Loan amount = $ 10000 on November 01, 2020 for 5 years Interest rate @10 PA Entry on December 31, 2020
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- Recording Accrued Interest Expense Alaska Inc. borrowed $16,000 by signing a one-year note payable on November 1, 2020. The note bears interest at 10% and interest is payable upon maturity of the note. a. Record this financing transaction on November 1, 2020. b. Record the year-end adjusting entry required on December 31, 2020. Hint: Prorate the annual interest of 10% for two months. c. Record the entry to repay the note on November 1, 2021. Note: Round your answers to the nearest dollar. For example, enter 50 for 50.49 and enter 51 for 50.5QUESTION 40 On January 1, 2020, Smith Company signed a six-year Note for the acquisition of equipment. Annual interest and principal payments of $21,980, based on an interest rate of 9% are to be made every December 31, beginning with December 2020. Compute the value of the Note at 1/1/20. Following are appropriate factors from tables: Table % / n Present Value of annuity due $1 Present Value of ordinary annuity of $1 Present value of $1 Future Value of ordinary annuity of $1 9%/6 4.88965 4.48592 .59627 7.52333 $101,975.34 $98,600.52 $107,474.51 $131,880Determine the value of the single payment on November 8, 2023 that is economically equivalent to a payment stream consisting of: ● a payment of $10,670 on April 3, 2023, . a payment of $9,970 on September 6, 2023, ● a payment of $8,250 on January 31, 2024. Assume a simple interest rate of 3.1%. Apr. 3, 2023 $10,670 FV2 = $ FV1 = $ PV3 = $ Start by calculating the following values on the time diagram: Sep. 6, 2023 Total = $9,970 The single payment on November 8, 2023 is: $ Nov. 8, 2023 + FV2 FV1 + PV3 Total Jan. 31, 2024 $8,250
- An investor invests the following amounts of money in banks account R18850 on 1 September 2019,R15575on 31 May 2021 and R19465 ON 1 FEBRUARY 2023.From 1 October 2021 up to 30 April 2023 an amount of R980 invested at the start of every month. From 1 July 2020 up to 31 March 2022 an amount of RX is invested at the end of each quarter. On 1 January 2019 the total present value of all the investments is R75998,34.If the interest rate is 8,75% per year, Calculate the value of X?Find the maturity date, maturity value and proceeds of the below promissory note: Face Date Term Interest Value rate $2,500 December 6 1/4% 3, 2021 months Given:Haradev
- 8. What amount must be repaid on October 10, 2019, if Php6,000 is borrowed on October 10, 2011 at 5.75% simple interest?Amortization Schedule - Long-term Note January 1, 2020 Wang Co borrows $40,000 at 5% for 7 years. Determine the blended annual December 31, year-end payments. Prepare an amortization schedule. N (period of time) | (Interest) PV (Present Value FV (Future Value) PMT (Annuity) Required 1 Prepare the loan amortization schedule using the effective interest method. Beginning Balance Interest Principal Payment Annual Principal Page T Period Раде Payment Expense Balance 1 2 3 4 6 7 2 Determine the amount that would be presented on the balance sheet at December 31, 2020 (at end of year 1) as: Current portion of long-term note at December 31, 2020 3 Prepare the journal entry to record the last loan payment. General Journal DR CRAssuming a 360-day year, when a $11,200, 90-day, 5% interest-bearing note payable matures, the total payment will be Oa. $560 Ob. $140 Oc. $11,760 Od. $11,340 0 0 0 0
- 4 Loan Amortization Table Prepare a Loan Amortization Table with a 30-year loan term, 3.5% interest rate, loan fee of 1.75%, $12,000,000 loan amount. Calculate the monthly loan payment, loan proceeds and the loan balance at the end of year 10.Periodic Payment Payment Interval Term Interest Rate Conversion Period $3990 1 month 8 years 7% annually the future value is $On 1st July 2020 Bashir purchase a machine for RO 15,000. The terms of purchase was 20% cash and the balance to be paid in monthly instalments of RO 500. What amount of the loan will be disclosed under Long term liabilities in the balance sheet on 31 Dec 2020? a. RO 3,000 b. RO 5,000 c. RO 7,000 d. RO 6,000
