mid term q1 (1).jpg8°CPartly sunny2021QS 10-2 Current portion of long-term debt LO1On January 1, 2020, La Petite Macaron, a local French bakery, borrowed $84,000 from the bank. Interest is calculated at the rate of 4%and the term of the note is four years. Four equal annual payments will be made in the amount of $23,141 each December 31. Thepayment schedule is shown below:2022Year Annual Payment Principal Portion of Payment Interest Portion of Payment Principal Balance at Year-End2020$19,781$3,360$64,21920,5722,56943,64721,39522,25222,2522023$23,14123,14123,14123,141eShow how La Petite Macaron will show the note on its year-end balance sheet:1. December 31, 20202. December 31, 2021HQ Search:444hp1,7468896-0-Q 100%ENGIN23:4805-11-20230pa dn

Notes payable, also known as promissory notes, are a type of debt that a business or individual…

Answered: -On January 1, 2020, La Petite Macaron,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Hook Inc. accepts on April 1, 2022 a 120-day 12% note for $8,000 worth of accounts receivable past due. Calculate the amount of cash Hook should collect on the note at maturity.
On July 1, 2020 Trolley & Train World borrowed money from First Friendly National Bank by issuing a $25,000, 90 day, non-interest bearing note. The note was discounted to 14%. Required:Compute the following: Use 360-days in a year. How much money did Trolley and Train World receive?$ What was the total amount of interest paid?$ What is the effective 90 day interest rate on this note? Round percentage to two decimals.% What is the approximate annual effective interest rate on this note payable? Round your intermediate calculation to four decimal places and your final answer to two decimal places.%
Answer with formulas for upvotes
For the loan amount, interest rate, annual payment, and loan term shown in the following table, calculate the annual interest paid each year over the term of the loan, assuming that the payments are made at the end of each year. amount interest rate annual payment term $44,000 9% $13,581.42 4 years The portion of the payment that is applied to interest in year 1-4 is
On Jan 1st, 2022, Saturn borrows $2,000,000 from Orange Bank and pledges $2,500,000 of its accounts receivables as collateral. Saturn pays a 1% finance fee for the borrowing and the interest is 8% on the note. Record the journal entry on Jan 1st, 2022.
On December 1, 2024, Modern Dining Products borrowed $97,000 on a 6%, 10-year note with annual installment payments of $9,700 plus interest due on December 1 of each succeeding year On December 1, the principal amount was recorded as a long-term note payable What amount of the note payable will be shown as current portion of Long-Term Note Payable on the balance sheet as of December 31, 2024? (Round your answer to nearest whole number) OA. $19,400 OB. $15,520 OC. $9,700 OD. $5,820
please help answer
Jane's Donut Co. borrowed OMR 50,000 on March 1, 2018, and signed a one-year note bearing interest at 12%. Interest is payable in full at maturity on March 1, 2019. In connection with this note, how much Jane Co. would pay at March 31, 2019? Select one: A. 56,000 B. 55,000 C. 54,500 D. 57,000
In January 1, 2020, Mega Corporation issued a $55,000, three-year, 6% installment note from Biggest Bank. The note requires annual payments of $20,576 beginning on December 31, 2020. Use this information to complete the following loan amortization table (round all of your answers to the nearest dollar). Amortization of Installment Note For the Year Ending Jan. 1st Carrying Amount Note Payment (Cash paid) Interest Expense (6%) Decrease in Principal Dec. 31st Carrying Amount 12/31/20 12/31/21 12/31/22
You are about to borrow $15,000 from a bank at an interest rate of 8% compounded annually You are required to make three equal annual repayments in the amount of $5,820 50 per year, with the first repayment occurring at the end of year 1. Show the interest payment and principal payment in each year Fill in the table below. (Round to the nearest cent.) End of Year 0 Principal Repayment Interest payment Remaining Balance 4
Akbar Associates issued 120-day note for $50,000 to a creditor on a account. The note was discounted at 6%. Assuming a 360-day year: a. What cash proceeds would Akbar receive from the note? b. How much would Akbar repay the creditor at the note's maturity? =
n.c.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS