4Exercise 10-10 Installment note with equal total payments LO C1On January 1, 2017, Eagle borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of$29,523, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020.2pointsPrepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.)eBookPrintPaymentsReferences(A)(B)(C)(D)(E)PeriodEndingBeginningDebit InterestDebit NotesCreditEndingDateBalanceExpensePayableCashBalance2017201820192020Total$2$

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Answered: 4 Exercise 10-10 Installment note with…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.). (Use 13% for table lookup.). (Use the loan amortization table) Note: Round your answers to the nearest cent. Purchase price of a used car $5,633 By table By formula Down payment $1,203 Monthly Payment Number of monthly payments 48 Amount financed $4,430 Total of monthly payments $5,689.76 Total finance charge $1,259.76 APR 13%
A B E 2 Determine the maturity date and compute interest for each note. 3 Days to be used per year 360 days 4 Note Contract Date Principal Interest Rate Period of Note (Term) 6. 1 1-Mar $10,000 6% 60 days 7 2 15-May 15,000 8% 90 days 8 3 20-Oct 8,000 4% 45 days 9. 10 Required: 11 12 (Use cells A5 to F8 from the given information to complete this question.) 13 14 Note Contract Date Maturity Date Interest Expense 15 16 17 3 18
mid term q1 (1).jpg 8°C Partly sunny 2021 QS 10-2 Current portion of long-term debt LO1 On January 1, 2020, La Petite Macaron, a local French bakery, borrowed $84,000 from the bank. Interest is calculated at the rate of 4% and the term of the note is four years. Four equal annual payments will be made in the amount of $23,141 each December 31. The payment schedule is shown below: 2022 Year Annual Payment Principal Portion of Payment Interest Portion of Payment Principal Balance at Year-End 2020 $19,781 $3,360 $64,219 20,572 2,569 43,647 21,395 22,252 22,252 2023 $23,141 23,141 23,141 23,141 e Show how La Petite Macaron will show the note on its year-end balance sheet: 1. December 31, 2020 2. December 31, 2021 H Q Search : 444 hp 1,746 889 6 -0- Q 100% ENG IN 23:48 05-11-2023 0 pa dn
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eBook Chapter 7Financial Planning Exercise 6Calculating monthly installment loan payments Using the simple interest method, find the monthly payments on a $1,000 installment loan if the funds are borrowed for 30 months at an annual interest rate of 12%. Use financial calculator to answer the question. Round the answer to the nearest cent.$ per month
14
Problem 26 Jem Riane Delos Reyes Bank granted a loan of P3,000,000 to a borrower on January 1, 2021. The terms of the loan were payment in full on December 31, 2026 plus annual interest payment at 8% every December 31. The first interest payment was made on December 31, 2021. However, on December 31, 2021, due to financial difficulties, the borrower informed Freetown Bank that it would probably miss the interest payments for the next two years. After that, the borrower expects to resume the annual interest payment but the principal would be paid on December 31, 2027 or one year late with interest paid for that additional year. Accordingly, the payments from the borrower are scheduled as follows: Date of Flow Cash Flow Amount 12/31/2022 No interest payment Nil 12/31/2023 No interest payment Nil 12/31/2024 Interest payment P 240,000 12/31/2025 Interest payment 240,000 12/31/2026 Interest payment 240,000 12/31/2027 Interest payment 240,000 Principal payment 3,000,000 The…
Chapter 08 Homework (Application) Show Me How eBook Calculator Entries for Notes Receivable 1. EX.08.01 Valley Designs issued a 90-day, 9% note for $60,000, dated April 17, to Bork Furniture Company on account. Assume 360 days in a year when 2. EX.08.02 ALGO computing the interest. 3. EX.08.03 ALGO a. Determine the due date of the note. July 16 v 4. EX.08.04 ALGO b. Determine the maturity value of the note. 5. EX.08.06 ALGO 6. EX 08.07 Feedhack 7. EX.08.20 ALGO YChec My Work The due date is the date the note is to be paid. 8. PR.08.02A BLANKSHEET Remember the interest rate is stated on an annual basis, while the term is expressed as days. Assume a 360 day year. The maturity value is the amount that must be paid at the due date of the note. c1. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. Notes Receivable v Accounts Receivable-Valley Designs v Feedback
Exerclse 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day, 5%, $70,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 2B Interest at Maturity Required 2B General Journal Required 1 Required 2A First, complete the table below to calculate the interest expense at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.) Interest at Maturity Principal Rate (%) Time Total interest
eBook Question Content Area Present value of an annuity Determine the present value of $200,000 to be received at the end of each of 4 years, using an interest rate of 7%, compounded annually, as follows: a. By successive computations, using the present value of $1 table in Exhibit 5. Round to the nearest whole dollar.

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