Reference no: EM132886006
Natalie and Curtis have been experiencing great demand for their cookies and muffins. As a result, they are now thinking about buying a commercial oven. They know which oven they want and that it will cost $17,000. The company already has $5,000 set aside for the purchase and will need to borrow the rest.
Natalie and Curtis met with a bank manager to discuss their options. She is willing to lend Cookie & Coffee Creations Inc. $12,000 on November 1, 2020, for 3 years at a 5% interest rate. The terms provide for fixed principal payments of $2,000 on May 1 and November 1 of each year plus 6 months of interest.
Question 1: Prepare a payment schedule for the life of the note.
Question 2: Prepare the journal entry for the purchase of the oven and the issue of the note payable on November 1, 2020.
Question 3: Prepare the journal entries on May 1 and November 1 for the note.
Question 4: Determine the current portion of the note payable and the long-term portion of the note payable at October 31, 2021.
|
Identify what type of criminal typology could be applied
: Determine what kind of theft charges for all three individuals involved in this incident and provide a definition for each theft charge.
|
|
Why did stay loyal to the product
: Identify a specific consumer product that you or your family have used for quite some time. This might be a branded smartphone,a favorite fast food
|
|
Explanation of the strengths of proposed improvements
: Explanation of the strengths and limitations of your proposed improvements. Be sure to include how you could compensate for the limitations.
|
|
Identify a company or organization in community
: Identify a company, business, or organization in your community (it can be one for which you work), and share some examples of current and long-term
|
|
Prepare the journal entry for the purchase of the oven
: Prepare the journal entry for the purchase of the oven and the issue of the note payable on November 1, 2020. Prepare a payment schedule for the life of note.
|
|
Calculate cookie creations warranty liability at december
: Calculate Cookie Creations' warranty liability at December 31, 2021. (Hint: Note that there is no liability outstanding for the mixers sold in 2020.
|
|
Identify five financial ratios that feel are most important
: Reflecting on this week's lesson about financial statement analysis, identify five financial ratios that you feel are the most important and why.
|
|
Describe key aspects of at least two religious traditions
: Describe some key aspects of at least two religious traditions including something of their histories, beliefs, rituals, and ethics (values).
|
|
Explain the cost per cookie based on process costing
: Explain the cost per cookie based on process costing with 40% conversion costs. Identify the top three processes you feel are needed to make the cookies
|