Prepare an installment payments schedule

Assignment Help Accounting Basics

Reference no: EM131012390

Talkington Electronics issues a $353,700, 10%, 10-year mortgage note on December 31, 2013. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $28,382. Payments are due June 30 and December 31.

1 Prepare an installment payments schedule for the first 2 years.

2 Prepare the entries for (1) the loan and (2) the first two installment payments.

3 Show how the total mortgage liability should be reported on the balance sheet at December 31, 2014. ( Talkington Electronics balance sheet December 31 2014 )

Reference no: EM131012390

Questions Cloud

Pay dividend-maintain constant growth rate : Alexander Corp. will pay a dividend of $3.30 next year. The company has stated that it will maintain a constant growth rate of 5.25 percent a year forever. If you want a return of 18 percent, how much will you pay for the stock?

Create a case study of a client who has likely experienced : For this Discussion, create a case study of a client who has likely experienced one of the perceptual errors you learned about in this unit

What was the times interest earned ratio : For the most recent year, Seether, Inc., had sales of $437,000, cost of goods sold of $219,400, depreciation expense of $59,100, and additions to retained earnings of $51,300. The firm currently has 22,000 shares of common stock outstanding, and the ..

What is the most common type of geothermal plant : Geothermal resources are divided into six categories. What are they and analyze them with pros/cons - what is the most common type of geothermal plant? Describe the principle behind Binary geothermal power plant.

Prepare an installment payments schedule : Show how the total mortgage liability should be reported on the balance sheet at December 31, 2014. ( Talkington Electronics balance sheet December 31 2014 )

Which company had higher operating leverage : In its 2008 annual report, The Coca-Cola Company reported sales of $31.9 billion for fiscal year 2008 and $28.9 billion for fiscal year 2007. The company also reported operating income (roughly equivalent to EBIT) of $8.4 billion and $7.2 billion in ..

What is the balance in the column after these payments : Assume the following: Payment #1 totals $1,600 ($1,200 principal and $400 interest expense); Payment #2 totals $1,600 ($1,300 principal and $300 interest expense); and the remaining principal balance before these two payments is $50,000. If the amort..

Determine the maximum deflection of point a : The horizontal member is a solid steel beam with a height of 12 inches and a width of 3 inches. Determine the maximum load, P, that the structure can carry.

Define a teratogen : Define a teratogen and then choose either the embryonic period or the fetal period and describe the effect a teratogen may have during that period

User Account

All Pages