On December 1, 2016, Gardner Products borrowed $92,000 on a 5%, 10-year note with annual installment payments of $9,200 plus interest due on December 1 of each subsequent year
Which of the following describes the first installment payment made on December 1, 2017? (Round your answer to the nearest whole number.)
A) $9,200 principal plus $4,600 interest
B) $9,200 principal plus $460 interest
C) $9,200 principal plus $9,200 interest
D) $4,600 interest only
A
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Altima, Inc finished Job A40 on the last working day of the year
It utilized $370 of direct materials and $3,420 of direct labor. Altima uses a predetermined overhead allocation rate based on a percentage of direct labor costs, which has been fixed at 40%. The entry to record the completion of the job should involve a ________. A) debit to Finished Goods Inventory $5,158 and a credit to Materials Inventory $5,158 B) debit to Cost of Goods Sold $5,158 and a credit to Finished Goods Inventory $5,158 C) debit to Finished Goods Inventory $5,158 and a credit to Work-in-Process Inventory $5,158 D) debit to Work-in-Process Inventory $5,158 and a credit to Finished Goods Inventory $5,158
Which of the following is a non money encumbrance?
a. easement b. trust deed c. mechanic lien d. judgment