Prepare a note amortization schedule for sheffield bank

Reference no: EM131779514

Question: On December 31, 2017, Wildhorse Company signed a $1,105,800 note to Sheffield Bank. The market interest rate at that time was 11%. The stated interest rate on the note was 9%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Wildhorse's financial situation worsened. On December 31, 2019, Sheffield Bank determined that it was probable that the company would pay back only $663,480 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,105,800 loan.

Prepare a note amortization schedule for Sheffield Bank up to December 31, 2019. (Round answers to 0 decimal places, e.g. 5,275.)

Note Amortization Schedule (Before Impairment)
Date	Cash Received	Interest Revenue	Increase in Carrying Amount	Carrying Amount of Note
12/31/17				$
12/31/18
12/31/19

Reference no: EM131779514

Questions Cloud

Determine the amount of cash wildhorse received from loan : Determine the amount of cash Wildhorse received from the loan on December 31, 2017. (Round present value factors to 5 decimal places, e.g. 0.52513.

Determine the cost of goods available for sale : Glanville Distribution markets CDs of the performing artist Harrilyn Clooney. Determine the cost of goods available for sale

Diversity-conscious leaders are intellectually brilliant : Diversity-conscious leaders are naturally "people persons." Diversity-conscious leaders are intellectually brilliant.

Bonus from your company : If you will receive $1000 in one year (maybe a bonus from your company) and in two years you will receive $1500 ( a second bonus).

Prepare a note amortization schedule for sheffield bank : On December 31, 2017, Wildhorse Company signed a $1,105,800 note to Sheffield Bank. The market interest rate at that time was 11%.

Evaluate teddy bower stockout probability : Evaluate Teddy Bower’s stockout probability. How many parkas should Teddy Bower buy from TeddySports to maximize expected profit?

Prepare a bank reconciliation at july : July bank service charge not recorded by the depositor $31.72. Prepare a bank reconciliation at July 31

Providing details on current percentages for each firm : Discuss the market share of the firm and its top competitors by providing details on current percentages for each firm.

Determine the loss on impairment : Determine the loss on impairment that Sheffield Bank should recognize on December 31, 2019. (Round present value factors to 5 decimal places, e.g. 0.52500.

User Account

All Pages