Hello, this will be my last question for the day. Thank you very much for all the help, I really appreciate it. Cowboy Ice Cream Company issued a note payable on January 1, Year 1. Below you will find a partial amortization schedule for the 5-year note payable.AccountingPeriodPrincipalBalance January 1$130,000107,84183,909CashApplied toInterestPayment$32,55932,55932,559Applied toPrincipal$22,15923,93225,846Year 1$10,4008,6276,713Year 2Year 3Requireda. Using a financial statements model like the one shown, record the appropriate amounts for the following two events:(1) January 1, Year 1, issue of the note payable.(2) December 31, Year 1, payment on the note payable.b. What is the amount of interest expense on this loan for Year 4?Complete this question by entering your answers in the tabs below.Required ARequired BWhat is the amount of interest expense on this loan for Year 4? (Round your answers to the nearest whole dollar amount.)Interest expense< Required AReulmd SavedHelpSaAccountingPrincipalBalance January 1$130,000107,84183,909CashApplied toApplied toPrincipal$22,15923,93225,846PeriodYear 1Раyment$32,55932,55932,559Interest$10,4008,6276,713Year 2Year 3Requireda. Using a financial statements model like the one shown, record the appropriate amounts for the following two events:(1) January 1, Year 1, issue of the note payable.(2) December 31, Year 1, payment on the note payable.b. What is the amount of interest expense on this loan for Year 4?Complete this question by entering your answers in the tabs below.Required ARequired BUsing a financial statements model like the one shown, record the appropriate amounts for the following two events: (Enter any decreases toaccount balances and cash outflows with a minus sign. In the Cash Flows column, designate the cash flows as operating activities (OA), investingactivities (IA), financing activities (FA), or if there is no effect, leave the cell blank. Not all cells will require entry.)(1) January 1, Year 1, issue of the note payable.(2) December 31, Year 1, payment on the note payable.Show less ACOWBOY ICE CREAM COMPANYHorizontal Statements ModelBalance SheetIncome StatementEventStatement ofNo.AssetsLiabilitiesStockholder'sRevenueExpense= Net IncomeCash FlowEquity1.130,000 =130,000 +2.(32,559)(22,159)

Since the company has issued notes payable means company has borrowed money and company has to pay…

Cowboy Ice Cream Company issued a note payable on January 1, Year 1. Below you will find a partial amortization schedule for the 5- year note payable. Accounting Period Year 1 Year 2 Principal Balance January 1 $130,000 107,841 83,909 Cash Applied to Principal $22,159 23,932 25,846 Applied to Payment $32,559 32,559 32,559 Interest $10,400 8,627 6,713 Year 3 Required a. Using a financial statements model like the one shown, record the appropriate amounts for the following two events: (1) January 1, Year 1, issue of the note payable. (2) December 31, Year 1, payment on the note payable. b. What is the amount of interest expense on this loan for Year 4?

Cowboy Ice Cream Company issued a note payable on January 1, Year 1. Below you will find a partial amortization schedule for the 5- year note payable. Accounting Period Year 1 Year 2 Principal Balance January 1 $130,000 107,841 83,909 Cash Applied to Principal $22,159 23,932 25,846 Applied to Payment $32,559 32,559 32,559 Interest $10,400 8,627 6,713 Year 3 Required a. Using a financial statements model like the one shown, record the appropriate amounts for the following two events: (1) January 1, Year 1, issue of the note payable. (2) December 31, Year 1, payment on the note payable. b. What is the amount of interest expense on this loan for Year 4?

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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