On January 1, 2020, Borrowing Company Inc. has a $100,000 loan that charges a 10% interest...

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On January 1, 2020, Borrowing Company Inc. has a $100,000 loan that charges a 10% interest rate each year. The company has agreed to make a $30,000 payment at the end of each year. 7. What will be the January 1,2021 balance in the Note Payable account (after the 12/31/20 payment is made)? (Also, Take notice of the Interest Expense for the first 3 years) 8. What will be the January 1,2022 balance in the Note Payable account (after the 12/31/20 and 12/31/21 payments are made)? 9. What will be the January 1,2023 balance in the Note Payable account (after the 12/31/20 and 12/31/21 and 12/31/22 payments are made)? On January 1, 2020, Borrowing Company Inc. has a $100,000 loan that charges a 5% interest rate each year. The company has agreed to make a $30,000 payment at the end of each year. 10. What will be the January 1,2021 balance in the Note Payable account (after the 12/31/20 payment is made)? (Also, Take notice of the Interest Expense for the first 3 years) 11. What will be the January 1,2022 balance in the Note Payable account (after the 12/31/20 and 12/31/21 payments are made)? 12. What will be the January 1,2023 balance in the Note Payable account (after the 12/31/20 and 12/31/21 and 12/31/22 payments are made)? The Franchise Company purchased a $45,000 forklift for its business on January 1, 2020. The forklift has a salvage value of $10,000 and a 5 year useful life. On January 1, 2020, Borrowing Company Inc. has a $100,000 loan that charges a 10% interest rate each year. The company has agreed to make a $30,000 payment at the end of each year. 7. What will be the January 1,2021 balance in the Note Payable account (after the 12/31/20 payment is made)? (Also, Take notice of the Interest Expense for the first 3 years) 8. What will be the January 1,2022 balance in the Note Payable account (after the 12/31/20 and 12/31/21 payments are made)? 9. What will be the January 1,2023 balance in the Note Payable account (after the 12/31/20 and 12/31/21 and 12/31/22 payments are made)? On January 1, 2020, Borrowing Company Inc. has a $100,000 loan that charges a 5% interest rate each year. The company has agreed to make a $30,000 payment at the end of each year. 10. What will be the January 1,2021 balance in the Note Payable account (after the 12/31/20 payment is made)? (Also, Take notice of the Interest Expense for the first 3 years) 11. What will be the January 1,2022 balance in the Note Payable account (after the 12/31/20 and 12/31/21 payments are made)? 12. What will be the January 1,2023 balance in the Note Payable account (after the 12/31/20 and 12/31/21 and 12/31/22 payments are made)? The Franchise Company purchased a $45,000 forklift for its business on January 1, 2020. The forklift has a salvage value of $10,000 and a 5 year useful life.

Answer rating: 100% (QA)

For the first set of questions 7 January 1 2021 balance in the Note Payable account after the 123120 ... View the full answer