083Q9 - The notes last regular payment occurs on June 30,...

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Name_____________________________4-Digit #___________________Section________________ Accounting for Notes Payable : [083Q9] Michael Company borrowed $900,000 on June 30, Year 1. The note payable requires equal quarterly payments on September 30, December 31, March 31 and June 30. Additionally, the note requires a ‘balloon’ payment of $300,000 on June 30, Year 5, the same date as the note’s last regular payment. Selected portions of a note payable amortization table have been presented below. You are to find the proper values for the specific items requested below.
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Unformatted text preview: The notes last regular payment occurs on June 30, Year 5. Interest Cash Amortization Carrying Expense Payment For the Period Value Ended of the Note Payable June 30, Year 1 AAA September 30, Year 1 $27,000 BBB $29,767 CCC December 31, Year 1 DDD $56,767 EEE FFF March 31, Year 2 ____ ____ ____ ____ June 30, Year 2 ____ ____ ____ ____ September 30, Year 2 GGG Interest Rate: ?? AAA = $__________ BBB = $__________ CCC = $__________ DDD = $__________ EEE = $__________ FFF = $__________ GGG = $__________...
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