On January 1 2021 Gundy Enterprises purchases an office building for $ 184,000 , paying $ 44.000 down and borrowing the remaining , signing a 7 % , 10 - year mortgage . Installment payments of are due at the end of each month , with the first payment due on January 31 , 2021 \$140,000 \$1,625.52 \$195,062(\$1,625.52*120 monthly payments ) . How much of this is interest expense 4. Total payments over the 10 years are and how much is actual payment of the loan ?

Question

On January 1 2021 Gundy Enterprises purchases an office building for $ 184,000 , paying $ 44.000 down and borrowing the remaining , signing a 7 % , 10 - year mortgage . Installment payments of are due at the end of each month , with the first payment due on January 31 , 2021 \$140,000 \$1,625.52 \$195,062(\$1,625.52*120 monthly payments ) . How much of this is interest expense 4. Total payments over the 10 years are and how much is actual payment of the loan ?

Expand

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Bond/Notes Valuation

Other

Accounting Principles

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Alberta Gauge Company, LTD., a small manufacturing company in Calgary, Alberta, manufactures three t...

A: Contribution margin = Sales - Variable cost Net income = Contribution - Fixed cost  

Q: Assume that the following was extracted from Massy’s accounting information system for operations at...

A: Introduction Gross profit method: gross profit method is the method of estimating amount in ending ...

Q: Which of the following does not increase the need for sufficient appropriate auditevidence?(1) A low...

A: A lower acceptable level of detection risk, An increase in the assessed control risk, A lower accept...

Q: a bank that meets a deposit withdrawal by selling t-bills will alter: neither the asset nor liabilit...

A: Selling T-bills will alter asset side and meeting a deposit withdrawal will alter liability side.

Q: Callie Peters is completing the audit of MakingNewFriends.com for the year ended December 31, 2013. ...

A: Going Concern is an accounting standard stating that the firm is different from its owners and will ...

Q: 5-18 Cost hierarchy. Roberta, Inc., manufactures elliptical machines for several well-known companie...

A: 1. Classification: S No. Cost hierarchy level Explanation a. Output unit level Indir...

Q: Hunt Company is considering purchasing a competing company in order to expand its marketshare. Estim...

A: Goodwill is the difference between the total consideration paid for the fair value of the assets les...

Q: When Laura Rapp arrived at her store on the morning of January 29, she found empty shelvesand displa...

A: Given information is: When Laura Rapp arrived at her store on the morning of January 29, she found e...

Q: Hemming Co. reported the following current-year purchases and sales for its only product.Date Activi...

A: 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

Q: Which of the following will most likely provide the most assurance concerning theaccuracy balance-re...

A: Accuracy is one of the balance sheet related audit objective which assures that all the amounts repo...

Q: Alberta Gauge Company, LTD., a small manufacturing company in Calgary, Alberta, manufactures three t...

A: Given, Alice Carlo, the company's president has suggested three things to the Alberta Gauge Company,...

Q: Old Alabama Company purchased investments for $45,000 and plant assets for $127,000 dur-ing the curr...

A: Cash flows relating to long term assets are recorded in investing activities. Cash flows relating to...

Q: For the year ended December 31, Global Exports had net sales of $7,750,000, costs and otherexpenses ...

A: Income statement: Under this Statement showing the company’s performance over a period of time by su...

Q: Public Debt is a Necessary Evil’. Discuss this statement in the context of Ghana’s Revenue Generatio...

A: Public Debt is a Necessary Evil

Q: Should preference shares be disclosed as ‘equity’ or as ‘debt’?

A: Debt refers to the amount borrowed by a person or a firm from another party. Debt includes mortgages...

Q: An old duplex was bought for $200,000 cash. Both sides were rented for $2500 per month. The total an...

A: Requirement 1: The calculation of the expected after-tax return is as follows: The resultant table ...

Q: Finx, Inc., purchased a truck for $35,000. The truck is expected to be driven 15,000 miles per yearo...

A: Straight line method:  

Q: Assume the aging of accounts receivable method was used by the company and that $7050 of the account...

A: Accounts receivable:  It is a current asset of an organization. It is the amount due from customers ...

Q: Briefly explain the income tax advantage of raising capitalby issuing bonds rather than by selling c...

A: Capital stock shares are form of ownership rights provided to the shareholders. Regular dividend pay...

Q: 110 Cash $83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 652,400 117 Prepaid...

A: Click to see the answer

Q: Our Little Secret is a small manufacturer of swimsuits and other beach apparel. The company isclosel...

A: Ethics:   Ethics in business is a much debated yet less followed topic. Every business has to functi...

Q: Of the three types of business activities summarized in astatement of cash flows, which type is leas...

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for ...

Q: Define liabilities. Identify several characteristics that distin-guish liabilities from owners’ equi...

A: Liabilities are future responsibilities that are entitled to the present borrowings. They are borrow...

Q: Prepare a Statement of Cash Flows for the year ended Dec. 31, 2019, using the indirect method. Cash ...

A: A cash flow statement is prepared by the company to measure the amount of cash inflows and cash outf...

Q: Contrast the features ofcommon stock with thoseof preferred stock.

A: Common stock is a security that speaks to possession in an enterprise. Holders of common stock choos...

Q: An analysis of the annual financial statements of Conner Corporation reveals the following:a. The co...

A: Click to see the answer

Q: Fifteen transactions or events affecting Westmar, Inc., are as follows:a. Made a year-end adjusting ...

A: Income Statement: is a reflection of how the business has performed in the current year and how much...

Q: On December 31, 2020, Ed Abbey Co. performed environmental consulting services for Hayduke Co. Haydu...

A: Notes receivable: It is a written document by which the other person promises to pay a certain amoun...

Q: Distinguish between a stock split and a stock dividend. Isthere any reason for the difference in acc...

A: Stock splits: Stock split is the increase in number of shares due to splitting or decreasing par val...

Q: Donna Corporation manufactures custom cabinets for kitchens. It uses a normalcosting system with two...

A: Overhead application rate = Budgeted Manufacturing Overhead Costs / Budgeted Direct Manufacturing la...

Q: Month Yachts Shipped Shipping Cost       January 6  $          11,650 February 4              ...

A: High-low method is a method of separating fixed and variable costs in a limited amount of data. The ...

Q: PV of $200,000 due in 2 years at 10% = $200,000*.82645 = 165,290 How to use PV on calculator.

A: Present Value = Amount / (1+rate)^time period

Q: Quality, Inc. produced 1,000 units of the company's product in 2018. The standard quantity of direct...

A: Advantages in setting standards for cost:  Helps in Master Budget Planning.  Helps in establishing ...

Q: Millar, Inc., purchased a truck to use for deliveries and is attempting to determine how muchdepreci...

A: Depreciation is an indirect non-cash expenditure incurred on the reduction in book values of tangibl...

Q: Facts: A car leadership just sold a luxury car to a customer. The purchase contract establishes a ba...

A: Journal entry is the act of recording the transactions of the business whether it is economic or non...

Q: Westmorland makes ink that it uses in ball point pens. The Company produces two colors of ink. One i...

A: The activity-based method is a method of distribution of overheads between various jobs or products....

Q: Deborah, who is employed by Rogers Public Co. Ltd., was granted an option in year one to purchase up...

A: Given that, Deborah who is a employee in Rogers public co. ltd., It means the company is a listed co...

Q: Early in 2008, Robbinsville Press was organized with authorization to issue 100,000 shares of$100 pa...

A: Statement of Stockholders' Equity shows the net change in equity section of balance sheet, which is ...

Q: Padre, Inc., purchased a used piece of heavy equipment for $25,000. Delivery of the equipmentto Padr...

A: Annual depreciation refers to the amount of depreciation that is required to be charged on the value...

Q: I need all items that should be reported as cash.

A: Financial Statement:   Financial statement consists of financial report and company’s financial cond...

Q: Accounting Question

A: a) Assets Purchased Date Cost Sold Date Useful Life An asset in use(in years) Depreciation Year e...

Q: Gosling Company determines its annual income tax expense to be $459,000. Of that amount,$300,000 has...

A: Click to see the answer