Everett Corporation started the year with long-term debt of $85,000, which represents the principal balance of a loan payable to Sunrise Bank. During the year, the company made total payments of $20,400, which included $6,400 in interest. Additionally, the company took out a new loan of $14,000. Determine the value of ending long-term debt.
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- What is the value of the ending long term debt?Sierra Corp. had beginning long-term debt of $80,000. During the year, the company paid $20,000 to the lender, of which $5,000 was interest. The company also borrowed an additional $18,000. What is the ending long-term debt?On January 1, 2010, Fleming Company borrowed $160,000 cash from the First Trust Bank by issuing a five year 8% term note. Please provide correct answer the financial accounting question
- Sterling Inc. has two long-term notes outstanding. One is a five-year note for $50,000. An equal amount of principal must be repaid each year of the loan. The other is a seven-year note for $210,000. In the next calendar year, the company will pay $21,000 of the principal. What is total amount of the notes that will be reported as current liabilities on its balance sheet? Oa. $229,000 Ob. $31,000 Oc. $71,000 Od. $40,000On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a $100,000 face value, four-year term note that had an 8 percent annual interest rate. The note is to be repaid by making annual cash payments of $30,192 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $52,000 cash per year. Prepare an income statement, a balance sheet, and a statement of cash flows for each of the four years.On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $107,000 face-value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $30,879 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $59,000 cash per year. b. Prepare an income statement and balance sheetfor each of the four years. Rent revenue is collected in cash at the end of each year. (Hint: Record the transactions for each year in T-accounts before preparing the financial statements.)
- On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a $68,500 face value, four-year term note that had an 9 percent annual interest rate. The note is to be repaid by making annual cash payments of $21,144 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $37,675 cash per year. statement of cash flowOn January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $42,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $12,121 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $22,260 cash per year. Prepare an income statement, a balance sheet, and a statement of cash flows for each of the four years.Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is used for interest calculations.) (a) Journalize Roseland’s entries to record: a. The issuance of the note. b. The payment of the note at maturity. (b) Journalize CorpOne’s entries to record: a. The receipt of the note. b. The receipt of the payment of the note at maturity.
- On January 1, 2014, Fabco borrowed $5,000,000 from First Bank of Newburg. The loan had a term of five years with the principal amount due at the end of the fifth year. Interest is at an annual rate of 6% with interest being paid semiannually on June 30 and December 31. In connection with the loan, the borrower incurred $84,438 of debt issuance costs that are to be amortized over the term of the loan. The effective interest method is to be used to account for the loan. Fabco was able to make the first two semiannual debt service payments, but then began to see a serious deterioration in its business. Fabco is currently in default on a number of debts and is unable to secure additional capital at market rates of interest. Based on projected cash flows, it is doubtful that the company will continue as a going concern. The company accrued the interest due on June 30, 2015, but is unable to make the interest payment. In an attempt to resolve these serious issues, Fabco received concessions…The following information pertains to Sunland Ltd. In 2024 the company entered into new borrowings using short-term notes payable. On June 30, they borrowed $10,900 that they planned to use to purchase new office equipment, the interest rate on the note was 6% with both interest and principal repayable in 6 months (December 31st). On October 1st, the company financed the purchase of a used vehicle costing $65,400 using a 12 month note payable at 8% with interest payments due quarterly and the principal amount due at maturity. The company's year end is December 31st. Record the journal entries for the issuance of both notes and any interest entries that need to be made up to and including December 31, 2024. Assume that no interest expense was accrued during the year. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account…On June 1, 2025, Thomas Company borrowed $42,000 from a bank on a 7%, 8-month note payable. On August 1, 2026, Thomas Company borrowed $63,000 from a bank on a 16%, 9-month note payable. Calculate the total amount of interest expense related to these two loans that Thomas Company would report in its 2026 income statement.