User Account

All Pages

What was the amount of interest charged on the loan

Assignment Help Accounting Basics
Reference no: EM132876586

Question - A company currently owes $30,000 to a bank for a loan it took 3 years and 3 months ago. The interest rate charged on the loan was 3.75% compounded monthly.

Required -

a. What was the original principal of the loan?

b. What was the amount of interest charged on the loan?

Reference no: EM132876586

Questions Cloud

Identify which employment laws were considered : Select a company or organization that you currently work for, a company/organization where you previously worked, or a company/organization you aspire to work f
Describes eight core functions of global financial service : Describes eight core functions of the global financial service sector which blockchain technology will likely change. Create a new thread
Preincoropration and incorporation matters : The organizers of a corporation to make sure that corporate formalities are followed with regard to preincoropration and incorporation matters
Discuss the differences between machine and deep learning : Descriptive analytics, Discuss the process that generates the power of AI and discuss the differences between machine learning and deep learning.
What was the amount of interest charged on the loan : A company currently owes $30,000 to a bank for a loan it took 3 years and 3 months ago. What was the amount of interest charged on the loan
Corporate law and governance : If a corporation's articles of incorporation are silent on the issue, are the shareholders granted preemptive rights?
What happens to the organizational climate : What happens to the organizational climate when this resistance occurs and any tactics to reduce negative connotations when dealing with change.
Business judgment rule : Why is the business judgment rule so important to both directors and shareholders?
Explain four disadvantages of a planned economy : 1. A government might intervene in a free market economic system" discuss five reasons that might drive a government to intervene

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is number of equivalent units for vitamins and minerals

Sunnyside Orchards, a juice manufacturer, uses a process that adds flavoring at the beginning. What is the number of equivalent units for vitamins and minerals?

  What would be the short-term implications

What would be the short-term implications? What would be the long-term implica tions? How do you think the stock market would react?

  The bank collected a note receivable of 1500 for fenton

on july 31 2010 fenton company had a cash balance per books of 6140. the statement from jackson state bank on that date

  Make journal entries to record the preceding transactions

Make journal entries to record the preceding transactions on the assumption that the bonus (or no revaluation) method is used.

  Prepare entries to record the sale of the copiers

Prepare entries to record the sale of the copiers, the related warranty costs, and any accrual on December 31, 2017

  O january 1 2011 1000000 5-year 10 bonds were issued for

on january 1 2011 1000000 5-year 10 bonds were issued for 970000. interest is paid semiannually on january 1 and july

  What would be the net impact on franklin corp

Assuming a forward contract was not entered into, what would be the net impact on Franklin Corp.'s 2019 income statement related to this transaction?

  Explain what is the fundamental accounting equation

Financial statements are typically prepared. What is the fundamental accounting equation, and how does the legal form of entity impact the basic equation?

  Primary responsibility of the external auditor

In determining the primary responsibility of the external auditor for a company's financial statements, the auditor owes primary allegiance to:

  Ksu corporation has a retained earnings balance

KSU Corporation has a retained earnings balance of $210,000 on January 1. During the year, a prior period adjustment of $50,000 is recorded because of the understatement of depreciation in the prior period.

  Prepare in general journal form the closing entries

Doyle City The General Fund General Ledger Trial Balance December 31 - Prepare in general journal form the closing entries for the General Fund of Doyle City

  What is mcdonald contribution margin ratio

How much would operating income increase if same-store sales increased by $2,500 million for the coming year, with no change in the contribution margin

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