Coronado Industries borrowed $850000 from Liber Bank on January
1, 2019 in order to expand its...
Coronado Industries borrowed $850000 from Liber Bank on January
1, 2019 in order to expand its mining capabilities. The note
required annual payments of $215701 and carried an annual interest
rate of 8.5%. What is the balance in the notes payable account at
December 31, 2020 if payments are made at the end of each year?
$706549
$550905
$705500
$850000
On January 1, 2019, ABC Company borrowed $120,000 from the bank. The loan
is a 7-year...
On January 1, 2019, ABC Company borrowed $120,000 from the bank. The loan
is a 7-year note payable that requires annual payments of $24,500 every
December 31, beginning December 31, 2019. Assume the loan has an interest
rate of 10% compounded annually.
Calculate the balance in the note payable account at December 31, 2020.
On January 1, 2019, ABC Company borrowed $120,000 from the bank. The loan
is a 7-year...
On January 1, 2019, ABC Company borrowed $120,000 from the bank. The loan
is a 7-year note payable that requires annual payments of $24,500 every
December 31, beginning December 31, 2019. Assume the loan has an interest
rate of 10% compounded annually.
Calculate the amount of the note payable at December 31, 2020 that would
be classified as a current liability.
On January 1, 2019, ABC Company borrowed $100,000 from the bank.
The loan is a 15-year...
On January 1, 2019, ABC Company borrowed $100,000 from the bank.
The loan is a 15-year note payable that requires annual payments of
$13,000 every December 31, beginning December 31, 2019. Assume the
loan has an interest rate of 10% compounded annually. Calculate the
amount of the note payable at December 31, 2021 that would be
classified as a current liability.
On January 1, 2020, ABC Company borrowed $200,000 from the bank. The loan is
a 10-year...
On January 1, 2020, ABC Company borrowed $200,000 from the bank. The loan is
a 10-year note payable that requires semi-annual payments of $24,000 every
June 30 and December 31, beginning June 30, 2020. Assume the loan has a 20%
interest rate, compounded semi-annually.
Calculate the amount of the note payable at December 31, 2020 that would be
classified as a long-term liability.
On January 1, Year 1, Stratton Company borrowed $200,000 on a
10-year, 7% installment note payable....
On January 1, Year 1, Stratton Company borrowed $200,000 on a
10-year, 7% installment note payable. The terms of the note require
Stratton to pay 10 equal payments of $28,476 each December 31 for
10 years. The required general journal entry to record the payment
on the note on December 31, Year 2 is:
Multiple Choice
Debit Notes Payable $200,000; debit Interest Expense $8,476;
credit Cash $28,476.
Debit Interest Expense $14,000; debit Notes Payable $14,476;
credit Cash $28,476.
Debit Interest...
On January 1, Year 1, Company borrowed $543,255 on a 6-year,
5.5% installment note payable. The...
On January 1, Year 1, Company borrowed $543,255 on a 6-year,
5.5% installment note payable. The terms of the note require
Company to pay 6 equal payments each December 31 for 6 years.
The Notes Payable balance at the end of December 31 Year 4
is:
The Cash balance at the end of December 31 Year 3 is:
11- On January 1, 2018, Clark Co. borrowed cash from the bank by
receiving a $100,000...
11- On January 1, 2018, Clark Co. borrowed cash from the bank by
receiving a $100,000 3-yr loan that carried interest rate. The note
is to be repaid by making annual cash payments of $38,105 which
includes both principal and intrrest. The payments are to be made
on December 31 of each year.
a) Prepare an amortization schedule for the term of the
lone.
Date
Balance beginning of Period
Cash
Applied to Interest
Applied to Principal
Balance of Period
2018...
Question 6
On December 31, 2019, Sunland Inc. borrowed $3,120,000 at 12%
payable annually to finance...
Question 6
On December 31, 2019, Sunland Inc. borrowed $3,120,000 at 12%
payable annually to finance the construction of a new building. In
2020, the company made the following expenditures related to this
building: March 1, $374,400; June 1, $624,000; July 1, $1,560,000;
December 1, $1,560,000. The building was completed in February
2021. Additional information is provided as follows.
1.
Other debt outstanding
10-year, 13% bond, December 31, 2013, interest payable
annually
$4,160,000
6-year, 10% note, dated December 31, 2017,...