| | Problem 10-13A Grace Herron has just approached a venture capitalist for financing for her new business venture, the development of a local ski hill. On July 1, 2013, Grace was loaned $158,000at an annual interest rate of8%. The loan is repayable over5years in annual installments of $39,572, principal and interest, due each June 30. The first payment is due June 30, 2014. Grace uses the effective-interest method for amortizing debt. Her ski hill companys year-end will be June 30. Warning | Don't show me this message again for the assignment |
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| Prepare an amortization schedule for the 5 years, 20132018. (Round answers to 0 decimal places, e.g. 125.) | Period | Cash Payment | Interest Expense | Principal Reduction | Balance | | July 1, 2013 | $ | $ | $ | $ | | June 30, 2014 | | | | | | June 30, 2015 | | | | | | June 30, 2016 | | | | | | June 30, 2017 | | | | | | June 30, 2018 | | | | | * | * Amount may be off due to rounding. Warning | Don't show me this message again for the assignment |
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| Prepare all journal entries for Grace Herron for the first 2 fiscal years ended June 30, 2014, and June 30, 2015. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) | Date | Account Titles and Explanation | Debit | Credit | | July 1/13 | | | | | | | | | June 30/14 | | | | | | | | | | | | | June 30/15 | | | | | | | | | | | | Warning | Don't show me this message again for the assignment |
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| Show the balance sheet presentation of the note payable as of June 30, 2015. (Hint: Be sure to distinguish between the current and long-term portions of the note.) (Round answers to 0 decimal places, e.g. 125.) | GRACE HERRON Balance Sheet (Partial) June 30, 2015 | | Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity | | | $ | | Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity | | | $ | Warning | Don't show me this message again for the assignment |
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