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5. Notes Payable. a. Below market rate interest notes. Falk Company purchased a new Machine with...
A suburban lawn service bought 10 new mowers at $3500 each. The company made a $5000...
A suburban lawn service bought 10 new mowers at $3500 each. The company made a $5000 down payment and financed the balance at an annual rate of 8 % with monthly payments for 4 years. Use the Loan Payoff Table to prepare an amortization schedule for the first five payments of the loan Click the icon to view the Loan Payoff Table The amount of interest for the second payment period is S (Round to the nearest cent as needed.)
Prepare a table showing notes payable blance and interest expense for each year ( year 1...
Prepare a table showing notes payable blance and interest
expense for each year ( year 1 through 8)
Risoner company plant to purchase a machine with the following
condition:
* purchases price = $300,000
* the down payment = 10% of purchase price with reminder
financed at an annual interest rate of 16%
* The financing period is 8 year with equal annual payment
made every year.
* the present value of an annuity of $1 per year at 16%...
Notes Payable. Rubio Company had the following borrowing activity. Rubio has a borrowing rate of 6...
Notes Payable. Rubio Company had the following borrowing activity. Rubio has a borrowing rate of 6 percent on its other debt. A. On June 30, 2016, Rubio issued a non-interest bearing, 10 year note of $50,000 to acquire land for expansion. 1. Calculate the cash equivalent price of the land (assuming 6% is the market rate). 2. Prepare the journal entry to record the acquisition on June 30. B. On January 1, 2016, Rubio acquired equipment...
NAME III. On January 1, 2016 Karel Corp. purchased a machine having a fair market value of $53.132 by issuing year...
NAME III. On January 1, 2016 Karel Corp. purchased a machine having a fair market value of $53.132 by issuing year noninterest bearing $75,000 note. REQUIRED: Prepare the journal entry to record the purchase and then calculate the book value of this note fiscal year-end 2016. (Use effective interest and SHOW your amortization table).
Note with unreasonable terms (funny money) E Company purchased a truck for an agreed price of $1...
Note with unreasonable terms (funny money) E Company purchased a truck for an agreed price of $135,000 on January 1, 2018, D Company paid $30,000 down and financed the balance with the dealer at an annual interest rate of 1/2%. Payments were due each quarter end, for 12 quarters, starting March 31, 2018. It is clear that the truck could have been purchased for $125,000 cash. Calculate the required payment under the note signed. Calculate the effective interest rate, as...
On January 1, 2016 Karel Corp. purchased a machine having a fair market value of $53,132...
On January 1, 2016 Karel Corp. purchased a machine having a fair market value of $53,132 by issuing a four-year non-interest bearing $75,000 note. Prepare the journal entry to record the purchase and then calculate the book value of this note at fiscal year-end 2016. (Use EFFECTIVE INTEREST and show your amortization table). I saw this is already posted with an answer, but I am looking for an alternate answer as I do not think the other one is correct.
Payable: Use the t-accts below to record the following entries. If you get stuck, carefully revie...
Payable: Use the t-accts below to record the following entries. If you get stuck, carefully review the online and text examples. On September 1t, Geo Inc. borrows $2,400 from State Bank and signs a 10 month short-term note payable. The interest rate on the note is 7%. Even though the note is only for 10 months, the interest rate is an annual rate (see interest calculations below). a) Record the entry to borrow the money from the bank. b) Next,...
7. + 1/2 points Previous Answers CraudColAlg6 1.1.EX.018.MI. 6/100 Submissions Used My Notes Ask Your Teacher...
7. + 1/2 points Previous Answers CraudColAlg6 1.1.EX.018.MI. 6/100 Submissions Used My Notes Ask Your Teacher You are buying a new car, and you plan to finance your purchase with a loan you will repay over 48 months. The car dealer offers two options: either dealer financing with a low APR, or a $2000 rebate on the purchase price. If you use dealer financing, you will borrow $14,000 at an APR of 3.3%. If you take the rebate, you will...
Glen Pool Club, Inc., has a $144,000 mortgage liability. The mortgage is payable in monthly installments...
Glen Pool Club, Inc., has a $144,000 mortgage liability. The
mortgage is payable in monthly installments of $1,481, which
include interest computed at an annual rate of 12 percent (1
percent monthly). a. Prepare a partial amortization table showing
(1) the original balance of this loan, and (2) the allocation of
the first two monthly payments between interest expense and the
reduction in the mortgage’s unpaid balance. b. Prepare the journal
entry to record the second monthly payment. c. Will...
On December 31, 2018, when the market interest rate is 12%, Willis Realty issues $400,000 of...
On December 31, 2018, when the market interest rate is 12%, Willis Realty issues $400,000 of 13.25%, 10-year bonds payable. The bonds pay interest semiannually. Willis Realty received $428,755 in cash at issuance. Requirements 1. Prepare an amortization table using the effective interest amortization method for the first two semiannual interest periods. (Round to the nearest dollar.) 2. Using the amortization table prepared in Requirement 1, journalize issuance of the bonds and the first two interest payments. Requirement 1. Prepare...
A suburban lawn service bought 10 new mowers at $3500 each. The company made a $5000 down payment and financed the balance at an annual rate of 8 % with monthly payments for 4 years. Use the Loan Payoff Table to prepare an amortization schedule for the first five payments of the loan Click the icon to view the Loan Payoff Table The amount of interest for the second payment period is S (Round to the nearest cent as needed.)
Prepare a table showing notes payable blance and interest
expense for each year ( year 1 through 8)
Risoner company plant to purchase a machine with the following
condition:
* purchases price = $300,000
* the down payment = 10% of purchase price with reminder
financed at an annual interest rate of 16%
* The financing period is 8 year with equal annual payment
made every year.
* the present value of an annuity of $1 per year at 16%...
NAME III. On January 1, 2016 Karel Corp. purchased a machine having a fair market value of $53.132 by issuing year noninterest bearing $75,000 note. REQUIRED: Prepare the journal entry to record the purchase and then calculate the book value of this note fiscal year-end 2016. (Use effective interest and SHOW your amortization table).
Payable: Use the t-accts below to record the following entries. If you get stuck, carefully review the online and text examples. On September 1t, Geo Inc. borrows $2,400 from State Bank and signs a 10 month short-term note payable. The interest rate on the note is 7%. Even though the note is only for 10 months, the interest rate is an annual rate (see interest calculations below). a) Record the entry to borrow the money from the bank. b) Next,...
7. + 1/2 points Previous Answers CraudColAlg6 1.1.EX.018.MI. 6/100 Submissions Used My Notes Ask Your Teacher You are buying a new car, and you plan to finance your purchase with a loan you will repay over 48 months. The car dealer offers two options: either dealer financing with a low APR, or a $2000 rebate on the purchase price. If you use dealer financing, you will borrow $14,000 at an APR of 3.3%. If you take the rebate, you will...
Glen Pool Club, Inc., has a $144,000 mortgage liability. The
mortgage is payable in monthly installments of $1,481, which
include interest computed at an annual rate of 12 percent (1
percent monthly). a. Prepare a partial amortization table showing
(1) the original balance of this loan, and (2) the allocation of
the first two monthly payments between interest expense and the
reduction in the mortgage’s unpaid balance. b. Prepare the journal
entry to record the second monthly payment. c. Will...
On December 31, 2018, when the market interest rate is 12%, Willis Realty issues $400,000 of 13.25%, 10-year bonds payable. The bonds pay interest semiannually. Willis Realty received $428,755 in cash at issuance. Requirements 1. Prepare an amortization table using the effective interest amortization method for the first two semiannual interest periods. (Round to the nearest dollar.) 2. Using the amortization table prepared in Requirement 1, journalize issuance of the bonds and the first two interest payments. Requirement 1. Prepare...
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