Kieso Company borrowed $720,000 on a 120-day note at 10 percent interest. The money was borrowed for 45 days in 2014 and 75 days in 2015; the note and interest were to be paid upon maturity in 2015. (Assume 360 days in a year.) How much interest expense, if any, would be reported in 2014 and in 2015?
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Kieso Company borrowed $720,000 on a 120 day note at 10 percent interest. Give correct calculation of this general accounting
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- Barton Chocolates used a promissory note to borrow $1,000,000 on July 1, 2015, at an annualinterest rate of 6 percent. The note is to be repaid in yearly installments of $200,000, plusaccrued interest, on June 30 of every year until the note is paid in full (on June 30, 2020). Showhow the results of this transaction would be reported in a classified balance sheet prepared as ofDecember 31, 2015.Assume that on December 1, 2015, your company borrowed $15,000, a portion of which is to berepaid each year on November 30. Specifically, your company will make the following principalpayments: 2016, $2,000; 2017, $3,000; 2018, $4,000; and 2019, $6,000. Show how this loan willbe reported in the December 31, 2016 and 2015 balance sheets, assuming that principal paymentswill be made when required.B. ESD Company borrowed 5 million pesos from a bank on September 30, 2015. The loan principal is payable every six months starting march 31, 2016 at the rate of 1,000,000. The loan has an annual interest rate of 10%. Determine the interest cxpense related to this loan in 2015, 2016,2017 and 2018.
- Using the exact method, how much money will be required on July 6, 2016, to repay a loan of $5000 made on September 6, 2007, if interest on the loan is earned at 8.5%/year compounded quarterly?CM Company borrowed Php2 000 000 from a bank on June 30, 2015. The loan has an annual interest rate of 10% and the principal is payable at the end of quarter amounting to Php250 000. The first quarterly payment will be on September 30, 2015. Prepare an amortization schedule for 2015 until the loan is fully paid on June 30, 2017. How much interest expense is incurred in 2015, 2016 and 2017 with respect to this loanOn December 31, 2016, Rocky Bank has a loan receivable of P4,000,000 from a borrower that it's carrying is at face value and is due on December 31, 2022. Interest on the loan is payable at 9% each December 31. The borrower paid the interest due on December 31, 2016 but informed the bank that it would probably miss the next two years' interest payments. After that, the borrower is expected to resume the annual interest payment but it would make the principal payment one year late, with interest paid for that additional year at the time of principal payment. Round off present value factors up to three decimal points. What is the impairment loss for 2016?
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- 1. CM Company borrowed Php2 000 000 from a bank on June 30, 2015. The loan has an annual interest rate of 10% and the principal is payable at the end of every quarter amounting to Php250 000. The first quarterly payment will be on September 30, 2015. Prepare an amortization schedule for 2015 until the loan is fully paid on June 30, 2017.How much interest expense is incurred in 2015, 2016 and 2017 with respect to this loan? Page 4 of 6 2. ESD borrowed Php5 million from a bank on September 30, 2015. The loan principal is payable every six months starting March 31, 2016 at the rate of Php1 000 000. The loan has an annual interest rate of 10%. Determine the interest expense related to this loan in 2015, 2016, 2017, and 2018.1.) FInd the oddinary interest on 500,000 at 5.5% invested fro, April 1 to December 24, 2017 using actual time and approximate time. 2.) Find the simple interest on 20,000 borrowed on May 1 and will be paid after 6 months at 6.25% interest using exact time. 3.) What Amount should be paid on July 5, 2017 on a loan of 100,000 made on January 25, 2018 with 4.7% simple interest? 4.) An eligible Pag-IBIG member may borrow up to a maximum of 80% of his total accumulated value (TAV) subject to the terms and conditions of the program. After a strong typhoon, Mang Liloy applied for a calamity loan of 30,000. The current interest rate for the calamity loan is 5.95% per annum. How much interest does Mang Liloy have to pay at the end of 1 year?What is the carrying amount of the loan Receivable on December 31, 2017?