Financial Accounting Question On Amortization Homework Help Online
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1.Compute the required monthly payment on a $80,000 30-year, fixed-rate mortgage with a nominal interest rate of 5.80%. How much of the payment goes toward principal and interest during the first year?
2.Silicon Company issued $800,000 of 6% 10-year bonds on one of its semi-annual interest dates for $690,960 to yield an effective annual rate of 8%. The effective interest method of amortization is to be used. What amount of discount (to the nearest dollar) should be amortized for the first 6 months interest period?
3.Prepare an amortization schedule for the 1st 2 years (effective method) using the following data:1. On January 1, 2010, ABC Co. issued $2,000,000, 5%, 10 year bonds, interest payable on June 30th and December 31st to yield 6%. Use the following format and round to nearest dollar (may have small rounding error). The bonds were issued for $1,851,234.
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4. Given the following data, determine the times interest earned ratio.Net income – $70,000Bonds Payable (issued at face value), 8% – $5,000,000Preferred Stock ($50 par value, 6%, 10,000 shares issued & outstanding)Tax rate – 30%#2 Prepare an amortization schedule for the 1st 2 years (effective method) using the following data:On January 1, 2010, ABC Co. issued $2,000,000, 5%, 10 year bonds, interest payable on June 30th and December 31st to yield 6%. Use the following format and round to nearest dollar (may have small rounding error). The bonds were issued for $1,851,234.Date Cash Paid Interest Expense Amortization Bond Carrying Value Show how this bond would be reported on the balance sheet at 12/31/11.
5.Natasha’s Product, Inc
Natasha‘s Product, Inc,. acquired a packaging machine from Coffee Inc on January 1, 2009. In payment for the machine Natasha issued a three year installment note to be paid in three equal payment at the end of each year. The payment include interest at rate 10%. Coffee Inc made a conceptual error in preparing the amortization schedule, which Natasha’s failed to discover until 2011. The error had cause Natasha to understand interest expenses by $45,000 in 2009 and 40,000 in 2010.
1- Determine which account are incorrect as a result of these errors at January 1,2011, before any adjustments. Explain your answer (Ignore income taxes.)
2- Prepare a Journal entry to correct the error.
3- What other step(s) would be taken in connection with the error?
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