Prepare the amortization schedule

Reference no: EM13785731

On December 31, 2012, Barker Inc. provided consulting services to Carr Company at an agreed price of $151,121. Barker accepted $60,000 down and agreed to accept the balance in four equal installments of $30,000 to be received each December 31, beginning December 31, 2013. An assumed interest rate of 12% is imputed.

Instructions:

Using Excel, prepare the amortization schedule and then record all required journal entries that would be made by Barker on the following dates (a) December 31, 2012; (b) December 31, 2013; (c) December 31, 2014; (d) December 31, 2015; and (e) December 31, 2016.

Reference no: EM13785731

Questions Cloud

Time value of money skills : Can you use your Time Value of Money skills to help guide your neighbor if she should go for re-financing? You can guide her in terms of helping her understand her current interest expense versus future interest expense

Describe vroom’s model of expectancy theory : Describe Vroom’s Model of Expectancy Theory

Disadvantages of virtualization technology : paper that provides a detailed technical analysis comparing the advantages and disadvantages of virtualization technology

What is a responsibility center : What is a responsibility center? What are the actual responsibility centers and how are they used to control costs?

Prepare the amortization schedule : Using Excel, prepare the amortization schedule and then record all required journal entries that would be made by Barker on the following dates (a) December 31, 2012; (b) December 31, 2013; (c) December 31, 2014; (d) December 31, 2015; and (e) Dec..

Major concerns-issues or questions regarding sexuality : Write and post a deep, critical-thinking response to this poem. What is Olds trying to say? Let's link it to healthy and unhealthy love and relationships as well as the friends with benefits saying.

Cultural demographics of your community : Cultural demographics of your community - Age breakdown of your community and how the demographics and age affect your local health care market

Write paper on drug control in central asia : Write paper on given topics: "Drug Control in Central Asia" and "Crackdown on Corruption"

Create the appropriate relationships between each entity : Modify the database diagram from Lab 1 with the entities and attributes that the scenario identified (i.e., a college tracking students, courses, and instructors). Create the appropriate relationships between each entity within the diagram.

User Account

All Pages