The business is expected to make principal payments totalling $300,000 towards the loan during the fiscal year to June 30 ,2023 Question 1 Would this information be included in the balance sheet for year end june 2022 if they had until June 2023 to make the payments
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The business is expected to make principal payments totalling $300,000 towards the loan during the fiscal year to June 30 ,2023
Question 1
Would this information be included in the
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- McMasters Inc. specializes in BBQ accessories. In order for the company to expand its business, they take out a long-term loan in the amount of $800,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 9%. Each year on December 31, the company pays down the principal balance by $50,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. B. Compute the interest accrued on December 31 of the first year. C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that first year.Homeland Plus specializes in home goods and accessories. In order for the company to expand its business, the company takes out a long-term loan in the amount of $650,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 8.5%. Each year on December 31, the company pays down the principal balance by $80,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. B. Compute the interest accrued on December 31 of the first year. C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that first year.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.)
- Pickles R Us is a pickle farm located in the Northeast. The following transactions take place: A. On November 6, Pickles borrows $820,000 from a bank to cover the initial cost of expansion. Terms of the loan are payment due in six months from November 6, and annual interest rate of 3%. B. On December 12, Pickles borrows an additional $200,000 with payment due in three months from December 12, and an annual interest rate of 10%. C. Pickles pays its accounts in full on March 12, for the December 12 loan, and on May 6 for the November 6 loan. Record the journal entries to recognize the initial borrowings, and the two payments for Pickles.Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.
- The business is expected to make principal payments totalling $300,000 towards the loan during the fiscal year to June 30 ,2023 Question 1 Using the images and information above prepare the company’s statement of owner’s equity at June 30, 2022 and the company’s classified balance sheet at June 30, 2022The business is expected to make principal payments totalling $400,000 towards the loan during the fiscal year to December 31, 2021. Given that the note payable (long term) is $2,500,000. How to record this in the general journal?The owner of Jewel Company had a loan from Metrobank amounting to ₱500,000. The bank requires the borrower to pay interest of 12% per annum and a yearly installment of ₱100,000 on the principal starting October 31, 2021. The loan was taken November 1, 2020. What would be the proper accounting of the given transaction at the end of 2020? A.Long term Loans payable, ₱500,000; Interest payable, ₱10,000 B.Long-term Loans payable, ₱400,000, Short-term Loans payable, ₱100,000; Interest Payable, ₱10,000 C Short-term Loans payable, ₱500,000; Interest Payable, ₱10,000 D Long-term Loans payable, ₱400,000; Short-term Loans payable, ₱100,000
- The business is expected to make principal payments totalling $90,000 towards the loan during the fiscal year to June 30 ,2021 journal entryAssume that on December 1, 2010, your company borrowed $14,000 a portion of which is to be repaid each year on november 30. Specifically your company will make the following principal payments: 2011. $2,000; 2012, $3,000; 2013, $4,000; and 2014, $5,000. Show how this loan will be reported in the December 31, 2011 and 2010 balance sheets, assuming that principal payments will be made when required.Assume that on December 1, 2015, your company borrowed $15,000, a portion of which is to berepaid each year on November 30. Specifically, your company will make the following principalpayments: 2016, $2,000; 2017, $3,000; 2018, $4,000; and 2019, $6,000. Show how this loan willbe reported in the December 31, 2016 and 2015 balance sheets, assuming that principal paymentswill be made when required.