On January 1, 2010, Zinn Company obtained a $52,000, four-year, 6.5% installment note from Fidelity Bank. The

Question:

On January 1, 2010, Zinn Company obtained a $52,000, four-year, 6.5% installment note from Fidelity Bank. The note requires annual payments of $15,179, beginning on December 31, 2011.

a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 3.

b. Journalize the entries for the issuance of the note and the four annual note payments.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

See More Books

Question Posted: Dec 11, 2011 05:17 AM

See More Questions

The following graph is similar to the one presented in Exhibit 17.4. Actual sales volume for the firm is below its budgeted sales volume. Required Find the missing amounts: a. Actual minus budgeted...
A big organization decides to construct new plants to produce products and satisfy customers demand in five regions while minimizing the relevant costs. The fixed costs, variable costs (production...
On January 1, 2015, Zinn Company obtained a $52,000, four-year, 6.5% installment note from RBC Royal Bank. The note requires annual payments of $15,179, beginning on December 31, 2015. a. Prepare an...
The three courses below represent a polygon. They are consecutive azimuths measured clockwise from North in DMS. Course A to B: 55-35-21 Course B to C: 175-48-19 Course C to A: 293-22-28 Choose the...
List three categories of receivables. State how each category is classified for reporting on the balance sheet.
Space X has developed a very important system to allow for recovery of the first stage of their Falcon rocket at sea, as depicted in Figure AP1.7. The landing ship is an autonomous drone ship. Sketch...
when should the liability associated with a product warranty be recorded? Discuss. AppendixLO1
Under Lennon Hospitals rate structure, it earned patient service revenue of $9 million for the year ended December 31, 2010. However, Lennon did not expect to collect this entire amount because it...
please help!! Exercise 5-4 (Algo) Computing and Using the CM Ratio (LO5-3] Last month when Holiday Creations, Incorporated, sold 41,000 units, total sales were $164,000, total variable expenses were...
The Williamsport Crosscutters baseball team had a player contract with Clemens (a promising young catcher) that was recorded in its accounting records at $500,000. The Reading Phillies hada player...
Procter and Gambles 8% bonds due in 2024 were reported as selling for 126.987. Were the bonds selling at a premium or at a discount? Explain.
At the beginning of the current year, two bond issues (X and Y) were outstanding. During the year, bond issue X was redeemed and a significant loss on the redemption of bonds was reported as an...
Show that (a) (b) (c) Res z=-12+1 v2 Log z +2i Res i (22+1) 212 1 -i Res17 i + 82
Canis Major Veterinary Supplies Inc. DuPont Analysis Ratios Value Correct/Incorrect Ratios Value Correct/Incorrect Profitability ratios Gross profit margin (%) 50.00 Correct Asset management ratio...
The entrance to Salt Lake City (elevation 3,075 ft at the point of crossing) is grade separated from interstate highway (elevation 3,050 ft at the point of crossing) and will have to be connected....
McKnight Handcraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments: the assembly department and the finishing department. This problem...
A deep reinforced concrete member carries two members with factored loads as shown in Figure 2. Material properties: fy 400 MPa, f'e = 50 MPa. a) Sketch a feasible strut and tie model indicating the...
If triangles ABC and DFG are similar triangles and side DF = 218, what is the value of side DG?
What roles does marketing play in giving legitimacy to the contested unpasteurised milk market?
Identify the Critical Infrastructure Physical Protection System Plan.
Using the purchase order example of Question 1, illustrate how the DOM and SAX APIs would process the XML document differently. Question 1 Consider our purchase order administration example from...
Use the information for Boyne Inc. from BE9-8. Compute ending inventory at cost using the LIFO retail method.
Use the information for Boyne Inc. from BE9-8. Compute ending inventory at cost using the LIFO retail method.
Use the information for Boyne Inc. from BE9-8, and assume the price level increased from 100 at the beginning of the year to 115 at year-end. Compute ending inventory at cost using the dollar-value...
Answer please, A company uses the perpetual inventory system and recorded the following entry: This entry reflects a
As a Financial Analyst in the Finance Department of Zeta Auto Corporation they are seeking to expand production. The CFO asks you to help decide whether the firm should set up a new plant to...
Chapter 4 When an Auditor finds misstatements in entities financial statements which may be the result of fraudulent act, what should be the role of an auditor under that situation? (2 Points)

On January 1, 2010, Zinn Company obtained a $52,000, four-year, 6.5% installment note from Fidelity Bank. The

Question:

Step by Step Answer:

a b 2010 Jan 1 Cash 52000 Notes Payable 52000 Issued 52000 of installment notes for cash Dec 31 Inte...View the full answer

Accounting

Students also viewed these Accounting questions