Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 11.00

Amortization of a long-term loan

Amortization of a long-term loan

A partial amortization schedule for a five-year note payable that Puro Co. issued on January 1, 2010, is shown here:

Accounting

Principal

Cash

Applied to

Applied to

Period

Balance January 1

Payment

Interest

Principal

2010

$100,000

$25,046

$8,000

$17,046

2011

82,954

25,046

6,636

18,410

Required

a. What rate of interest is Puro Co. paying on the note?

b. Using a financial statements model like the one shown below, record the appropriate amounts for the following two events.

(1) January 1, 2010, issue of the note payable.

(2) December 31, 2010, payment on the note payable.

Event
No.

Assets

=

Liab.

+

Equity

Rev.

-

Exp.

=

Net Inc.

Cash Flow

1

                      

c. If the company earned $75,000 cash revenue and paid $35,000 in cash expenses in addition to the interest in 2010, what is the amount of each of the following?

(1) Net income for 2010.

(2) Cash flow from operating activities for 2010.

(3) Cash flow from financing activities for 2010.

d. What is the amount of interest expense on this loan for 2012?

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 08:07 PM My Price 11.00

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