Dirk Ward borrowed $11,000.00 for investment purposes on May 7 on a demand note providing for a variable rate of interest and payment of any accrued interest onDecember 31. He paid $600 on June 19, $100 on September 18, and $1100 on November 23. How much is the accrued interest on December 31 if the rate of interestwas 6% on May 7, 6.3% effective August 1, and 6.9% effective November 1?The accrued interest on December 31 is $(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Accrued Interest is the accumulated interest over the outstanding amount during the period. It is…

Answered: Dirk Ward borrowed $11,000.00 for…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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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.)
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?
Bruce Wayne borrowed $14 300.00 for investment purposes on May 19, on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $1,300.00 on June 28, $1,450 on September 25, and $4,200.00 on November 15. How much is the final payment on December 31 if the rate of interest was 11.5% on May 19; 8.21% effective August 1; and 6.35% effective November 1? Payment Date Payment Interest Cost Principal Portion Outstanding Balance 19-May 14300 28-Jun 1300 0 1300 13000 25-Sep 1450 0 1450 11550 15-Nov 4200 0 4200 7350 31-Dec 7350 0 7350 0 Interest Calculation Dates Days Time = Days/365 R (rate of interest) Interest cost First Interest Payment May 19 to June 28 Second Interest Payment June 29 to July 31 Aug 1 to Sept 25 Total Interest Payment 0 Third Interest Payment Sept 26…
K Dirk Ward borrowed $13,000 00 for investment purposes on May 16 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $1000 on June 10, $200 on September 21, and $800 on November 16. How much is the accrued interest on December 31 if the rate of interest was 7% on May 16, 7.5% effective August 1, and 7.8% effective November 12 The accrued interest on December 31 is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
Slingerland borrowed $7,000 on July 20 at 11% interest. If the loan was due on October 15, what was the amount of interest on the loan using the exact interest method? options are: a. 120.25 b. 166.85 c. 183.53 d. 256.67
Ludwig borrowed $8,000 on July 20, at 11% interest. If the loan was due on October 17, what was the amount of interest on the loan using the exact interest method? Select one O a $263.01 Ob $273.06 De $21458 Od $285.20
Martinez Co. borrowed $52,557 on March 1 of the current year by signing a 60-day, 12%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to record the payment should include a a.debit to Interest Payable for $1,051. b.debit to Interest Expense for $1,051. c.credit to Cash for $52,557. d.credit to Cash for $58,864.
OnApril8,Manuel borrowed $700.00from his uncle at 5.6%per annum calculated on the daily balance. He gave his uncle six cheques for $110.00dated the 8th of each of the next six months starting May8 and a cheque dated November8 for the remaining balance to cover payment of interest and repayment of principal. Construct a complete repayment schedule for the loan including totals for AmountPaid,InterestPaid,and Principal Repaid.Complete the repayment schedule below. (Roundto the nearest cent asneeded.)Payment NumberBalance Before PaymentAmount PaidInterest Paid0Apr.81May8$700.00$110.00$2June8$$110.00$3July8$$110.00$4Aug.8$$110.00$5Sept.8$$110.00$6Oct.8$$110.00$7Nov.8$$Totals:$$
please help me
Slingerland borrowed $6,000 on July 20, at 11% interest. If the loan was due on October 15, what was the amount of interest on the loan using the exact interest method? A. $103.07 B. $143.01 C. $157.32 D. $220.00
On April8, Manuel borrowed $730.00 from his uncle at 5.5% per annum calculated on the daily balance. He gave his uncle six cheques for $110.00dated the 8th of each of the next six months starting May 8 and a cheque dated November 8 for the remaining balance to cover payment of interest and repayment of principal. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below. (Round to the nearest cent as needed.) Payment Number Balance Before Payment Amount Paid Interest Paid Principal Repaid Balance After Payment 0 Apr. 8 $730.00 1 May 8 $730.00 $110.00 $..... $...... $...... 2 June 8 $..... $110.00 $....... $....... $....... 3 July 8 $...... $110.00 $...... $....... $....... 4 Aug. 8 $........ $110.00…
On January 1, a company borrowed cash by issuing a $390,000, 4%, installment note to be paid in three equal payments at the end of each year beginning December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) What would be the amount of each installment?Prepare an amortization table for the installment note.Prepare the journal entry for the second installment payment.

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