need sep 20 payment nov 5dec 31 December 31 Interest PaymentCalculate the interest accrued to December 31. (Inclusive)Check Dirk Ward borrowed $10,000 for investment purposes on May 10 on a demand note providing for a variable rate of interest andpayment of any accrued interest up to, and including, December 31. He paid $200 on June 25, $150 on September 20, and $200 onNovember 5. How much is the accrued interest on December 31 if the rate of interest was 7.5% on May 10, 6% effective August 1, and5% effective November 1? (Use the Declining Balance Method)June 25 PaymentCalculate the interest accrued to June 25.Calculate the amount of the payment that can be applied to the principal.Calculate the remaining principal.September 20 PaymentCalculate the interest accrued to August 1.Calculate the interest accrued to September 20.Calculate the amount of the payment that can be applied to the principal.(a negative number)Calculate the remaining principal.The September 20 payment is not enough to cover the interest accrued to September 20. Nothing can be deducted from theprincipal, but the interest is not added to the principal, it is carried over.November 5 PaymentCalculate the interest accrued to November 1.Calculate the interest accrued to November 5.Calculate the amount of the payment that can be applied to the principal.Calculate the remaining principal.

Basic Information Principal Amount = $10,000 Payment Details Date Payment 25th June $200…

Answered: December 31 Interest Payment Calculate…

Business

Accounting

December 31 Interest Payment Calculate the interest accrued to December 31. (Inclusive) Check

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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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

need sep 20 payment

nov 5

dec 31

December 31 Interest Payment
Calculate the interest accrued to December 31. (Inclusive)
Check

Dirk Ward borrowed $10,000 for investment purposes on May 10 on a demand note providing for a variable rate of interest and
payment of any accrued interest up to, and including, December 31. He paid $200 on June 25, $150 on September 20, and $200 on
November 5. How much is the accrued interest on December 31 if the rate of interest was 7.5% on May 10, 6% effective August 1, and
5% effective November 1? (Use the Declining Balance Method)
June 25 Payment
Calculate the interest accrued to June 25.
Calculate the amount of the payment that can be applied to the principal.
Calculate the remaining principal.
September 20 Payment
Calculate the interest accrued to August 1.
Calculate the interest accrued to September 20.
Calculate the amount of the payment that can be applied to the principal.
(a negative number)
Calculate the remaining principal.
The September 20 payment is not enough to cover the interest accrued to September 20. Nothing can be deducted from the
principal, but the interest is not added to the principal, it is carried over.
November 5 Payment
Calculate the interest accrued to November 1.
Calculate the interest accrued to November 5.
Calculate the amount of the payment that can be applied to the principal.
Calculate the remaining principal.

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