A restaurant purchases land and buildings with a cash down payment and the balance financed by...
A restaurant purchases land and buildings with a cash down payment and the balance financed by a mortgage. What bookkeeping accounts are affected?
Homework Answers
When land and building purchases with cash down payment and the balance financed by mortgage
| Date | account and explanation | Debit | Credit |
| Land and building | XXX | ||
| Cash | XXX | ||
| Mortgage payable | XXX |
So Land and building account increase, Cash account decrease and mortgage payable increase
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A restaurant purchases land and buildings with a cash down
payment and the balance financed by...
Land and a building were purchased by a restaurant for $225,000. The down payment was $75,000,...
Land and a building were purchased by a restaurant for $225,000. The down payment was $75,000, and the balance was financed by a mortgage. What amount will be recorded to Mortgage Payable?
A lodging operation purchases a parcel of land with cash. What bookkeeping accounts are affected?
A lodging operation purchases a parcel of land with cash. What bookkeeping accounts are affected?
15A. The price of a home is $125,000. The bank requires a 20% down payment at...
15A. The price of a home is $125,000. The bank requires a 20% down payment at the time of closing. The remainder will be financed with a fixed-rate mortgage at 5 % % for 30 years. Find the total interest paid over the life of the loan. The price of a home is $290,000. The bank requires a 20 % down payment and one point 15B. at the time of closing. The cost of the home is financed with a...
island news purchased a piece of property for $1.79 million. The firm paid a down payment...
island news purchased a piece of property for $1.79 million. The firm paid a down payment of 20 percent in cash and financed the balance. The loan terms require monthly payments for 20 years at an APR of 4.75 percent, compounded monthly. What is the amount of each mortgage payment?
U Cash Down Amount Number of Amount of Finance APR Price Payment Financed Payments Payment Charge...
U Cash Down Amount Number of Amount of Finance APR Price Payment Financed Payments Payment Charge $6000 $3000 $3000 12 $260 $ % (Finance charge per $100 of amount financed) Number of payments 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 12 3.00 3.28 3.56 3.83 4.11 4.39 4.66 18 4.41 4.82 5.22 5.63 6.04 6.45 6.86 48 11.63 12.73 13.83 14.94 16.06 17.18 18.31 55 tu The finance charge is $ Use the APR table to find the APR. Gra...
Land worth $800,000 is purchased by a down payment of $120,000 and the balance in equal...
Land worth $800,000 is purchased by a down payment of $120,000 and the balance in equal monthly installments for 15 years. If interest is at j12 = 4%, determine the buyer’s and seller’s equity in the land at the end of 10 years.
Ricardo purchase a used car for $10,000 He wrote a check for $2,000 as a down payment for the car and financed the $23,681 balance
Ricardo purchase a used car for $10,000 He wrote a check for $2,000 as a down payment for the car and financed the $23,681 balance. The annual percentage rate (APR) is 9% compounded monthly, and the loan is to be repaid in equal monthly installments over the next four years. How much is Ricardo's monthly car payment?
2021 2020 $19,275 $8,850 Cash Buildings 850,500 742,000 Equipment 404,000 350,600 102,000 Land 57,750 Accumulated depreciation-buildings...
2021 2020 $19,275 $8,850 Cash Buildings 850,500 742,000 Equipment 404,000 350,600 102,000 Land 57,750 Accumulated depreciation-buildings 308,500 295,250 Accumulated depreciation-equipment 132,000 98,750 Dividends payable 3,050 6,600 Mortgage payable 547,800 587,800 Notes payable 343,500 312,500 Common shares: 5,470 shares in 2021; 4,070 in 2020 542,500 413,500 Retained earnings 208,000 109,000 Cash dividends declared 28,500 12,800 Depreciation expense-buildings 26,250 40,350 Depreciation expense-equipment 47,855 26,000 Gain on sale of equipment 970 Loss on sale of building 10,900 Interest expense 44,850 48,950 Additional information:...
C. 6. Journalise the following transactions: a. A restaurant purchased land for $50,000 for cash b....
C. 6. Journalise the following transactions: a. A restaurant purchased land for $50,000 for cash b. A client makes a banquet reservation to be held in December, 2020. The total cost would be $12,000. The client makes an advance payment today for half of the cost. Received a $1,850 invoice from a supplier to be paid in 15 days. d. Paid $1,600 for insurance premiums to cover the next six months. e. Paid rent $600 for the month. f. Purchased...
A property recently sold for $300,000 with a 20 percent down payment. The seller financed the...
A property recently sold for $300,000 with a 20 percent down payment. The seller financed the property at 2.5 percent for 30 years with monthly payments. At the time of the sale, market interest rates were 4.5 percent. What is the cash equivalent purchase price? $209,000 $225,000 247,100 300,000
15A. The price of a home is $125,000. The bank requires a 20% down payment at the time of closing. The remainder will be financed with a fixed-rate mortgage at 5 % % for 30 years. Find the total interest paid over the life of the loan. The price of a home is $290,000. The bank requires a 20 % down payment and one point 15B. at the time of closing. The cost of the home is financed with a...
U Cash Down Amount Number of Amount of Finance APR Price Payment Financed Payments Payment Charge $6000 $3000 $3000 12 $260 $ % (Finance charge per $100 of amount financed) Number of payments 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 12 3.00 3.28 3.56 3.83 4.11 4.39 4.66 18 4.41 4.82 5.22 5.63 6.04 6.45 6.86 48 11.63 12.73 13.83 14.94 16.06 17.18 18.31 55 tu The finance charge is $ Use the APR table to find the APR. Gra...
2021 2020 $19,275 $8,850 Cash Buildings 850,500 742,000 Equipment 404,000 350,600 102,000 Land 57,750 Accumulated depreciation-buildings 308,500 295,250 Accumulated depreciation-equipment 132,000 98,750 Dividends payable 3,050 6,600 Mortgage payable 547,800 587,800 Notes payable 343,500 312,500 Common shares: 5,470 shares in 2021; 4,070 in 2020 542,500 413,500 Retained earnings 208,000 109,000 Cash dividends declared 28,500 12,800 Depreciation expense-buildings 26,250 40,350 Depreciation expense-equipment 47,855 26,000 Gain on sale of equipment 970 Loss on sale of building 10,900 Interest expense 44,850 48,950 Additional information:...
C. 6. Journalise the following transactions: a. A restaurant purchased land for $50,000 for cash b. A client makes a banquet reservation to be held in December, 2020. The total cost would be $12,000. The client makes an advance payment today for half of the cost. Received a $1,850 invoice from a supplier to be paid in 15 days. d. Paid $1,600 for insurance premiums to cover the next six months. e. Paid rent $600 for the month. f. Purchased...
A property recently sold for $300,000 with a 20 percent down payment. The seller financed the property at 2.5 percent for 30 years with monthly payments. At the time of the sale, market interest rates were 4.5 percent. What is the cash equivalent purchase price? $209,000 $225,000 247,100 300,000
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