Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE HELP!! You purchase a building on January 1, 2020 that costs $250,000 and pay for this purchase by paying 20% down and taking out

PLEASE HELP!!
image text in transcribed
You purchase a building on January 1, 2020 that costs $250,000 and pay for this purchase by paying 20% down and taking out a mortgage on the balance. This loan carries interest at 4% and will be paid monthly over 30 years. Requirements: 1. Create an Amortization in Excel that includes the following: 1. Calculate the monthly payment using the PMT function in Excel. 2. Setup the amortization schedule in Excel, including labeling the headers and listing all the payment dates. Don't forget to adjust for monthly payments! 3. Hard-key all of the given info listed above. All other amounts in the amortization schedule should be formulas and cell references (don't forget the $ to make Absolute Cell References!) 4. Make sure your notes payable balance is $0 at the end of all required payments (or within a few cents). 2. At the bottom of your Excel document (below the amortization schedule), include the following: 1. Journal Entry for the purchase of the building on 1/1/20 2. Journal Entry for the first payment on 2/1/20 3. Journal entry for the second payment on 3/1/20 4. For the December 31, 2020 financial statements, determine: 1. Account & Amount in Current Liabilities 2. Account & Amount in Long-Term Liabilities 3. Account & Amount in Income Statement

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Apple Blossom Cologne Company Audit Case

Authors: Jack Paul

5th Edition

0072844507, 978-0072844504

Students also viewed these Accounting questions

Question

How is imprecise joining similar to a frameshift mutation?

Answered: 1 week ago

Question

How flying airoplane?

Answered: 1 week ago

Question

7. What decisions would you make as the city manager?

Answered: 1 week ago

Question

8. How would you explain your decisions to the city council?

Answered: 1 week ago