Ly Introduction to Financial Accoux Ly Lab 9

Ly Introduction to Financial Accoux Ly Lab 9.1 (Question 3) ~ Lyryx Le X *Course Hero X + C lifa1.lyryx.com/student-servlets/LabServlet?ccid=7845 + Apps Home Other Bookmarks yryx Spreadsheet Print Preferences Help Lab 9.1 (Question 3) Name: Fiona Murton Cabrera Date: 2020-10-17 Question 3 [5 points] On January 1, 2014, Velor Inc. borrowed $282,000 from the bank. Interest is calculated at the rate of 10% and the term of the note is four years. Four equal annual payments will be made in the amount of $88,963 each December 31. The payment schedule is shown below Year Annual Payment Principal Portion of Payment Interest Portion of Payment Principal Balance at Year-End 2014 88,963 50,763 28,200 221,237 2015 88,963 66,839 22, 124 154,398 2016 88,96 73,523 15,440 80,875 2017 8,963 80,875 8,088 a) Show how Velor Inc. will show the note on the year-end December 31, 2014 balance sheet. Liabilities Current Liabilities: (Select one )...... Long Term Liabilities: (Select one )...... b) Show how Velor Inc. will show the note on the year-end December 31, 2015 balance sheet. Liabilities Current Liabilities Long Term Liabilities: (Select one ).....: Official Time: 11:57:32 SUBMIT AND MARK SAVE AND CLOSE

Select one Bonds Payable fNotes Payable Mortgage Payable Current portion of Bonds Payable Current portion of Notes Payable Current portion of Mortgage Payable