Homework Answers
First option is correct.
Interest on mortgage note for first year= 250000 x 9% = 22500
Principal paid in the installment = Installment - Interest on mortgage note for first year
= 24334 - 22500 = 1834
Unpaid principal = 250000- 1834 = 248166
Add Answer to:
Blue Box Inc. issues a $250,000, 9%, 30-year mortgage note. The terms provide for annual installment...
Green Box Inc. issues a $750,000, 11%, 15-year mortgage note. The terms provide for annual installment...
Green Box Inc. issues a $750,000, 11%, 15-year mortgage note. The terms provide for annual installment payments of $89,025. What is the remaining unpaid principal balance of the mortgage payable account after the first annual payment?
Oriole Inc. issues a $396.000, 10-year, 6% mortgage note payable on November 30, 2021. to obtain financing for a new building. The terms provide for monthly installment payments.
Oriole Inc. issues a $396.000, 10-year, 6% mortgage note payable on November 30, 2021. to obtain financing for a new building. The terms provide for monthly installment payments.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 $3,300.
Buffon Electronics Company issues a 2,000,000, 10%, 20-year mortgage note on January 1. The terms provide...
Buffon Electronics Company issues a 2,000,000, 10%, 20-year mortgage note on January 1. The terms provide for annual installment payments, exclusive of real estate taxes and insurance, of 234,920. After the first installment payment, the principal balance is a. 2,000,000 b. 1,965,080 c. 1,983,448 d. 1,558,250 The answer is (c) and I cannot understand why the answer is not (b) but (c)...
Teal Mountain Inc. issues a $700,000, 10%, 10-year mortgage note on December 31, 2022
Teal Mountain Inc. issues a $700,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $113,922. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023.
Sheridan Inc. issues an $740,000, 20%, 10-year mortgage note on December 31, 2020, to obtain financing...
Sheridan Inc. issues an $740,000, 20%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $150,000. Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. (Credit account titles are automatically indented when an order presented in the problem.) Date Account Titles and Explanation Debit Credit
Sheridan Electronics issues a $361,000, 3%, 15-year mortgage note on December 31, 2019. The proceeds from...
Sheridan Electronics issues a $361,000, 3%, 15-year mortgage note on December 31, 2019. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $42,320. Payments are due on December 31. (a) Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, e.g. 15,250.) Annual Interest Period Cash Payment Interest Expense Reduction...
Sheridan Company receives $276,000 when it issues a $276,000, 10%, mortgage note payable to finance the...
Sheridan Company receives $276,000 when it issues a $276,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $46,000 on December 31. Prepare an amortization schedule of a mortgage note for two years. Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue date $ 12/31/23 12/31/24 Prepare the journal entry to record the mortgage loan. (Credit account titles are automatically indented when...
Larkspur, Inc. issues a $510,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing...
Larkspur, Inc. issues a $510,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $83,000. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 Dec. 31, 2023
Larkspur, Inc. issues a $510,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing...
Larkspur, Inc. issues a $510,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $83,000. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 Dec. 31, 2023
Kingbird, Inc. issues a $720,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing...
Kingbird, Inc. issues a $720,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $117,177. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2022 Dec. 31, 2023
Sheridan Inc. issues an $740,000, 20%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $150,000. Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. (Credit account titles are automatically indented when an order presented in the problem.) Date Account Titles and Explanation Debit Credit
Sheridan Electronics issues a $361,000, 3%, 15-year mortgage note on December 31, 2019. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $42,320. Payments are due on December 31. (a) Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, e.g. 15,250.) Annual Interest Period Cash Payment Interest Expense Reduction...
Sheridan Company receives $276,000 when it issues a $276,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $46,000 on December 31. Prepare an amortization schedule of a mortgage note for two years. Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue date $ 12/31/23 12/31/24 Prepare the journal entry to record the mortgage loan. (Credit account titles are automatically indented when...
Larkspur, Inc. issues a $510,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $83,000. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 Dec. 31, 2023
Larkspur, Inc. issues a $510,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $83,000. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 Dec. 31, 2023
Kingbird, Inc. issues a $720,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $117,177. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2022 Dec. 31, 2023
Most questions answered within 3 hours.
-
A student measures the following data in a calorimetry
experiment designed to determine the specific heat...
asked 11 minutes ago -
1) 2H2O(g) → 2H2 (g) + O2 (g) DH = 483.6 kJ
If 5 moles of...
asked 16 minutes ago -
Suppose that Alicia has $30,000 in invested as follows: $10,000
in TJX Cos., $15,000 in Macy’s,...
asked 31 minutes ago -
Volunteer Pharmaceuticals (VP) wants to set aside money in the
R&D fund to seek supplemental drug...
asked 31 minutes ago -
What is precedent?
an order by the court.
the power of a court to overrule a...
asked 38 minutes ago -
Classify the tonicity of a solution made by dissolving 12mg of
sodium chloride in 1.0mL of...
asked 44 minutes ago -
Consider the equilibrium reaction: 2A (aq) + 3B (aq) <-->
C (aq) (in my notation <-->...
asked 44 minutes ago -
A recent poll found that 21% of a random sample of 1200 people
lost jobs due...
asked 50 minutes ago -
Indicate whether aqueous solutions of the following substances
contain ions. If so, write formulas for the...
asked 46 minutes ago -
Include at least one psychology theory, model or concept
discussed in Chapter 1, 2 or the...
asked 56 minutes ago -
Need help in drawing out a map pathway of pentose phosphate
pathway and pyruvate dehydrogenase/citric acid...
asked 1 hour ago -
Question 1
At the end of Year 6,
South Co.'s tax department estimates that they will...
asked 1 hour ago