Compute the amount that can be borrowed under each of the following circumstances: (PV of $1. FV of $1. PVA of $1. and EVA of $1) (Use appropriate factor(s) from the tables provided. Round your "Table value" to 4 decimal places.) 1. A promise to repay $96,000 seven years from now at an interest rate of 8%. 2. An agreement made on February 1, 2019, to make three separate payments of $10,000 on February 1 of 2020, 2021, and 2022. The annual interest rate is 5%. Option 1 Loan amount Option 2 Annual payments Table Value Table Value Amount Amount Present Value Present Value

Compute the amount that can be borrowed under each of the following circumstances: (PV of $1. FV of $1. PVA of $1. and EVA of $1) (Use appropriate factor(s) from the tables provided. Round your "Table value" to 4 decimal places.) 1. A promise to repay $96,000 seven years from now at an interest rate of 8%. 2. An agreement made on February 1, 2019, to make three separate payments of $10,000 on February 1 of 2020, 2021, and 2022. The annual interest rate is 5%. Option 1 Loan amount Option 2 Annual payments Table Value Table Value Amount Amount Present Value Present Value

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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Required Informatlon [The following Information applies to the questions displayed below) Athletic Performance Company (APC) was Incorporated as a private company. The company's accounts Included the following at July 1: Accounts Payable Buildings $ 4,500 242,000 Cash 12,200 Common Stock 348, e00 Equipment 25,500 Land 95,000 Notes Payable (long-term) Retained Earnings 28,250 Supplies 6,050 During the month of July, the company had the following activitles: a. Issued 2,100 shares of common stock for $210,000 cash. b. Borrowed $53,000 cash from a local bank, payable In two years. c. Bought a bullding for $210,000; pald $59,000 in cash and signed a three-year note for the balance. d. Pald cash for equlpment that cost $174,000. e. Purchased supplies for $16,000 on account. 5. Prepare a classified balance sheet at July 31. Include Retalned Earnings on the balance sheet even though the account has a zero balance. ATHLETIC PERFORMANCE COMPANY Balance Sheet At July 31 Assets Liabilities…
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