adjusting entries.
Q: On July1, ABC Company borrows $100,000 cash from the First Bank. The terms of the loan are,…
A: A loan is a type of borrowing that is considered a liability for the business. Interest is recorded…
Q: Assuming a 360-day year, the interest charged by the bank, at the rate of 6%, on a 90-day,…
A: Interest charged by the bank -Interest is still calculated as Principal x Interest x Frequency of…
Q: (d) At 30 June 2002 a company had Klm 8% loan notes in issue, inter yearly on 30 June and 31…
A: Statement of comprehensive income The statement of comprehensive income includes revenue and…
Q: XTZ Company took a loan from the bank for 10 years, and compounded quarterly interest of 8.7 per…
A: Loans play a pivotal role as crucial financial instruments that empower both individuals and…
Q: Find the compound interest earned if PhP 30,860 is deposited in a bank at 2.8% compounded monthly…
A: Future Value refers to the value of the current asset or investment or of cash flows at a specified…
Q: On April 8, Fat Tires Ltd. borrowed $7000.00 with an interest rate of 4.2 %. The loan was repaid in…
A: The objective of the question is to calculate the final payment made by Fat Tires Ltd. to repay a…
Q: A partial payment is made on the date indicated. Use the United States rule to determine the balance…
A:
Q: A Company borrowed money from a local bank. The note the company signed requires five annual…
A: Number of installments = 5Annual amount = $16,500Interest rate = 7%To find: The amount borrowed by…
Q: Haatimvopened an RRSP deposit account on December 1, 2008, with a deposit of $1400. He added $1400…
A: Future value is the accumulated sum of money that is invested with the motive to earn a certain…
Q: A Php 106,908 was loaned at an interest rate of 0.109 9 annual payments has to be settled, the first…
A: In this we have to calculate the interest on the for two year and than calculate annual payment for…
Q: Find the maturity value of the given loan amount. $2,234 borrowed at 12⅛% from March 10 through…
A: Future Value: The future value is value of present amount compounded at an interest rate until a…
Q: Home Run Sports has an operating loan with CIBC. The interest rate is set at prime + 3.25%, and on…
A: An interest rate can be understood as the expense associated with borrowing money, usually expressed…
Q: ..... cent as needed. Round all intermediate values to six decimal places as needed.)
A: Given Loan amount $7,500 Interest rate 3% form 13 july to 31 August 3.35% from 1 August to 30…
Q: amount of interest income corresponding to the current period
A: Interest income = Amount of deposit * Annual interest rate * Number of months till maturity/Number…
Q: $500 is deposited into an account at time 3 years and $750 is deposited into the same account at…
A: Amount Deposited $ 500.00 Time Period 3 Amount Deposited $ 750.00 Time Period 8…
Q: On the April 12 interest payment date, the outstanding balance on Eastern Yard Service's revolving…
A: The amount paid by the borrower on the outstanding amount of the loan to the lenders (Banks) on the…
Q: The following certificate of deposit (CD) was released from a particular bank. Find the compound…
A: Deposit amount (P) = $3500 Interest rate (r) = 8% Number of compounding per year (m) = 365 Period…
Q: Find the compound interest earned if PhP 31,496 is deposited in a bank at 2.6% compounded monthly…
A: Present value is the sum of the current value of money of future cash flows. It is also known as a…
Q: Maju Enterprise opened a fixed deposit account with Singa Bank Bhd on 1 March. The initial deposit…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: he allowance for doubtful debts account has a debit balance at the start of the year of $1,000. At…
A: Bad debt expense are the losses to the business,…
Q: For the calculation of interest, the bank assumes 30 days in a month, and 360 days in a year. Ms.…
A: Today is June 1. Sustainable Corporation has an obligation of $25 million coming due on August 1.…
Q: What is the correct debit/credit entry for... Company borrows $3 million from a bank with interest…
A: There are 3 golden rules for recording journal entry : 1. Debit what comes in , Credit what goes out…
Q: At 30 June 2002 a company had Klm 8% loan notes in issue, interest being paid half- yearly on 30…
A:
Q: A loan of $14,865 was repaid at the end of 7 months. What size repayment check (principal and…
A: Given, Loan amount $14865 term is 7 months Annual rate is 8%
Q: Today is June 1. Sustainable Corporation has an obligation of $25 million coming due on August 1.…
A: Forward Rate Agreements - FRA's are a type of over-the-counter contracts between two parties which…
Q: For a 2-year projeet, Haya plans to open a small hand-made crafts shop. She estimates that it will…
A: Time value of money- It is based on the concept that money earned today is worth more than similar…
Q: The following certificate of deposit (CD) was released from a particular bank. Find the compound…
A: A certificate of deposit(CD) is a type of savings account that offers a higher interest rate than a…
Q: Please do not use excel format in computation A debt of P25,000 was repaid in ten equal quarterly…
A: Debt is the value which is borrowed from other sources like banks for the period and this amount is…
Q: Bank 1 is offering interest rate of 8.4% (compound semiannually)on fixed deposits. Bank 2 is…
A: Compound interest : This concept allows charging interest on interest or earning interest on earned…
Q: Legitimate Financial Services made a loan at 9.75% interest for 252 days. If the amount of interest…
A: The objective of this question is to find the principal amount borrowed given the interest rate, the…
Q: Bill deposited RM ? into a savings account with interest 7% compounded monthly on 1 June 2006. On 1…
A: Interest rate = 7% compounded monthly Amount = 6464.40
Q: The following certificate of deposit (CD) was released from a particular bank. Find the compound…
A: A Certificate of Deposit refers to a time deposit that provides the holder with fixed interest for a…
Q: loan of 15700 was charged a simple discount rate of 4.2%. If the proceeds received were 15463.72,…
A: find the amount of bank discount.:: Bank discount=Proceeds -Maturity value=$15463.72-$15700=238.28$…
Q: The following certificate of deposit (CD) was released from a particular bank. Find the compound…
A: The compound amount is the future value or accumulated value. Compound amount = Amount of deposit *…
Q: State Bank made a loan at 12% interest for 360 days. If the amount of interest was $931.80, use the…
A: The objective of the question is to find the principal amount borrowed from the bank using the…
Q: 11. 12.4 Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a…
A: The first, systematized recording of all financial business transactions is called a journal entry.…
Q: Using the Present Value of an Annuity of 1 TABLE4, calculate the factor. Next, determine the annual…
A: 1. In this case the annual payment is made and thus present value of annuity factor would be used to…
Q: Loan amount is Rs. 1,000, to be repaid in 4 equal monthly payments of principal and interest. Stated…
A: Installment is the amount of periodic payments a borrower has to make to its lender in order to pay…
Q: Concord Inc. received a five-year bank loan bearing interest at 7% with principal and interest…
A: Under installment payment, some portion of the payment goes towards interest and the remaining…
Q: An entity took UAH 100,000 loan for 5 at 26% of annual interest rate. Interests are paid annually. A…
A: In an annuity due scheme, the periodic payment is made at the beginning of the period. First, we…
Q: Concord Inc. received a five-year bank loan bearing interest at 7% with principal and interest…
A: Cash payment remains same throughout the period of bank loan. Interest expense is calculated on the…
Bank Mandiri's initial balance is IDR 25,000,000. The loan from bank Mandiri was disbursed on November 30, 2005 with an interest rate of 12% per annum. Make
Step by step
Solved in 2 steps
- It should be in fall 2021 Pakistan.G CIBC issued a loan of $76,000 at 8.37% compounded semi-annually. The loan was repaid by payments of $1,000 at the end of every month. a. How many payments were required to pay off the loan? (Enter a whole number) b. What was the total principal repaid in the 5th year? (Enter starting and ending periods as P1 and P2 and the total principal repaid as a positive value to the nearest cent.) PL= P2 Total principal repaid in the 5th year $ c. What was the size of the final payment? (Enter a positive value to the nearest cent) Next QuestionDrama plc has a total balance on their receivables account at the year end of £54,500. After reviewing their customer accounts, Drama plc have decided to do the following: make a 50% specific provision relating to a debt of £9,200 create a general receivables provision of 2% Drama plc have a receivables provision brought forward of £2,850. What will be the value of the general receivables provision?£ 906 What will be the irrecoverable debt expense on the P or L? £ 2660 (Enter the values with no E sign, comma or decimal places)
- A Php 111,205 was loaned at an interest rate of 0.06. 7 annual payments has to be settled, the first payment will start at the end of 3rd year. Compute for the principal amount remaining at the start of 6th year.Halep Inc. borrowed $39,070 from Davis Bank and signed a 1-year note payable stating the interest rate was 8% compounded annually. 1. Using the Present Value of an Annuity of 1 TABLE4 or Figure B2 in the textbook E, calculate the factor. 2. Next, determine the annual payment amount. 3. Then, determine the interest portion of the payment for year 1. 4. Finally, determine the principal portion of the payment for year 1. Round to the nearest penny, two decimal places.Canadian Western Bank issued a loan of $59,000 at 4.33% compounded semi- annually. The loan was repaid by payments of $730 at the end of every month. a. How many payments were required to pay off the loan? (Enter a whole number) b. What was the total interest paid in the 4th year? (Enter starting and ending periods as P1 and P2 and the total interest paid as a positive value to the nearest cent.) P1 = P2= = Total interest paid in the 4th year = $ c. What was the size of the final payment? (Enter a positive value to the nearest cent) $
- The following certificate of deposit (CD) was released from a particular bank. Find the compound amount and the amount of interest earned by the following deposit. $2500 at 6% compounded daily for 2 years. What is the compound amount? (Round to the nearest cent.)The following certificate of deposit (CD) was released from a particular bank. Find the compound amount and the amount of interest earned by the following deposit. $3000 at 5.7% compounded quarterly for 5 years. What is the compound amount?Bulldogs Inc. loaned a certain amount from a reputable bank for a term of one year at 8% quoted rate for a principal of P415,000. Out of the face value of the loan, only P375,000 can be used due to the provision of a compensating balance. What is the effective rate of interest and the compensating balance? A. 8%; 33,200 B. 8%; 40,000 C. 8.55%; 33,200 D. 8.85%; 40,000
- On June 2, Fat Tires Ltd. borrowed $10,000.00 with an interest rate of 7.6%. The loan was repaid in full on November 14, with payments of $2700 00 on September 1 and $3300.00 on October 3. What was the final payment? The final payment was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)A deposit of $6700 is made to open an account on May 22, 1998. quartely deposits of $970 are then made for 8 years, the first deposit on May 22, 1999. Starting on November 22, 2003, the first of a sequence of $580 quarter withdrawals is made. Assuming interest at 13.73 % compounded seminualy, find the balance in the account on August 22,2000.A loan of $1980 can be repaid in 145 days by paying the principal sum borrowed plus $55 interest. What was the rate of interest charged? The interest rate is%. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
