5 La Porte Company obtained a 10-year, 5%, $164,000 mortgage loan to finance the purchase of a warehouse at March 31, 2017. The terms provide for semi-annual instalment payments on September 30 and March 31 Record the obtaining of the mortgage payable on March 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Date Debit Credit Mar. 31 SHOW LIST OF ACCOUNTS LINK TO TЕXT Record the...
Exercise 10-5 Ste. Anne Corp. obtained a 10-year, 5%, $136,000 mortgage loan to finance the purchase of a building at December 31, 2017. The terms provide for semi-annual instalment payments on June 30 and December 31. Your answer is correct. Record the obtaining of the mortgage payable on December 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Cash 136000 2 T Mortgage...
Exercise 10-5 La Porte Company obtained a 10-year, 5 % , $187 ,000 mortgage loan to finance the purchase of a warehouse at March 31, 2017. The terms provide for semi-annual instalment payments on September 30 and March 31. Record the obtaining of the mortgage payable on March 31, 2017. (Credit account titles are automatically indented when the amount entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 SHOW IIST OF ACCOUNTS LINK TO TEX...
Brief Exercise 10-9 Meche Inc. signs a 10-year, 4 %, $270,000 mortgage payable on November 30, 2017, to obtain financing for a new equipment. The terms provide for payments at the end of each month. Prepare the entries to record the mortgage on November 30, 2017, and the first two payments on December 31, 2017, and January 31, 2018, assuming the payment is (a) a fixed principal payment of $2,250, plus interest, and (b) a blended principal and interest payment...
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