Beauty Zone's annual insurance premium is $9,600, paid quarterly in advance starting April 1, 2024. On December 31, 2024, calculate the prepaid insurance amount. a) $8,400 b) $3,200 c) $2,400 d) $4,000
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- A life insurance company issues a 10-year term insurance policyto a life aged 50, with sum insured $100 000. Level premiums are payablemonthly in advance throughout the term. You are given the following premium assumptions. (i) Commission is 20% of each premium payment in the first year (incurredat the premium payment times) and 5% of all premiums after the firstyear. (ii) Additional initial expenses are $100. (iii) Claim expenses are $250. (iv) The sum insured and claim expenses are payable one month after the dateof death. (v) Mortality follows the Standard Select Life Table, with UDD betweeninteger ages.(vi) i = 5%. Calculate the gross monthly premium.Hawkies Inc. has an October 31 fiscal year. On August 1, 2020 Hawkies Inc. paid $ 72000 for insurance coverage from August 1, 2020 to July 31, 2021. Calculate prepaid insurance as at October 31, 2020. Round your answer to the nearest dollar. Your Answer:Novak Corp. receives $375,600 when it issues a $375,600, 10% mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $62,600 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments.
- Pauper Bank granted a loan to a borrower on January 1, 2020. The interest on the loan is 8% payable annually starting December 31, 2020. The loan matures in three years on December 31, 2022. Principal amount 3,000,000 Direct origination cost incurred 260,300 Origination fee charged against the borrower 100,000 After considering the origination fee charged to the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. Required: 1. Prepare journal entries for 2020, 2021 and 2022. 2. Present the loan receivable on December 31, 2020.On January 1, 2020, Empress Bank granted a loan to a borrower. The interest rate on the loan is 10% payable annually on December 31, 2020. The loan matures in three years on December 31, 2022. Principal amount 5,000,000 Direct origination cost incurred 457,500 Origination fee received from the borrower 200,000 After considering the origination fee charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 8%. Prepare the journal entries for 2020, 2021, and 2022.Blossom Company receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $40,000 on December 31. Prepare an amortization schedule of a mortgage note for two years. Prepare the journal entry to record the mortgage loan. Prepare the journal entries to record the first two installment payments.
- All In Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 10% payable annually starting December 31, 2022. The loan matures in three years on December 31, 2024. Pertinent information on the loan is provided below: Principal amount, P 1,000,000 Origination fee received from the borrower, P 55,200 Direct origination cost paid, P 30,770 Indirect origination cost paid, P 5,000 After considering the origination fee received from the borrower and the direct origination cost incurred, the effective rate on the loan is 11%. What is the carrying value of the loan receivable on December 31, 2023 in Megabank's accounting books?1. Determine the estimated warranty liability on December 31, 2022.2. Analyze the estimated warranty liability account to ascertain if adjustment is necessary. The sales and warranty repairs are made evenly during the year.Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
- On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on January 1, 2018, Handler Cleaning Operations issues a note with a principal amount of $1,255,000, 6% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Handler Cleaning Operations for the following transactions. A. Entry for note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019Amount of an Annuity Beginning December 31, 2023, 5 equal annual withdrawals are to be made. Required: Using the appropriate tables, determine the equal annual withdrawals if 25,000 is invested at an interest of 12% compounded annually on: 1. January 1, 2023 2. December 31, 2023 3. January 1, 2020
