On December 1, 2018, Modern Dining Products borrowed $97,000 on a 77%, 10−year note with annual...
On December 1, 2018, Modern Dining Products borrowed $97,000 on a 77%, 10−year note with annual installment payments of $9,700 plus interest due on December 1 of each succeeding year. On December 1, the principal amount was recorded as a long−term note payable. What amount of the note payable will be shown as current portion of Long-Term Note Payable on the balance sheet as of December 31, 2018? (Round your answer to nearest whole number.)
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On December 1, 2018, Modern Dining Products borrowed $97,000 on
a 77%, 10−year note with annual...
On December 1, 2016 fine dining products borrowed $88000 on a 11%, 8 note with annual...
On December 1, 2016 fine dining products borrowed $88000 on a 11%, 8 note with annual installment payments of $11000 plus interest due on December 1 of each succeeding year. On December 1 the principal amount was recorded as a long term not payable. What amount of the note payable will be shown as current portion of Long term Note Payable on the balance sheet as of December 31, 2016?
is Question: 1 pt 2 of 20 This Quiz: 20 pts possible $ In December 1,...
is Question: 1 pt 2 of 20 This Quiz: 20 pts possible $ In December 1, 2018, Modern Dining Products borrowed $90,000 on a 9%, 8-year note with annual installment payments of $11,250 plus interest due on December 1 each succeeding year. On December 1, the principal amount was recorded as a long-term note payable. What amount of the note payable will be shown as current portion of Long-Term Note Payable on the balance sheet as of December 31, 2018?...
On November 1, 2014, EZ Products borrowed $48,000 on a 5%, 10-year note with annual installment...
On November 1, 2014, EZ Products borrowed $48,000 on a 5%, 10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year. On December 31, 2015, what will the balance be in the account titled Long-term notes payable? $38,400 O$48,000 $43,200 $4,800
Discussion questions for "Chapter 1 1) On July 1, 2013, Avery Services issued a 4% long-term...
Discussion questions for "Chapter 1 1) On July 1, 2013, Avery Services issued a 4% long-term note payable for $10,000. It is payable over a 5-year term in $2,000 principal installments on July 1 of each year. Which of the following entries needs to be made at July 1, 2013 to reclassify the current portion of the note? A) Long-term notes payable 2,000 Cash 2,000 B) Current portion of long-term notes payable 2,000 Long-term notes payable 2,000 C) Long-term notes...
There are 5 questions. On March 1, 2018, Barker Services issued a 4 % long-term notes...
There are 5 questions.
On March 1, 2018, Barker Services issued a 4 % long-term notes payable for $24,000. It is payable over a 6-year term in $6,000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2019. How will the notes payable be shown on the balance sheet dated December 31, 2018? OA. $6,000 shown as current liability and $18,000 shown as long-term liability O B. $6,000 shown as current liability and $24,000 shown...
Entries for Installment Note Transactions On the first day of the fiscal year, Shiller Company borrowed $36,000 by givin...
Entries for Installment Note Transactions
On the first day of the fiscal year, Shiller Company borrowed
$36,000 by giving a four-year, 8% installment note to Soros Bank.
The note requires annual payments of $10,942, with the first
payment occurring on the last day of the fiscal year. The first
payment consists of interest of $2,880 and principal repayment of
$8,062.
Journalize the entries to record the following:
a1. Issued the installment note for
cash on the first day of the fiscal...
Assume that on December 1, 2015, your company borrowed $25,500, a portion of which is to...
Assume that on December 1, 2015, your company borrowed $25,500, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2016, $3,400; 2017, $5,100; 2018, $6,800; and 2019, $10,200. Show how this loan will be reported in the December 31, 2016 and 2015 balance sheets, assuming that principal payments will be made when required. Balance Sheet (Partial) As of December 31 2016 2015 $ $ Current Liabilities Current...
Ivanhoe Company borrowed $303,000 on January 1, 2020, by issuing a $303,000, 10% mortgage note payable....
Ivanhoe Company borrowed $303,000 on January 1, 2020, by issuing a $303,000, 10% mortgage note payable. The terms call for annual installment payments of $44,000 on December 31 Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not in Account Titles and Explanation Debit Credit Date LINK ΤO ΤEXT Indicate the amount of mortgage note payable to be reported as a current liability...
Kalan süre: 62:50 Soru 5 On July 1, 2013, Avery Services issued a long-term note payable...
Kalan süre: 62:50 Soru 5 On July 1, 2013, Avery Services issued a long-term note payable for $10,000. It is payable over a 5-year term in $2.000 installments on July 1 of each succeeding year. When the note was issued, the principal amount was recorded in Long-term notes payable and a second entry was made to reclassify the current portion How will this information be shown on the balance sheet dated December 31, 20137 Yanitiniz: O $10,000 shown as current...
Little Company borrowed $48,000 from Sockets on January 1, 2018, and signed a three-year, 6% installment...
Little Company borrowed $48,000 from Sockets on January 1, 2018, and signed a three-year, 6% installment note to be paid in three equal payments at the end of each year. The present value of an ordinary annuity of $1 for 3 periods at 6% is 2.67301. Required: 1. Prepare the journal entry on January 1, 2018, for Sockets’ lending the funds. 2. Calculate the amount of one installment payment. 3. Prepare an amortization schedule for the three-year term of the...
is Question: 1 pt 2 of 20 This Quiz: 20 pts possible $ In December 1, 2018, Modern Dining Products borrowed $90,000 on a 9%, 8-year note with annual installment payments of $11,250 plus interest due on December 1 each succeeding year. On December 1, the principal amount was recorded as a long-term note payable. What amount of the note payable will be shown as current portion of Long-Term Note Payable on the balance sheet as of December 31, 2018?...
On November 1, 2014, EZ Products borrowed $48,000 on a 5%, 10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year. On December 31, 2015, what will the balance be in the account titled Long-term notes payable? $38,400 O$48,000 $43,200 $4,800
Discussion questions for "Chapter 1 1) On July 1, 2013, Avery Services issued a 4% long-term note payable for $10,000. It is payable over a 5-year term in $2,000 principal installments on July 1 of each year. Which of the following entries needs to be made at July 1, 2013 to reclassify the current portion of the note? A) Long-term notes payable 2,000 Cash 2,000 B) Current portion of long-term notes payable 2,000 Long-term notes payable 2,000 C) Long-term notes...
There are 5 questions.
On March 1, 2018, Barker Services issued a 4 % long-term notes payable for $24,000. It is payable over a 6-year term in $6,000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2019. How will the notes payable be shown on the balance sheet dated December 31, 2018? OA. $6,000 shown as current liability and $18,000 shown as long-term liability O B. $6,000 shown as current liability and $24,000 shown...
Entries for Installment Note Transactions
On the first day of the fiscal year, Shiller Company borrowed
$36,000 by giving a four-year, 8% installment note to Soros Bank.
The note requires annual payments of $10,942, with the first
payment occurring on the last day of the fiscal year. The first
payment consists of interest of $2,880 and principal repayment of
$8,062.
Journalize the entries to record the following:
a1. Issued the installment note for
cash on the first day of the fiscal...
Assume that on December 1, 2015, your company borrowed $25,500, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2016, $3,400; 2017, $5,100; 2018, $6,800; and 2019, $10,200. Show how this loan will be reported in the December 31, 2016 and 2015 balance sheets, assuming that principal payments will be made when required. Balance Sheet (Partial) As of December 31 2016 2015 $ $ Current Liabilities Current...
Ivanhoe Company borrowed $303,000 on January 1, 2020, by issuing a $303,000, 10% mortgage note payable. The terms call for annual installment payments of $44,000 on December 31 Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not in Account Titles and Explanation Debit Credit Date LINK ΤO ΤEXT Indicate the amount of mortgage note payable to be reported as a current liability...
Kalan süre: 62:50 Soru 5 On July 1, 2013, Avery Services issued a long-term note payable for $10,000. It is payable over a 5-year term in $2.000 installments on July 1 of each succeeding year. When the note was issued, the principal amount was recorded in Long-term notes payable and a second entry was made to reclassify the current portion How will this information be shown on the balance sheet dated December 31, 20137 Yanitiniz: O $10,000 shown as current...
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