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How credit terms affect financial statements
Cordell Co. is planning to finance an expansion of its operations by borrowing $100,000. City Bank has agreed to loan Cordell the funds. Cordell has two repayment options: (1) to issue a note with the principal due in 10 years and with interest payable annually or (2) to issue a note to repay $10,000 of the principal each year along with the annual interest based on the unpaid principal balance. Assume the interest rate is 8 percent for each option.
Required
a. What amount of interest will Cordell pay in year 1
(1) Under option 1?
(2) Under option 2?
b. What amount of interest will Cordell pay in year 2
c. Explain the advantage of each option.
The standard hours allowed for the definite output of the month totaled 7,070 machine-hours. Evaluate what was the variable overhead efficiency variance for month?
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Selling and administrative expenses are projected to be $45,117; this figure includes $1,117 in depreciation expense on the office equipment. All costs and expenses will be paid in cash. Nemani wants to maintain a balance of at least $25,000 cash ..
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