User Account

All Pages

Journal entry to record the purchase of the truck

Assignment Help Financial Accounting
Reference no: EM132420112

1. Cayuga Catering purchased a new, fully-equipped food truck on 1/1/16. The company signed a note that specified four equal annual payments (at each year-end) in the amount of $25,000. Assume a 8% interest rate. Round all amounts to the nearest dollar.

Required:

a. Prepare the journal entry to record the purchase of the truck.

b. Record the journal entry to record the payment for each year. You are encouraged to organize your work in an amortization table or by using t-accounts. Be sure to show supporting calculations and label your work.

c. What is the total interest paid on the loan?

Reference no: EM132420112

Questions Cloud

Develop the integrated marketing communications plan : Develop your message strategy. Develop your media strategy. Develop your public relations, sales promotion, and personal selling plan relevant for your product
Article critique on software development model : Article Critique on Software development model - The research reports should be included in three paragraphs namely Introduction, body/ description, conclusion
Calculate the annual payment for option : Your firm is planning to purchase a building for $2,000,000 to use as its new corporate headquarters. The company is considering the two financing options
How technology supports learning for all students : In addition to the graphic organizer, in 250-500 words, summarize, reflect, and include a rationale for the inclusion of technology in classrooms.
Journal entry to record the purchase of the truck : Prepare the journal entry to record the purchase of the truck.
How the teacher might be more effective in the given area : What are some ways to support how the teacher might be more effective in this area? How might you support this teacher from a strengths-based perspective?
Determine how much cash the dealer would charge in option : You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1)
Define roles and responsibilities for the curriculum leader : Defined roles and responsibilities for the curriculum leader or coach, including the deliverables related to professional development, training, collaboration.
What is the primary goal of groups : Financial Statement Analysis, specifically Ratio Analysis is often performed by managers, investors, and creditors.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd