Question

In: Accounting

General Computers Inc. purchased a computer server for $61,000. It paid 35.00% of the value as...

General Computers Inc. purchased a computer server for $61,000. It paid 35.00% of the value as a down payment and received a loan for the balance at 9.50% compounded semi-annually. It made payments of $2,200.39 at the end of every quarter to settle the loan.

a. How many payments are required to settle the loan?

payments

Round up to the next payment

b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places.

Payment Number

Payment

Interest Portion

Principal Portion

Principal Balance

0

$39,650.00

1

2

: :

: :

: :

: :

: :

: :

: :

: :

: :

: :

0.00

Total

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

General Computers Inc. purchased a computer server for $63,000. It paid 40.00% of the value as...
General Computers Inc. purchased a computer server for $63,000. It paid 40.00% of the value as a down payment and received a loan for the balance at 9.50% compounded semi-annually. It made payments of $2,900.56 at the end of every quarter to settle the loan. a. How many payments are required to settle the loan? payments Round up to the next payment b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment...
General Computers Inc. purchased a computer server for $63,000. It paid 40.00% of the value as...
General Computers Inc. purchased a computer server for $63,000. It paid 40.00% of the value as a down payment and received a loan for the balance at 9.50% compounded semi-annually. It made payments of $2,900.56 at the end of every quarter to settle the loan. a. How many payments are required to settle the loan? payments Round up to the next payment b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment...
General Computers Inc. purchased a computer server for $55,000. It paid 40.00% of the value as...
General Computers Inc. purchased a computer server for $55,000. It paid 40.00% of the value as a down payment and received a loan for the balance at 10.50% compounded semi-annually. It made payments of $2,200.73 at the end of every quarter to settle the loan. a. How many payments are required to settle the loan? payments Round up to the next payment b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment...
Holmes Inc. purchased computer equipment two years ago at a total cost of $1,000,000. These computers...
Holmes Inc. purchased computer equipment two years ago at a total cost of $1,000,000. These computers could be sold today for $300,000. If these computers are sold in five years, they will be worth $50,000. The CCA rate for these computers is 30%.          The company is now considering whether it should replace these computers with newer and more powerful ones. The estimated total purchase cost of the new computers is $1.5 million. These computers can be sold for $300,000...
Computer Inc. is one of the pioneers in the manufacture of microprocessor for computers. On April...
Computer Inc. is one of the pioneers in the manufacture of microprocessor for computers. On April 1, 2018, Intel issued $1,600,000 of 12% face value bonds for $1,703,411.40. The bonds are due in 4 years, and pay interest semiannually on September 30 and March 31. Intel sold the bonds to yield 10%. Use the spreadsheet included in the module section to prepare a bond interest expense and premium amortization schedule using the straight-line method. Use the same spreadsheet to prepare...
Your friend is the accountant for Jackrabbit Inc., a computer server startup company. The friend asks...
Your friend is the accountant for Jackrabbit Inc., a computer server startup company. The friend asks you if accelerated depreciation would help Jackrabbit reduce the tax liability on a recent hardware purchase. What are some advantages of accelerated depreciation as compared to a straight-line method, and which method would benefit a startup company like Jackrabbit?
Your friend is the accountant for Jackrabbit Inc., a computer server startup company. The friend asks...
Your friend is the accountant for Jackrabbit Inc., a computer server startup company. The friend asks you if accelerated depreciation would help Jackrabbit reduce the tax liability on a recent hardware purchase. What are some advantages of accelerated depreciation as compared to a straight-line method, and which method would benefit a startup company like Jackrabbit? Please provide a detailed answer. Thanks in advance.
QT, Inc. and Elppa Computers, Inc. compete with each other in the personal computer market. QT...
QT, Inc. and Elppa Computers, Inc. compete with each other in the personal computer market. QT assembles computers to customer orders, building and delivering a computer within four days of a customer entering an order online. Elppa, on the other hand, builds computers for inventory prior to receiving an order. These computers are sold from inventory once an order is received. Selected financial information for both companies from recent financial statements follows (in millions): QT Elppa Sales $43,800 $58,000 Cost...
Inventory Analysis QT, Inc. and Elppa Computers, Inc. compete with each other in the personal computer...
Inventory Analysis QT, Inc. and Elppa Computers, Inc. compete with each other in the personal computer market. QT assembles computers to customer orders, building and delivering a computer within four days of a customer entering an order online. Elppa, on the other hand, builds computers for inventory prior to receiving an order. These computers are sold from inventory once an order is received. Selected financial information for both companies from recent financial statements follows (in millions): QT Elppa Sales $48,180...
Crindlen Inc sells a variety of computer products and data plans. Computers are compatible with data...
Crindlen Inc sells a variety of computer products and data plans. Computers are compatible with data and computers do not need to be repaired or serviced by the company. Customers can pick to buy a computer or data plans separately; however, to there is a bundle they offer with discounts, sales staff encourage customers to bundle their transacitons. On Aug 27, the company offered a special. Customers who ordered a 2-year data service plan received the latest computer - The...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT