Fall 2013_Acc 3100_Ch 14

666633 amount of loan date 010113 063013 123113

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Unformatted text preview: loan Date 01/01/13 06/30/13 12/31/13 06/30/14 12/31/14 06/30/15 12/31/15 Cash 139,857 139,857 139,857 139,857 139,857 139,857 ÷ 4.76654 (from Table 4) n=6, i=7.0% Effective Interest (7% × Outstanding Balance) .07 × 666,633 = .07 × 573,440 = .07 × 473,724 = .07 × 367,028 = .07 × 252,863 = .07 × 130,706 = = $139,857 installment payment Decrease in Debt Rounded 93,193 99,716 106,696 114,165 122,157 130,706 172,509 839,142 46,664 40,141 33,161 25,692 17,700 9,151 666,633 Outstanding Balance 666,633 573,440 473,724 367,028 252,863 130,706 -0 14-22 Installment Notes At the Purchase Date (January 1) Skill Graphics (Buyer/Issuer) Machinery 666,633 Notes payable 666,633 Hughes-Barker (Seller/Lender) Notes receivable Sales revenue 666,633 666,633 At the First Interest Date (June 30) Skill Graphics (Buyer/Issuer) Interest expense 46,664 Note payable 93,193 Cash 139,857 Hughes-Barker (Seller/Lender) Cash Notes receivable Interest revenue 139,857 93,193 46,664 14-23 Financial Statement Disclosures Matrix Inc. Partial Balance S heet D...
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This note was uploaded on 11/19/2013 for the course ACCOUNTING 3100 taught by Professor He during the Fall '10 term at CUNY Baruch.

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