Happy Hollow, LLC plans to extend their line of Wind in the Willow Wind Chimes. In order to increase their inventory they need additional cash. On January 1, 20X1, Grumpy Bank loans $50,000 to Happy Hollow in order to spread some cheer. Happy Hollow must pay 20% interest and make quarterly payments for 5 years.

Simple Simon's Bakery purchases supplies on terms of 1.1/10, net 25. If Simple Simon's chooses to take the discount offered, it must obtain a bank loan to meet its short-term financing needs. A local bank has quoted Simple Simon's owner an interest rate of 10.6% on borrowed funds. Should Simple Simon's enter the loan agreement with the bank and begin taking the discount? (Hint: Use 365 days for a year.) The cost of forgoing the discount is %. (Round to one decimal place.) Should Simple Simon's enter the loan agreement with the bank and begin taking the discount? (Select the best choice below.) A. Simple Simon's should enter into the loan agreement but not begin taking the discount. B. Need more information to answer the question. OC. Simple Simon's should enter into the loan agreement with the bank and begin taking the discount. D. Simple Simon's should not enter into the loan agreement but should begin taking the discount.

Simple Simon's Bakery purchases supplies on terms of 1.7/10, net 25. If Simple Simon's chooses to take the discount offered, it must obtain a bank loan to meet its short-term financing needs. A local bank has quoted Simple Simon's owner an interest rate of 10.2% on borrowed funds. Should Simple Simon's enter the loan agreement with the bank and begin taking the discount? (Hint: Use 365 days for a year.) The cost of forgoing the discount is %. (Round to one decimal place.) Should Simple Simon's enter the loan agreement with the bank and begin taking the discount? (Select the best choice below.) A. Simple Simon's should enter into the loan agreement with the bank and begin taking the discount. B. Simple Simon's should not enter into the loan agreement but should begin taking the discount. C. Simple Simon's should enter into the loan agreement but not begin taking the discount. D. Need more information to answer the question.

Ctenanthe Plant Co. borrows money to buy some new green houses. To do so, Ctenanthe borrows $750,000 in a 15-year fixed mortgage. To record the borrowing, Ctenanthe should. debit mortgage payable for $750,000 debit cash for $750,000 Ctenanthe dooes not need to record anything until the first payment is due, since thi is long-trm borrowing. credit cash for $750,000

Simple​ Simon's Bakery purchases supplies on terms of 1.5/10, net 30. If Simple​ Simon's chooses to take the discount​ offered, it must obtain a bank loan to meet its​ short-term financing needs. A local bank has quoted Simple​ Simon's owner an interest rate of 10.9% on borrowed funds. Should Simple​ Simon's enter the loan agreement with the bank and begin taking the​ discount? (Hint: Use 365 days for a​ year.)

On January 1, 2018, Jimbo Enterprises purchased new equipment for its training center.  The equipment cost $220,000.  Jimbo paid $25,000 down and is required to pay the rest in semiannual installments for the next 8 years. Jimbo's cost of borrowing is 4%. What is the total amount of interest expense Jimbo will pay over the life of the loan?

Killion Company needs to purchase new equipment, but does not have enough cash to purchase it outright. Therefore, on 1/1/21, Killion finances the purchase of the equipment by borrowing $29,000 on a 4-year, 5% installment loan. The loan specifies that Killion needs to make 4 payments of $8,178 once a year for the next four years. Each installment payment goes towards both accrued interest and the principal on the loan. Each installment payment is made on December 31. repare the journal entries for Killion to record the note's issuance and the first installment payment. (Round your intermediate alculations and final answers to the nearest dollar amount.) View transaction list Journal entry worksheet of 33 ― Next >

Could you help me solve this accounting homework problem for me? and please show all your work so I can understand it   On January 1, 2020, TPM Inc. acquires a piece of equipment for a list price of $300,000. It pays$20,000 immediately and writes a note for the remainder. Annual interest of 3% is due everyDecember 31st, and the principal of the note is payable in 6 years.TPM’s incremental borrowing rate is 6%, while the seller’s incremental borrowing rate is 7%.TPM is a public company. It depreciates its equipment using the diminishing balance method at15%. The equipment’s residual value is $40,000 at the end of its useful life. 1) Prepare all required journal entries for the years 2020 and 2021.2) Determine the Asset’s net book value on January 1, 2024.3) Determine the note payable carrying value on January 1, 2024.

The problem describes a debt to be amortized. (Round your answers to the nearest cent.) Sean Lee purchases $30,000 worth of supplies for his restaurant by making a $4,000 down payment and amortizing the remaining cost with quarterly payments over the next 6 years. The interest rate on the debt is 16% compounded quarterly. (a) Find the size of each payment. $  (b) Find the total amount paid for the purchase. $  (c) Find the total interest paid over the life of the loan. $

On January 1, 2020, KOO Inc. got a credit line from a bank worth 5,000,000. The credit line would require an annual fee of 50,000 and an interest of 1% per month. On March 1, 2020, 3,000,000 is used up and will be paid the next year 2021. The annual fee will be paid every January 25 and the interest will be paid every 25th of the following month. KO0 Inc. paid the necessary payments on time. What is the total interest payable relating to the credit line as of December 31, 2020?