Current Attempt in Progress Kenneth and Steven borrowed $26,000 on a 7-month, 6% note from Gem State Bank to open their business, Pharoah's Coffee House. The money was borrowed on June 1, 2025, and the note matures January 1, 2026.
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- Part XI: A Note Payable Carl's Candy Shop borrows $173,255 from Third Street Bank. This is a Note Payable, due in 4 years, with an annual interest rate of 6%. Interest is to be paid at the end of every year and the annual payment will also pay off some of the principal. The note was originated on January 1, 2021 and is due on December 31, 2024. The annual payment is $50,000. This covers both interest and principal. The number of periods is The annual interest rate is Complete the amortization table. Date 1/1/2021 12/31/2021 12/31/2022 12/31/2023 12/31/2024 Totals Amortization Table for Carl's Candy Shop Periodic Payment Interest Expense % or A Decrease in Note Payable Show the journal entries necessary for the first year, 2021. 11 Book ValueKelly Jones and Tami Crawford borrowed $26,000 on a 7-month, 6% note from Gem State Bank to open their business, Pharoah’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. what is the entry required on January 1, 2023, when the loan is paid back?Tecate wants to invest money in a 6% certificate of deposit that compounds interestsemiannually. Tecate would like the account to have a balance of $50,000 five yearsfrom now. The amount Tecate must deposit now to accomplish their goal is closestto: $35,069 $43,131 $37,205 $35,000
- Could you help me solve this accounting homework problem for me? and please show all your work so I can understand it On January 1, 2020, TPM Inc. acquires a piece of equipment for a list price of $300,000. It pays$20,000 immediately and writes a note for the remainder. Annual interest of 3% is due everyDecember 31st, and the principal of the note is payable in 6 years.TPM’s incremental borrowing rate is 6%, while the seller’s incremental borrowing rate is 7%.TPM is a public company. It depreciates its equipment using the diminishing balance method at15%. The equipment’s residual value is $40,000 at the end of its useful life. 1) Prepare all required journal entries for the years 2020 and 2021.2) Determine the Asset’s net book value on January 1, 2024.3) Determine the note payable carrying value on January 1, 2024.Sally Corp. borrowed $360,000 from County Bank on January 1, 2020 signing a 15 year note payable. The loan has an interest rate of 4% and a fixed annual payment of $32,379. Annual payments begin January 1, 2021. What amount of the payment made on January 1, 2022 will be interest expense?Accounting Marvin plans to retire at the end of this year (2022). His expected life expectancy is 25 years after retirement. Marvin has come to you, his financial advisor to learn how much he should deposit on December 31, 2022 to be able to withdraw $4,000 at the end of each month for the next 25 years. Assuming the amount on deposit will earn annual interest of 2% compounded monthly, how much should Marvin deposit on December 31, 2022 in order to achieve his retirement plan? a. $865,405.73 b. $1,555,284.50 c. $943,720.43 d. $790,696.14
- Record the journal entry: Jack has $90,000 two-year note payable to first USA Bank and Trust, dated December 19, 2022. The stated annual interest rate on the note is 5.5%. The terms of the note payable call for the following payments: -$4,950 interest payments on 12/19/23 and 12/19/24 -$90,000 principal payment on 12/19/24For items 16-20 Suppose that Zab borrowed P50,000 from a cooperative on January 8, 2020 and paid the entire sum including interest on April 3 of the same year, and that the interest rate is 1.5%. 16. Determine the exact time for the computation of exact interest. 17. Determine the approximate time for the computation of ordinary interest. 18. Find the amount of interest earned, if it is computed using the exact simple interest. 19. Find the amount of interest earned, if it is computed using the ordinary simple interest. 20. Find the amount of interest earned, if it is computed using the banker's rule.On January 1, 2021, Tropical Paradise borrows $50,000 by agreeing to a 6%, six-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $828.64 are due at the end of each month with the first installment due on January 31, 2021.Required: Record the issuance of the installment note payable and the first two monthly payments.
- On January 1, 2021, Tropical Paradise borrows $37,000 by agreeing to a 6%, six-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $613.20 are due at the end of each month with the first installment due on January 31, 2021. Required: Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations. Round your final answers to 2 decimal places. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1. Record the issuance of a note payable. 2. Record the first monthly payment. 3. Record the second monthly payment.Melinda Almazan, an angel investor decided to invest P1,200,000 excess cash in certificate of deposit on April 1. 2019 The certificate carried an 8% annual rate of Interest and a 1-year term to maturity, Interest will be withdrawn monthly (disregard tax effects). a 4. What is the amount of interest receivable as of Dec. 31, 2019? 5. What amount of cash will be collected for interest revenue in 2020? 6. What amount of interest revenue will be recognized in 2020? 7. What is the amount of interest receivable as of Dec. 31, 2020?On January 1, 2021, Tropical Paradise borrows $36,000 by agreeing to a 5%, four-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $829.05 are due at the end of each month with the first installment due on January 31, 2021. Required: Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations. Round your final answers to 2 decimal places. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 3. Record the issuance of a note payable. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021