Georgia company borrowed 600000 from a bank on may 1 2007

Assignment Help Accounting Basics
Reference no: EM13599722

Georgia company borrowed 600,000 from a bank on may 1, 2007. the bank required a return of 12% on the loan. The loan is to be repaid over 12 months in equal installments. georgia companys fiscal year ends on december 31.

a. prepare an amortization table for the loan for the 12 month period.

b. how much interest expense would Georgia report on the loan for its 2007 fiscal year?

c. how much interest expense would it report for 2008?

d. what amount of liability would Georgia report for the loan at the end of 2007?

e. What amount would it report at the end of 2008?

 

Reference no: EM13599722

Questions Cloud

Bourne crafts manufactures specialty key chains for tourist : bourne crafts manufactures specialty key chains for tourist attractions. on dec 31 2009 the firm had 200 souvenir
Lovitz company is planning to produce 2500 units of product : lovitz company is planning to produce 2500 units of product in 2008. each unit requires 4 pounds of materials at 8 per
The financial statements of lioi steel fabricators are : the financial statements of lioi steel fabricators are shown below-both the actual results for 2010 and the projections
An article recently appeared in the wall street journal : an article recently appeared in the wall street journal indicating that companies are sell receivables at a record
Georgia company borrowed 600000 from a bank on may 1 2007 : georgia company borrowed 600000 from a bank on may 1 2007. the bank required a return of 12 on the loan. the loan is to
Plastics inc is a company that operates in four different : plastics inc. is a company that operates in four different divisions. the following information relating to each
Simple plant manufactures dna test strips manufacturing : simple plant manufactures dna test strips. manufacturing overhead is applied to unit produced using direct labor
Why is one product line preferred over the other even : bath works products company is considering an investment in one of two new product lines. the investment required for
I-mobile inc is considering an investment in new equipment : i-mobile inc. is considering an investment in new equipment that will be used to manufacture a mobile communications

Reviews

Write a Review

Accounting Basics Questions & Answers

  Record a gain or loss on sale

The fair market calue of 747 aircraft at december 31,2009 is 30,500,000. If the midwest chose to sell the aircraft on this date would it record a gain or loss on sale and if so, how much?

  Laserwords inc is a book distributor that had been

laserwords inc. is a book distributor that had been operating is its original facility since 1985. the increase in

  Suppose that dow subsequently repurchased 50 million shares

book value of common stockholders equity of dow chemical december 31 2010 figures in billions. nbspnbspcommon

  Balance sheet and income statement concept

Prepare the general journal entries that should be made in 2010 and 2011 related to the above plan by Paige Candy; and also Indicate the account names, amounts, and classifications of the items related to the premium plan that would appear on the ..

  The latest order that generated discussion among plant

brunswick parts is a small manufacturing firm located in eastern canada. the company founded in 1947 produces metal

  Journal entry to record retirement of bonds

A company previously issued $2,000,000, 10% bonds, receiving a $120,000 premium. On the current year's interest date, after the bond interest was paid and after 40% of the total premium had been amortized, the company purchased the entire bond iss..

  Enron corporations 2001 third-quarter 10-q report disclosed

enron corporations 2001 third-quarter 10-q report disclosed the following transaction with ljm2 a nonconsolidated

  Prepare journal entries for forward contract and firm

The company has an incremental borrowing rate of 12%. It must close its books and prepare third-quarter financial statements on September 30, 2010. Prepare journal entries for the forward contract and firm commitment.

  Inventory transactions

Inventory transactions.

  Axillar beauty products corporation is considering the

axillar beauty products corporation is considering the production of a new conditioning shampoo that will require the

  What is mcds contribution margin rounded to nearest mill

for a recent year mcdonalds company-owned restaurants had the following sales sales and expenses in millionssales

  Indicate how engle wouldreport the unsold boats and for how

engle marine builds 30-foot fiberglass fishing boats which itmarkets through a network of 3rd party dealers on

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd