Emma Company purchased a machine from Noah Corporation on October 31, 2016. In payment for the...
Emma Company purchased a machine from Noah Corporation on October 31, 2016. In payment for the $124,700 purchase, Emma issued a one-year installment note to be paid in equal monthly payments of $11,079 at the end of each month. The payments include interest at an annual rate of 12%.
When recording the December 31, 2016 payment, the Debit to Interest expense will be?
Homework Answers
Answer:
Value of Note = $124,700
Note issued date = October 31, 2016
Annual Rate = 12%
Monthly Instalment = $11,079
Interest to be paid for the month of November 30, 2016 =
$124,700 * 12% * 1/12
Interest to be paid for the month of November 30, 2016 = $1,247
Principal repaid in the instalment of November 30, 2016 =
$11,079 - $1,247
Principal repaid in the instalment of November 30, 2016 =
$9,832
Notes Payable Outstanding on November 30, 2016 = $124,700 -
$9,832
Notes Payable Outstanding on November 30, 2016 = $114,868
Interest to be paid for the month of December 31, 2016 =
$114,868 * 12% * 1/12
Interest to be paid for the month of December 31, 2016 =
$1148.68
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