Crane Curtin borrowed $33,300 on July 1, 2022. This amount plus accrued interest at 8% compounded annually is to be repaid on July 1, 2027. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much will Crane have to repay on July 1, 2027? (Round answer to 2 decimal places, e.g.25.25.) Amount to be repaid on July 1, 2027 24
Q: It is now January 1, 2018, and you will need $1,000 on January 1, 2022, in 4 years. Your bank…
A: According to the present and future value annuity, the regular periodic payments would be asking…
Q: On January 1, 2020, Aggie Company purchased a building for $65,000, making a cash down payment of…
A: Interest Expenses:- It is an amount which one pays over the principal amount of loan or mortgage…
Q: Find the amount to be repaid. How much will the interest be at the repayment date if the following…
A: Information Provided: Amount borrowed = P5,000.00 Simple interest = 6.2% Amount borrowed on = Nov 2,…
Q: You invested $10,000 on February 8, 2021, in an account that pays 4% compounded monthly. If simple…
A: In case of partial period calculation and when compounding monthly, number of complete months taken…
Q: On January 1, 2013, your brother's business obtained a 30-year amortized mortgage loan for $350,000…
A: We can find the interest expenses for the year 2014 by accumulating the interest portion of each fo…
Q: A Bank granted a loan to a borrower in the amount of P5,000,000 on January 1, 2021, The interest…
A: Solution Carrying amount is the cost of an asset less accumulated depreciation.
Q: What is the carrying amount of the loan receivable on December 31, 2021?
A: Carrying amount of the loan receivable is the amount of loan which is due and the present value of…
Q: On August 1, 2020, PHINEAS Company borrowed P9,000,000 from a lender, which is to be paid on January…
A: When the loan is borrowed from the lender, the interest charge on the loan or the borrowed…
Q: VKS Bank loaned P5,000,000 to IntAcc1 Company on January 1, 2018. The terms of the loan require…
A: In order to determine the impairment loss, the present value of the loan is required to be…
Q: On January 1, 2021, Hosana Co. sold equipment in exchange for a P 850,000, 4 year, 11% note,…
A: Lets understand the basics. Compounded interest means interest on interest. In other words, it is a…
Q: for the interest income for 2020
A: Since the effective interest rate after considering all the cost have already been provided, we…
Q: In 2019, Rouchele Co. borrowed $200,000 on a 5% long-term note payable. In each of the following…
A: Long-term debt is a liability to be repaid after one accounting year. It is also called non-current…
Q: total amount of interest earned in 2022?
A: Interest earned refers to the amount that is earned from the investments paid by the holder in…
Q: Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of…
A: Beginning Notes Payable Interest Expense Repaid Principal on Notes Payable Ending Notes Payable…
Q: What amount of the payment made on January 1, 2022 will be interest expense?
A: Amount Borrowed = $360000 Interest Rate = 4% Fixed Annual Payment = $32379 Interest to be paid on…
Q: On June 30, 2021, the Johnstone Company purchased equipment from Genovese Corp. Johnstone agreed to…
A: I am answering the first question as per bartleby policies. Please re-submit the remaining questions…
Q: On December 31, 2020, Sack Port Ventures Inc. borrowed $103,000 by signing a four-year, 8.0%…
A: The note payable is liability for the business. The amount on note payable due in one year is…
Q: National Food Services, Inc., borrowed $4 million from its local bank on January 1, 2021, and issued…
A: Interest expense = Notes payable x interest rate = $4,000,000 x 10% = $400,000 Payment of principal…
Q: On December 31, 2019, Panda Bank recorded an investment of P5,000,000 in a loan granted to a client.…
A: Impairment losses arise when the present value is less than the carrying value. For example:…
Q: Draw the cash flow diagram in terms of Rael perspective. Show complete solution and formula used.…
A: Cash flow diagram is the diagram which shows by the timeline how much cash has came into the…
Q: On January 1, 2021, Stoops Entertainment purchases a building for $580,000, paying $110,000 down and…
A: Solution: Journal Entries Date Particulars Debit Credit 31-Jan-21 Interest expense…
Q: The owner of Jewel Company had a loan from Metrobank amounting to ₱500,000. The bank requires the…
A: Accrued interest on loan ( from November 1, 2020 to December 31, 2020 ) = ₱500,000 x 12% x 212 =…
Q: On January 1, 2021, Saltimbocca Corporation borrowed $192,772 from Morgan Stanley. Under the terms…
A: The question demands the interest expense for the third year of the loan. In order to determine…
Q: Suga Bank granted a loan to a borrower on January 1, 2020. The interest rate on the loan is 10%…
A: Carrying value=Principal amount+Direct origination cost-Origination fee received from borrower=P…
Q: Chris Garcia Bank granted a loan to a borrower on January 1,2021. The interest on the loan is 10%…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: In connection with this note, how much Jane Co. would pay at March 31, 2019?
A: Given information is: Jane's Donut Co. borrowed OMR 50,000 on March 1, 2018, and signed a one-year…
Q: Upon January 1, 2020, Sally Corp. borrowed $360,000 from County Bank and signed a 15-year note…
A: It is simply a fee levied against the borrower for the use of an asset. Borrowed assets might…
Q: Chris Garcia Bank granted a loan to a borrower on January 1,2021. The interest on the loan is 10%…
A: Comment - Multiple Questions Asked 1) Computation of Carrying Amount of Loan Carrying Amount of loan…
Q: On June 30, 2022, Making Waves, LLC, purchased land for $400,000 and a building for $560,000, paying…
A: Journal entry of first installment paid on December 31 is : Date Accounts title and…
Q: On December 1, 2021, your company borrowed $30,000, a portion of which is to be repaid each year on…
A: given On December 1, 2021, your company borrowed $30,000, a portion of which is to be repaid each…
Q: On October 1, 2021, Chrysanthemum Co. purchased equipment by issuing a four-year, 9% promissory note…
A: Lets understand the basics. When any asset is purchase against notes payable then asset needs to be…
Q: On January 1, 2021, Beaver Tours financed the purchase of a new building by borrowing $600,000 from…
A: Journal: Recording of a business transactions in a chronological order.
Q: On October 31, 2021, COVID borrowed $400,000 at 11% interest and pledged $500,000 in accounts…
A: The loan is the amount a business organization borrows from any financial institution or any third…
Q: On June 30, 2022, Making Waves, LLC, purchased land for $400,000 and a building for $560,000, paying…
A: Installment Note: An installment note is an obligation or liability that requires the borrower to…
Q: On June 30, 2022, Making Waves, LLC, purchased land for $400,000 and a building for $560,000, paying…
A: Instalment Note: An instalment note is an obligation or liability that requires the borrower to…
Q: On December 31, 2023, Sandy Company has a Note Receivable of $6,000. The note will be collected in…
A: Current asset can be converted into cash within 12 months whereas long term assets has a life of…
Q: Able Inc. borrowed $60,000 on October 1, 2019 and agreed to pay back $75,000 on October 1, 2022. How…
A: Interest: It refers to the charge which is paid by a borrower to the lender for using his funds.
Q: The Pita Pit borrowed $197,000 on November 1, 2021, and signed a six-month note bearing interest at…
A: Notes payable is the amount that is being borrowed and will have to be paid to another person.…
Q: On January 1, 2018, King Inc. borrowed $190,000 and signed a 5- year, note payable with a 10%…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Maris Banking Corporation granted a loan to a borrower on January 1, 2020. The interest rate on the…
A: Introduction:- The following basic information as follows:- Loan receivables are balance that is…
Q: What sum of money will be required will be required to discharge a loan of P7,800 on April 1.2020,…
A: The future value of a present value is the value of that amount after taking into account the time…
Q: It is now January 1, 2018, and you will need $1,000 on January 1,2022, in 4 years. Your bank…
A: a) Face Value=1000Number Of Years=4rate=8%Present Value Of Amount to be Deposit Today…
Q: Durango, Inc. borrowed $20,000 on October 1, 2020. Durango will not make any payments on this loan…
A: Total interest for 3 years = Amount owe at the end - amount borrowed = $26000 - 20000 = $6000…
Q: On January 1, 2013, your brother's business obtained a 30-year amortized mortgage loan for $350,000…
A: Equated installments include interest as well as principal component. Installment firstly includes…
Q: On September 1, 2019, Tange company borrowed on a P5,400,000 note payable from a bank. The note…
A: An interest bearing note represents funds loaned by a lender to a borrower, on which interest is…
Q: The Schitt Company borrowed $900 on January 1, 2020 at an annual rate of interest of eight percent.…
A: Interest Expense - Interest Expense is the amount payable on the borrowed money. It is the expense…
Q: Jem Riane Delos Reyes Bank granted a loan of P3,000,000 to a borrower on January 1, 2021. The terms…
A: given, loan amount = $3000,000 which is not paid for first two years.
Q: [The following information applies to the questions displayed below.] On January 1, 2018, Brown Co.…
A: The accounting equation is sum of assets=sum of liabilities and owner's equity. The items of income…
Q: On December 1, 2021, your company borrowed $48,000, a portion of which is to be repaid each year on…
A: On December 31, 2021: $48,000 is payable; $6,400 in 2022 and the remaining later. So payable amount…
Q: National Food Services, Inc., borrowed $4 million from its local bank on January 1, 2018, and issued…
A: Cash flow statement: It refers to one of the financial statements of the company that shows all the…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)Crane Curtin borrowed $33,300 on July 1, 2022. This amount plus accrued interest at 8% compounded annually is to be repaid on July 1. 2027. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much will Crane have to repay on July 1, 2027? (Round answer to 2 decimal places, eg. 25.25.) Amount to be repaid on July 1, 2027 24Pharoah Curtin borrowed $31,500 on July 1, 2027. This amount plus accrued interest at 8% compounded annually is to be repaid on July 1, 2032 Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much will Pharoah have to repay on July 1, 2032? (Round answer to 2 decimal places, e.g. 25.25.) Amount to be repaid on July 1, 2032 $
- On November 30, 2023, Calla Resources Ltd. borrowed $180,000 from a bank by signing a four-year installment note bearing interest at 8%. The terms of the note require equal payments each year on November 30, starting November 30, 2024. Use TABLE 14A 2 (Use appropriate factor(s) from the tables provided.) Required: 1. Calculate the size of each installment payment. (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Payment "T" 2. Complete an installment note amortization schedule for this note. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) Period Ending Beginning Balance Period Interest Expense Payments Debit Notes Payable Credit Cash Ending BalanceYou have taken a loan of $92,000.00 for 35 years at a 4.9% annual interest rate, with interest compounded quarterly. Fill in the amortization table below to show how the payments will be applied to interest and principal: (Round all answers to 2 decimal places. Please note the order of the headings in the table - make sure you put the answers in the appropriate columns as layed out below.) Payment number Payment amount Principal Amount Interest 0) 1) 2) 3) $ LA tA +A LA $ Balance $92,000.00 tA LADave borrowed $550 on January 1, 2022, and paid it all back at once on December 31, 2022. The bank charged him a $3.50 service charge, and interest was $40.70. What was the APR? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Annual percentage rate %
- How much shall be reported as interest income for 2022? ALVR Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 12% payable annually starting December 31, 2022. The loan matures in three years on December 31, 2024. Pertinent information on the loan is provided below: Principal amount Origination fee received from the borrower Direct origination cost Indirect origination cost incurred After considering the origination fee received from the borrower and the direct origination cost incurred, the effective rate on the loan is 9%. 1,000,000 44,900 120,856 12,000How much shall be reported as interest income for 2022? ALVR Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 12% payable annually starting December 31, 2022. The loan matures in three years on December 31, 2024. Pertinent information on the loan is provided below: Principal amount Origination fee received from the borrower Direct origination cost Indirect origination cost incurred After considering the origination fee received from the borrower and the direct origination cost incurred, the effective rate on the loan is 9%. 1,000,000 44,900 120,856 12,000 O 90,000 O 96,836 O 120,000 O 129,115 O Answer not givenChris Garcia Bank granted a loan to a borrower on January 1,2021. The interest on the loan is 10% payable annually starting December 31,2021. The loan matures in three years on December 31,2023. Data related to the loan are: Principal amount ₱4,000,000 Origination fees charged against the borrower 342,100 Direct origination cost incurred 150,020 Based on the above data, answer the following: (Round off present value factors to four decimal places) 1. The carrying amount of the loan as of January 1,2021 is a. ₱3,807,920 c. ₱4,192,080 b. ₱4,000,000 d. ₱4,492,120 2. The effective interest rate of the loan is a. 9% c.12% b. 10% d.12.19% 3. The interest income to be recognized in 2021 is a. ₱400,000 c. ₱464,185 b. ₱456,950 d. ₱404,291 4. The carrying amount of the loan as of December 31,2021 is a. ₱3,864,870 c. ₱4,000,000 b. ₱3,872,105 d. ₱4,496,411 5. The current portion of the loan as of December 31,2021 is a. Nil c. ₱63,784 b. ₱56,950 d. ₱400,000
- Chris Garcia Bank granted a loan to a borrower on January 1,2021. The interest on the loan is 10% payable annually starting December 31,2021. The loan matures in three years on December 31,2023. Data related to the loan are: Principal amount ₱4,000,000 Origination fees charged against the borrower 342,100 Direct origination cost incurred 150,020 Based on the above data, answer the following: (Round off present value factors to four decimal places) 1. The carrying amount of the loan as of December 31,2021 is a. ₱3,864,870 c. ₱4,000,000 b. ₱3,872,105 d. ₱4,496,411 2. The current portion of the loan as of December 31,2021 is a. Nil c. ₱63,784 b. ₱56,950 d. ₱400,000On January 2, 2025, Jensen Company borrowed $150,000 from Lyon Country Bank. The terms of the loan agreement specified 4 equal annual payments at 6% annual interest. Compute the amount of each of these payments, assuming they begin on December 31, 2025.Crane Company issues a 12%, 5-year mortgage note on January 1, 2025, to obtain financing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment payments of $47,300. Click here to view the factor table What are the cash proceeds received from the issuance of the note? (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to 2 decimal places, e.g. 25.25.) Crane Company should receive $