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lutik1710 [3]
2 years ago
12

On January 1, Year 1, Zero Company obtained a $52,000, 4-year, 6.5% installment note from Regional Bank. The note requires annua

l payments consisting of principal and interest of $15,179, beginning on December 31 of the current year. Of the first payment due on December 31 of Year 1, how much of the $15,179 payment will go toward paying down the principal balance of the note payable?
Business
1 answer:
Gnom [1K]2 years ago
5 0

Answer:

$ 11,799 is the principal balance of the note payable.

Explanation:

The  Interest expense for the installment note on the year of the December 31, year can be determined by the following equation that are mention below

= 52,000 * 6.5\ percent

52,000 * \frac{6.5}{100}

= $\ 3,380

Now the Principal balance  of the component in $15,179 payment of the  December 31, year 1  can be determined by the

principal\  and \ interest\ of \ note\ annual\  payments -   Interest\ expense \ for\  the\  installment\   note

= 15,179 -3,380

=$ 11,799

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The interest rate and how well the product is selling.
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3 years ago
Swifty Corporation is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures we
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Answer:

Swifty Corporation

The actual interest for Swifty Corporation is:

$2,418,300

Explanation:

a) Data and Calculations:

Expenditures were

on March 1,          $6,380,000

on June 1,            $5,270,000

on December 31 $8,350,000

Borrowings:

on January 1 on a 5-year, 12% note = $3,240,000  Interest =   $388,800

Note payable, 10%, 3-year =                $6,380,000  Interest =  $638,000

Note payable, 11%, 4-year =               $12,650,000  Interest = $1,391,500

Total interest for Swifty Corporation = $2,418,300

b) Computation of interests:

12% note = $3,240,000 * 12% = $388,800

10% note = $6,380,000 * 10% = $638,000

11% note = $12,650,000 * 11% = $1,391,500

5 0
2 years ago
A reconciliation of pretax financial statement income to taxable income is shown below for Fieval Industries for the year ended
hjlf

Answer:

$11,250

Explanation:

Deferred tax asset = Warranty expense in excess of deductible amount * Tax rate

Deferred tax asset = $25,000 * 25%

Deferred tax asset = $6,250

Deferred Tax liability = Depreciation in excess of financial statement amount * Tax rate

Deferred Tax liability = $70,000 * 25%

Deferred Tax liability = $17,500

Non-Current deferred tax liability = $17,500 - $6,250 = $11,250

Hence, Fieval should report $11,250 as the deferred income taxes in its 2021 balance sheet

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2 years ago
Monthly production costs in Pesavento Company for two levels of production are as follows:Cost .............................2,00
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Answer:

Variable Costs : Supervisory $5,000

Fixed Costs : Salaries $5,000

Mixed Cost : Maintenance $4,000

Explanation:

Variable Costs

These costs vary in direct proportion with the amount of production.

Examples : Materials and Labor

Fixed Costs

Theses costs do not vary with amount of production but stays the same in the relevant range.

Examples : Salaries of Mangers

Mixed Costs

These contain a variable cost element and a fixed cost element

Examples : Telephone Bill and Maintenance Costs

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2 years ago
The job of an ethics officer is to serve as a counselor for employees
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True, an ethics officers' role is to act as a counsellor for employees as well as an investigator for the firm.

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