User Account

All Pages

Prepare journal entry to record the second monthly payment

Assignment Help Accounting Basics
Reference no: EM132105476

Question - Glen Pool Club, Inc. has a $150,000 mortgage liability. The mortgage is payable in monthly installments of $1,543, which include interest computed at an annual rate of 12 percent (1 percent monthly).

Prepare the journal entry to record the second monthly payment.

Will monthly interest increase, decrease, or stay the same over the life of the loan? Explain your answer, including why in this case the amount of principal included in the first two payments is the same.

Reference no: EM132105476

Questions Cloud

Calculate the annual rate of return on the project : Pierre's Hair Salon is considering opening a new location in French Lick, California. Calculate the annual rate of return on the project
Discuss inventory factors that you believe could present : Discuss three inventory factors that you believe could present problems for a business. Next, create a strategy that would help mitigate these challenges.
What is the optimal one time order quantity : Pony Express Creations (PEC) is a manufacturer of party hats, primarily for the Halloween season. What is the optimal one time order quantity?
Significant for many different applications : If such improvements could be achieved, the consequences would be significant for many different applications.
Prepare journal entry to record the second monthly payment : Glen Pool Club, Inc. has a $150,000 mortgage liability. Prepare the journal entry to record the second monthly payment
Increase sales for the upcoming festive season : Use the steps in the planning process to discuss the different activities you would undergo to make this possible.
Some of the greatest technological revolutions : As a result of some of the greatest technological revolutions seen in this world happening in the past 20 years
Difference between high-context and low-context culture : Define the difference between a high-context and a low-context culture. Explain how they work and which viewpoint you think they represent.
Why is the npv considered to be theoretically superior : Why is the N.P.V. considered to be theoretically superior to all other capital budgeting techniques?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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