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On January 1, 2012, Muller Co. borrowed cash from Washington Valley Bank by issuing a $100,000 face value 3-year installment note payable that carried a 7% interest rate. The note is to be repaid by making yearly cash payments of $38,105, which contains both principal and interest. The payments are to be made on December 31 of every year.Required:a) Prepare an amortization schedule for the term of the loan, showing the amounts to be paid on principal and interest for 2012, 2013, and 2014 and the loan balance at the end of every year.
b) What amount of interest expense will be displayedon the 2013 income statement?
c) What amount of liability for the note will be displayed on the balance sheet on December 31, 2013?
Q. Explain business entity concept? Suppose for instance that you own two businesses 1) a physical fitness centre and 2) a horse stable. As per to the business entity concept y
i need to pay rent for 3 year 2011,2012,and 2013. am in 2012 1 December. what entries will be there for rent account and the rant account balance amount
Ledger = From the Journal entries we will post the transactions in a book known as Ledger. Ledger is a book which contains the summarized and classified form of permanent record
Ordering inventory at a regular and set time interval
Classified income statement It is more involved for a merchandising business to conclude net loss or net income. Income statement is categorized into sections: 1. Revenue
GILCO rents DVDs and DVD players (players) on a short term basis to airline passengers through GILCO locations at every large commercial airport throughout the world. A passenger
Lower of Cost or Market Inventory Bob's Jewelry Company's inventory records indicates the fol
Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.) Data set A: The annual wages of emp
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
What is the implication of applying accounting concepts wrongly
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