What is the interest income and carrying amount of the loans receivable on March 31, 2010?
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On April 2009, Entity A granted Entity Z a 4 year loan amounting to 5,000,000 of direct loan origination cost and receives nonrefundable origination fees amounting to 500,000. the stated interest is 10% payable annually every december 31.
What is the interest income and carrying amount of the loans receivable on March 31, 2010?
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- 1.Suppose, on September1, 2019 Fido Corporation borrows $30,000 from its bank for a period of 8 months at an annual interest rate of 5%. Please do the following journal entries. a) September 1, 2019 Fido corporation borrows $30,000 at an interest rate of 5% for 8 months Date Debit Credit Db Cr b) Adjustment entry at year end on December 31. 2019 to record for the interest owed. Date Debit Credit Db Cr c) Payment of the note on May 1, 2020. Date Debit Credit Db CrBase Line Co. receives $250,000 when it issues a $250,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2016. The terms provide for annual installment payments of $40,000 on December 31. Instructions Prepare the mortgage payment schedule and journal entries to record the mortgage loan and the first two installment payments. In this order Date | Particulars | Debit $ | Credit $ and in a text fileOn January 1, 20X1, Bouncy House, Inc. obtains a $50,000, 6 year, 8% installment note for the latest and greatest bouncy house. Bouncy House is required to make annual payments. The first payment occurs on December 31, 20X1. а. Calculate your annual payment amount. b. Create the loan amortization schedule (table). Record the first three journal entries. d. How much total interest does Bouncy House pay on this installment note? С.
- Raymond borrowed $3,000.00 from Loans R Us Company. The line of credit agreement provided for repayment of the loan in equal monthly payments of $668.76 which includes interest of 9.00 % per annum calculated on the unpaid balance. a. What is the monthly rate of interest? b. Calculate the outstanding loan balance at the end of the third payment c. What are the total interest charges? d. How many payments are required to pay off the loan e. What is the final PaymentOn May 1, 2021, Nees Manufacturing lends $10,000 to Roberson Supply using a 9% note due in 12 months. Nees has a December 31 year-end. Calculate the amount of interest revenue Nees will report in its 2021 and 2022 income statements. a. 2021 = $300; 2022 = $600.b. 2021 = $600; 2022 = $300.c. 2021 = $900; 2022 = $0.d. 2021 = $0; 2022 = $900.Entity A received a 12% P200,000, one-year, note receivable on October 1, 2001. Entity A uses a calendar year period. The principal and interest on the note are due on October 1, 2002. How much is the interest income to be accrued on December 31, 2001.
- Cullumber Co. receives $248,400 when it issues a $248,400, 10%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments of $41,400 on December 31.Prepare the journal entries to record the mortgage loan and the first two payments. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022 Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022 Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022The loan below was paid in full before its due date. (a) Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount. Regular Monthly Payment $445.22 Remaining Number of Scheduled Payments after Payoff 6 APR 11.0% Click the icon to view the annual percentage rate table. (a) h=$ (b) The unearned interest is $ (c) The payoff amount is $ (Round to the nearest cent as needed.) (Round to the nearest cent as needed.)The following amortization schedule indicates the interest and principal that Chip's Cookie Corporation (CCC) must repay on an installment note established January 1, 2021. CCC has a December 31 year-end and makes the required annual payments on December 31. Year 1 2 3 4 Total Beginning Notes Payable 52,000 40,629 28, 235 14,725 Repaid Principal Interest Expense on Notes Payable (a) Annual Payment (b) Interest Expense (c) Notes Payable (d-1) Total Interest (d-2) Total Principal 4,680 3,657 2,541 1,325 12, 203 11,371 12,394 13,510 14,725 52,000 Ending Notes Payable 40,629 28,235 14,725 0 Use the amortization schedule to determine (a) the amount of the (rounded) annual payment; (b) the amount of interest expense to report in the year ended December 31, 2021 (Year 1); (c) the note payable balance at January 1, 2024; and (d) the total interest and total principal paid over the note's entire life. (Round your answers to the nearest whole dollar amount.)
- On Jan. 1, 2021, XYZ Bank extended a 3-year P5,000,000 loan to ABC Corporation. The interest rate agreed upon is 7%. The bank incurred direct and indirect origination costs of P75,100 and P50,000 respectively, but collected origination fees of P328,230 from ABC. The effective interest rate is 9%. What is the total receivable related to the loan to ABC on Dec. 31, 2021?The following information are provided by Narra Company on its fiscal year ending October 31, 2020.• P4,000,000 Loans Payable, with P1,000,000 payable semiannually every March 31 and September 30. Related covenants were breached but the creditor signed a waiver on October 29, 2020 as to the loan being payable on demand. As such, the loan will continue to be paid in the original manner.• P8,000,000 Bonds Payable, maturing on November 30, 2021.• P2,000,000 3-Year Notes Payable, maturing on January 21, 2021. the debtor has the unconditional right to defer settlement of the note by nine months. How much is the total current liabilities and non-current liabilities?On Jan. 1, 2021, XYZ Bank extended a 3-year 5,000,000 loan to ABC Corporation. The interest rate agreed upon is 7%. The bank incurred direct and indirect origination costs of 75,100 and 50,000 respectively, but collected origination fees of 328,230 from ABC. The effective interest rate is 9%. What is the total receivable related to the loan to ABC on Dec. 31, 2021?
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