60.1K

Verified Solution

Link Copied!

XYZ borrows $500,000 for 2 years at 8% with semi-annual fixed principal is of $125,000. Round your answers to the nearest dollar. uments Complete the fixed principal plus interest installment schedule (20 marks) Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance 3 Total 2. Prepare the journal entry to receive the loan (4 marks) 3. Prepare the journal entry to record interest period 3's loan payment (6 marks) TERM 5 X1 point): 5 points Match the term to the definition (USE SCANTRON A. Goodwill B. Dividends C. Asset D. Depreciation E. Prepaid expense 31. The process of allocating the cost of an asset over its useful life 32. The value of favourable, unidentifiable attributes related to a company as a whole 33. Costs paid in advance that benefit more than one accounting period 34. A resource owned or controlled by a business that are expected to provide future economic benefits 35. The distribution of retained earnings from a corporation to its shareholder TERMINOLOGY 2 (5 x 1 point): 5 points (USE SCANTRON Match the term to the definition. A. Accounts payable B. Unearned revenue C. Carrying amount D. Residual value E. Working capital 36. Value at which an asset is recognized in the statement of financial position 37. An estimate of the amount that a company would obtain from the disposal of an asset a the end of its useful life 38. Cash received when a customer pays in advance of being provided with a service or product 39. A measure of liquidity used to evaluate a company's short-term debt paying ability 40. Amounts owed to suppliers for purchases made on credit

Answer & Explanation Solved by verified expert

See Answer