Quiz 3 - Emir Ibrahimovic ACC311-01 Quiz 3 1. Date 4/1/2009...

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Emir Ibrahimovic ACC311-01 Quiz 3 1. Date Cash Payment Interest Expense Decrease in Balance Outstanding Balance 4/1/2009 $200,255 4/1/2009 $41,800 $41800 $158,455 1/1/2010 $41,800 $15,846 $25,954 $132,501 1/1/2011 $41,800 $13,250 $28,550 $103,951 1/1/2012 $41,800 $10,395 $31,405 $72,546 1/1/2013 $41,800 $7,255 $34,545 $38,001 1/1/2014 $41,800 $3,799 $38,001 0 2. Lessee April 1, 2009 Leased Equipment $200,255 Leased Payable $200,255 Leased Payable $41,800 Maintenance Exp. $5,500 Cash $47,800 Jan 1, 2010 Leased Payable $25,954 Interest Exp. $15,846 Cash $41,800 March 31, 2010 Depreciation Exp. $33,376 Accumulated Depreciation $33,376 Interest Exp. $3,313 Interest Payable $3,313 Leased Payable $28,550 Short Term Leased Payable $28,550 April 1, 2010 Maintenance Exp. $5,500 Cash $5,500 2b. Balance Sheet Assets Long Term Assets: PPE $200,255 Less: Accumulated Depreciation ($33,376) Net, PPE $166,879
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Liabilities Current Liabilities: Leased Payable $28,550 Interest Payable $3,313 Long-Term Liabilities:
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This note was uploaded on 02/22/2012 for the course ACC 311 taught by Professor Crampton during the Winter '11 term at Jacksonville College.

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Quiz 3 - Emir Ibrahimovic ACC311-01 Quiz 3 1. Date 4/1/2009...

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