What is the amount that james white will receive on the sale

Assignment Help Accounting Basics
Reference no: EM131913059

Problem

You may use your financial calculator or excel for calculations but be sure to show your work (i.e. rate, periods, payments, etc.). For the amortization schedules be sure to print the schedule so all columns fit on one page.

3. James White loans Dion Lewis $550,000. White accepts a 4% note, which requires semiannual interest payments for 10 years. The day after receiving the 4th interest payment, White decides to sell the note to Dedham Savings Bank. Dedham Savings Bank agrees to purchase it to yield a 6% return.

a) What is the amount that James White will receive on the sale of the note to Dedham Savings Bank?

b) Prepare the entries that James White and Dedham Savings Bank will make on the day the note is sold to the bank.

Reference no: EM131913059

Questions Cloud

Journalize the entries on may three to correct the errors : Journalize the entries on May 3 to correct the errors. Use two entries to correct the error described in A.
Process of taking random samples : Suppose the process of taking random samples of size 20 is repeated 200 times and a histogram of the 200 sample means is created.
What is cassies depreciation on the machine : What is Cassie's depreciation on the machine in 2016? How does your answer change, if at all, if Cassie acquired the machine in November 2016?
Hopes of improving the score : The number of students taking the SAT has risen to an all-time high of more than 1.5 million (College Board, August 26, 2008).
What is the amount that james white will receive on the sale : You may use your financial calculator or excel for calculation. What is the amount that James White will receive on the sale of the note to Dedham Savings Bank?
Describe a statistical situation : The data, the statistic, and the parameter are all values used to describe a statistical situation. How does one distinguish among these three terms?
How large a sample is needed to estimate : How large a sample is needed to estimate µ with 95% confidence, so the margin of error is no greater than 0.5 g/dL?
Calculate the impact on net income for given years : In May 20×5, the newly appointed controller of Butch Baking Corporation conducted. Calculate the impact on Net Income (after taxes) for years, 20X2 and 20X3.
Identify current strengths and weaknesses of organization : Once you have identified the current strengths and weaknesses of your organization (United Service Organization) as it relates to fundraising.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Dennis a self-employed businessman flew to asia on

dennis a self-employed businessman flew to asia on september 15. the primary purpose of the trip was business. dennis

  Whicher corporation had three products in its ending

whicher corporation had three products in its ending inventory at december 31 2009. whicher corporation considers a

  Some of the ledger accounts for the sanderson hardware

some of the ledger accounts for the sanderson hardware company are numbered and listed below. for each of the october

  Montclair company is considering a project

Montclair Company is considering a project that will require a $500,000 loan. It presently has total liabilities of $220,000, and total assets of $610,000.

  What is the promotional expense that drew richards

What is the promotional expense that Drew-Richards should report in its 2011 income statement?

  After graduation you plan to work for dynamo corporation

after graduation you plan to work for dynamo corporation for 12 years and then start your own business. you expect to

  Calculate total revenue and marginal revenue

Perfectly competitive firm Doggies Paradise Inc. sells winter coats for dogs. Dog coats sell for $72 each. The fixed costs of production are $100.

  Determine the effect on net income and earnings per share

Gilliland Airlines is considering two alternatives for the financing of a purchase of a fleet of airplanes. Determine the effect on net income

  Identify each of the following long term operational assets

Identify each of the following long term operational assets as either tangible (T) or intangible (I).

  Determine the actual price paid

If a review of Courtney's accounting records at the end of the period disclosed a material price variance of $5,000U and a material quantity variance of $3,000F, determine the actual price paid for a gallon of direct material.

  Complete the consolidated workpaper

The separate company statements for P and S appear in the first two columns of the partially completed consolidated workpaper. Complete the consolidated workpaper for P and S for the year 2011.

  Read the the platinum pointe land deal case

Read the the Platinum Pointe Land Deal case starting on page 98 of the textbook. Answer the following questions.

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!

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