Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need help finding the current liabilities Great Adventures Problem AP9-1 Tony's favorite memories of his childhood were the times he spent with his dad at
need help finding the current liabilities Great Adventures Problem AP9-1 Tony's favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a bit as he and Suzie jogged along a nature trail and came across a wonderful piece of property for sale. He turned to Suzie and said, "I've always wanted to start a camp where families could get away and spend some quality time together. If we just had the money, I know this would be the perfect place." On November 1, 2022. Great Adventures purchased the land by issuing a $430,000, 6%, 8-year installment note to the seller. Payments of $5,651 are required at the end of each month over the life of the 8-year loan. Each monthly payment of $5,651 includes both interest expense and principal payments (ie, reduction of the loan bmount) Late that night Tony exclaimed, "We now have land for our new camp: this has to be the best news everl" Suzie said, "There's something else I need to tell you. I'm expecting" They decided right then if it was a boy, they would nome him Venture, Required: 1. Complete the first three rows of an amortization schedule. Date Answer is complete and correct. Interest Change in Cash Paid Carrying Expense Carrying Value Value $ 430,000 $ 5,651 S 2,150 $ 3,501 428,499 5,651 2,132 3,519 422,980 11/01/2022 11/30/2022 12/31/2022 4. The 12 monthly payments in 2023 (following year) will reduce the note's balance by an additional $43,617. How would the remaining balance of the note payable be reported in the balance sheet as of December 31, 2022? Answer is complete but not entirely correct. Current liability Long-term liability Total $ 387,988 379.363 $ 767,351
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started