User Account

All Pages

What is the principal balance on january

Assignment Help Accounting Basics
Reference no: EM13921954

John Young started a business by issuing a $90,000 face value note to First State Bank on January 1, 2013. The note had a 10 percent annual rate of interest and a five year term. Payments of $23,742 are to be made each December 31 for five years.

Required: 

a. What portion of the December 31, 2013, payment is applied to
(1) Interest expense? 
(2) Principal? 

b. What is the principal balance on January 1, 2014? 

c. What portion of the December 31, 2014, payment is applied to
(1) Interest expense? 
(2) Principal?

Reference no: EM13921954

Questions Cloud

Maria am corporation uses a process costing system : Maria Am Corporation uses a process costing system. The Baking Department is one of the processing departments in its strudel manufacturing facility. In June in the Baking Department, the cost of beginning work in process inventory was $4,840, the co..
Transport participants and supplies : Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They would love to buy a Hummer, but it is just too expensive and too small for their needs, so they settle on a used Suburban. The cost of the Subur..
What is the current value of stock with growth rate : Given a Beta of 1.36, RF of 2.39, and a market equity risk premium of 11.83, what is the current value of a stock with a growth rate of 13%, and an expected dividend next year of 5.67?
What return do you need to buy this stock : You are considering adding stock in BAMEB Motorcycles to your portfolio. You found their Beta at 0.47, the risk free rate as proxied by 10-year US Treasuries at 0.55%, and return on the market as proxied by the S&P 500 at 12.38%. What return do you n..
What is the principal balance on january : What portion of the December 31, 2013, payment is applied to
What is the percentage change in the price of bonds : Both Bond Bill and Bond Ted have 11.4 percent coupons, make semiannual payments, and are priced at par value. Bond Bill has 5 years to maturity, whereas Bond Ted has 22 years to maturity. If interest rates suddenly rise by 2 percent, what is the perc..
Calculations to one decimal place : Determine the number of days' sales in inventory and the inventory turnover for the three companies. Assume 365 days a year. Round all interim calculations to one decimal place. For number of days' sales in inventory, round final answers to the neare..
What is additional funds needed for the coming year : The Booth Company’s sales are forecasted to double from $1,000 in 2013 to $2,000 in 2014. Here is the December 31, 2013, balance sheet: Booth’s fixed assets were used to only 50% of capacity during 2013, but its current assets were at their proper le..
As bond market interest rates increase, the value : As bond market interest rates increase, the value (i.e. price) of a fixed coupon interest rate bond (i.e. a typical corporate bond: A. Does not change B. Increases C. Decreases D. Insufficient information E. None of the above.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Medical instruments produces a variety of electronic

medical instruments produces a variety of electronic medical devices. medical instruments uses a standard cost system

  What would be the total cost recorded for job 135 round

broucek inc. makes baby furniture from fine hardwoods. the company uses a job-order costing system and predetermined

  Substantial amount of revenue-benefit from budgeting

Explain how both small and large organizations can benefit from budgeting. Explain why a company can show it has a substantial amount of revenue and yet not able to pay its current liabilities?

  Invoice within the discount period

A retailer purchases merchandise with a catalog list price of $40,000. The retailer receives a 27% trade discount and credit terms of 2/10, n/30. How much cash will be needed to pay this invoice within the discount period?

  Assume the total conversion costs allocated to completed

assume there were 6000 units in beginning work in process 60 complete 20000 units were completed during the month.

  Record the impairment loss for steel magnolia.

Steel Magnolia Incorporated purchased a trademark seven years ago for $275,000. Steel Magnolia believed the trademark would have an indefinite life.

  Contribute 5500 to a non-deductible traditional ira or

1.karen is single and is an active participants in her employer retirement plan. she contributed 5500 the maximum

  Should the company produce the product internally

BC Company estimates the following data for the coming month: total variable costs $60,000.00, income tax rate 30%, contribution margin percentage 60%. Find the estimated total sales for the coming month.

  Eric and faye who are married jointly own a house in which

eric and faye who are married jointly own a house in which they have resided for the past 17 years. they sell the house

  What portion of computer software costs

The product will earn future revenues of $4,000,000 over its 5-year life, as follows: 2008 - $1,000,000; 2009 - $1,000,000; 2010 - $800,000; 2011 - $800,000; and 2012 - $400,000. What portion of the $1,500,000 computer software costs should be exp..

  Compare and contrast the while loop and the for loopyour

compare and contrast the while loop and the for loop.your discussion should identify the similarities differences

  Ose contreras is the new owner of curveball computer

ose contreras is the new owner of curveball computer services. at the end of july 2012 his first month of ownership

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