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ozzi
3 years ago
12

On January 1, 2020, a customer purchased a new $29,400 automobile, making a downpayment of $840. The customer signed a note indi

cating that the annual rate of interest would be 12% and that quarterly payments would be made over 3 years. For the first year, Oriole required a $357 quarterly payment to be made on April 1, July 1, October 1, and January 1, 2021. After this one-year period, the customer was required to make regular quarterly payments that would pay off the loan as of January 1, 2023.
Prepare a note amortization schedule for the first year. (Round answers to o de Cash Paid Interest Expense Discount Amortized Carrying Amount of Note Date 0 0 32000 400 960 560 32560 400 977 577 33137 994 400 594 33731 400 1012 612 34343
Business
1 answer:
seraphim [82]3 years ago
5 0

Answer:

Carrying Amount of Note on January 1, 2020 = $28,560

Carrying Amount of Note on January 1, 2021 = $30,650.98

Explanation:

Note: See the attached excel file for the note amortization schedule for the first year.

In the attached excel file, the Carrying Amount of Note on January 1, 2020 is calculated as follows:

Carrying Amount of Note on January 1, 2020 = Cost of the automobile – Downpayment = $29,400 - $840 = $28,560

Also from the attached excel file, we have:

Carrying Amount of Note on January 1, 2021 = $30,650.98

Download xlsx
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3 years ago
Coachlight Inc. has a periodic inventory system. The company purchased 205 units of inventory at $9.50 per unit and 310 units at
lukranit [14]

Answer:

Weighted average cost per unit = $10.10

Explanation:

We know,

Under weighted average unit cost, the cost for purchased inventory = Total inventory costs ÷ total inventory in units

Given,

Total inventory in units = 205 + 310 = 515 units

Total inventory costs = (205 units × $9.50) + (310 units × $10.50)

= $1,947.50 + $3,255 = $5,202.50

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Weighted average cost per unit = $10.10

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3 years ago
A drought in California destroys many red grapes. As a result of the drought, the consumer surplus in the market for red grapes
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4 0
3 years ago
Consider This) Susie purchased a nonrefundable ticket to a soccer match for $20. It will cost her $10 worth of gas and wear and
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4 years ago
On January 1, 2017, Whitefeather Industries issued 300, $1,000 face value bonds. The bonds have a five-year life and pay interes
Ludmilka [50]

Answer:

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- A face/par value

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In this question interest is payable semi-annually, therefore The amount of interest that occurs on December 31, 2017 is $15000 (For the last six months - July 1st till Dec 31st; $30000×6÷12).

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3 years ago
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