I want to correct answer general accounting question Reynolds Corp has beginning long-term debt of $85,000. During the year, the company madetotal payments of $24,500, which included $6,500 of interest. The company also took out anadditional loan of $15,000. Calculate the ending long-term debt.a. $75,500b. $76,000c. $82,000d. $94,000

To calculate the ending long-term debt, we can use the following formula: Ending Long-Term Debt =…

Answered: Reynolds Corp has beginning long-term…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 14MC: Whirlie Inc. issued $300,000 face value, 10% paid annually, 10-year bonds for $319,251 when the...

See similar textbooks

Similar questions

please help me
PHE, Inc.estimates warranty expense at 2% of sales. Sales during the year were $4 million and warranty related cash expenditures were $34,000. What was the balance in the Warranty Liability account at the end of the year? Select one: O a. $56,000 O b. $34,000 c. $80,000 O d. $36,000 O e. $46,000
On January 1, Year 1, Mahoney Company borrowed $165,000 cash from Sun Bank by issuing a 5-year, 8% term note. The principal and interest are repaid by making annual payments beginning on December 31, Year 1. The annual payment on the loan equals $41,325. What is the amount of principal repayment included in the payment made on December 31, Year 1? Multiple Choice O O оо $37,398 $40,650 $13,200 $28,125
NYJ, Inc. borrowed $500,000 on November 1, 20X1, and signed a nine-month note bearing interest at 8%. Principal and interest are payable in full at maturity. In connection with this note, NYJ, Inc. should record interest expense in 20X2 in the amount of: Select one: a. $15,000 b. $20,000 c. $17,500 d. $30,000 e. $23,333
14. Gingerbread Corp was issued a $220,000 loan at 6%. The amortization schedule created by the company accountant is presented below. How much interest will Gingerbread Corp record in interest expense over a period of 6 years?
On January 1, Year 1, Mahoney Company borrowed $172,000 cash from Sun Bank by issuing a 5-year, 8% term note. The principal and interest are repaid by making annual payments beginning on December 31, Year 1. The annual payment on the loan equals $43,079. What is the amount of principal repayment included in the payment made on December 31, Year 1? Multiple Choice O OOO $29,319 $37,559 $13,760 $40,825
In the past year, Blossom Corporation reported assets of $230229000. Liabilities reported on the balance sheet on the same date were reported at $69091655. Blossom issued a new note payable for cash during the year. The 8%, 5-year note was issued at a face value of $5008000. What is the company's debt to asset ratio after the refinance? O 29.37% 31.50% 32.18% O 30.01%
Reality Corporation borrowed $175,000 on April 1. The note requires interest at 12% and principal to be paid in one year. How much interest is recognized for the period from April 1 to December 31? Select one: $5,250. $0. $21,000. $15,750.
Subject : Accounting On January 1, Boston Company completed the following transactions (use a 7% annual interest rate for all transactions): (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) Borrowed $117,200 for nine years. Will pay $7,100 interest at the end of each year and repay the $117,200 at the end of the 9th year. Established a plant remodeling fund of $491,650 to be available at the end of Year 10. A single sum that will grow to $491,650 will be deposited on January 1 of this year. Agreed to pay a severance package to a discharged employee. The company will pay $76,100 at the end of the first year, $113,600 at the end of the second year, and $151,100 at the end of the third year. Purchased a $175,500 machine on January 1 of this year for $35,100 cash. A five-year note is signed for the balance. The note will be paid in five equal year-end payments starting on December 31 of this year. Required: 1. In transaction (a),…
On January 1, Year 1, Mahoney Company borrowed $168,000 cash from Sun Bank by issuing a 5-year, 8% term note. The principal and interest are repaid by making annual payments beginning on December 31, Year 1. The annual payment on the loan equals $42.077, What is the amount of principal repayment included in the payment made on December 31, Year 1? Multiple Choice Ο Ο Ο Ο $13,440 $37.467 $40,725 $28,637
A debt of $13,000 with interest at 5% compounded semi-annually is repaid by payments of $1,850 made at the end of every 3 months. Construct an amortization schedule showing the total paid and the total cost of the debt. Complete the amorization schedule. (Round to the nearest cent as needed.) Outstanding Principal Balance $13,000 Payment Number Amount Paid Interest Paid Principal Repaid 1 $1,850 2 $1,850 3 $1,850 $ $ 4 $1,850 $ 5 $1,850 $4 6 $1.850 $ 7 $1,850 $ $ 8 $0 The total paid is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) The total interest is S
I want to correct answer

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

Reynolds Corp has beginning long-term debt of $85,000. During the year, the company made total payments of $24,500, which included $6,500 of interest. The company also took out an additional loan of $15,000. Calculate the ending long-term debt. a. $75,500 b. $76,000 c. $82,000 d. $94,000