1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
bagirrra123 [75]
3 years ago
8

Exercise 177 Kirk Company issued a $3,500,000, 10%, 10-year mortgage note payable to finance the construction of a building at D

ecember 31, 2020. The terms provide for annual installment payments of $569,609. Prepare the entry to record: (a) the mortgage loan on December 31, 2020. (b) the first installment payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (a) (b) Click if you would like to Show Work for this question: Open Show Work
Business
1 answer:
denis-greek [22]3 years ago
7 0

Answer:

The annual installment payment consists of both interest payments and principal repayment.

The interest is based on the remaining balance which is $3,500,000 in this instance:

= 10% * 3,500,000

= $350,000

Principal repayment = 569,509 - 350,000

= $219,509

a.

Date                  Account Titles and Explanation        Debit                 Credit

Dec, 31 2020   Cash                                                   $569,609

                         Mortgage Payment                                                    $569,609

Date                  Account Titles and Explanation           Debit             Credit

Dec, 31 2021     Interest Expense                                $350,000

                           Mortgage Payable                              $219,509

                           Cash                                                                             $569,609

You might be interested in
Ratna is preparing q presentation titled "similarities between miceo-leval and marco-lecal orientation in sociology". Which expl
iren [92.7K]

Answer:

Ratna is preparing q presentation titled "similarities between micro-level and marco-local ... - did not match any documents.

Suggestions:

Make sure that all words are spelled correctly.

Try different keywords.

Try more general keywords.

5 0
1 year ago
Which stage of group development involves members introducing themselves to each other?
Rudik [331]

Answer:

It is the first stage

6 0
3 years ago
Roles of organizational structure in an organization
scoray [572]

Answer:

The role of organizational structure is to help make clear who answers to whom and where they fit in the chain of command

6 0
2 years ago
Read 2 more answers
The operations of Winston Corporation are divided into the Blink Division and the Blur Division. Projections for the next year a
ycow [4]

Answer:

c. $88,700

Explanation:

The computation of operating income for Winston Corporation is shown below:-

Particulars              Dropping before              Dropping after

Sales a                  $469,000                           $383,500

                                                                         ($295,000 × 130%)

Variable cost b     $181,000                              $131,300

($101,000 × 130%)

Contribution margin $288,000                          $252,200

(c = a - b)

Direct fixed cost d  $160,000                          $87,000

Segment margin e $128,000                           $165,200

(e = c - d)

Allocated common cost f $76,500                  $76,500

Operating income(loss) $51,500                      $88,700

(g = d - e)

Therefore to reach the operating income(loss) we simply deduct the allocated common cost from segment margin.

5 0
2 years ago
Which of the following teams is more likely to be made up of employees from about the same hierarchical level but different work
statuscvo [17]

Answer:

<u>C) cross-functional</u>

Explanation:

  • Aa per the teams that are made up of the different department of work the cross-functional team will be one that is most likely to be from the same hierarchy level of a flat organization but shows a mix of the finance, IT, human resource and telecom, etc, working towards a common goal.
  • Have a high level of groupthink and periodicity and have a greater depth of information and work in a collaborated form may use, multiple channels
6 0
3 years ago
Other questions:
  • Which non-verbal facial expression is not recognized worldwide?
    12·2 answers
  • Consider the following transactions for Huskies Insurance Company: Equipment costing $34,200 is purchased at the beginning of th
    7·1 answer
  • "books are the best of things, well used; abused, among the worst. what is the right use? what is the one end which all means go
    12·1 answer
  • Rural grocery stores often stock products geared to the average customer in its market area. Management assumes there are neglig
    13·1 answer
  • Suppose that in 2007, Ford sold 500,000 Mustangs at an average price of $18,800 per car; in 2008, 600,000 Mustangs were sold at
    6·1 answer
  • A manager states that "HRD must become more strategic." What does this statement mean, and what can HRD professionals do to prac
    14·1 answer
  • Gina Production Company uses a standard costing system. The following information pertains to the current year: ​
    11·1 answer
  • A parent holding company sells shares in its subsidiary such that the parent now owns only 65% of the subsidiary and, thus, the
    10·1 answer
  • The emphasis in marketing is on the identification and satisfaction of:
    8·1 answer
  • Pecan acquires Southern in an acquisition reported as a merger. The acquisition results in $50 million in goodwill. The acquisit
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!