Question: On March 1, 2016, Mandau Services issued a 7% long-term notes payable for $21,000. It is payable over a 3-year term in $7,000 principal installments

On March 1, 2016, Mandau Services issued a 7% long-term notes payable for $21,000. It is payable over a 3-year term in $7,000 principal installments on March 1 of each year, beginning March 1, 2017. Each yearly installment will include both principal repayment of $7,000 and interest payment for the preceding one-year period. What is the amount of total cash payment that Mandau will make on March 1, 2017?

$7,000

$8,470

$21,000

$7,735

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

On March 1, 2016 Baker Services issued a 5% long-term notes payable for $21 000 It is payable over a 3-year term in $7,000 annual principal payments on March 1 of each year plus interest beginning...

On March 1, 2016, Mandau Services issued a 99% long-term notes payable for $ 23 comma 000$23,000. It is payable over a 44-year term in $ 5 comma 750$5,750 principal installments on March 1 of each...

Calculate gain or lois on the sale. A) 31,000 31,00 g 8) 51,000 los Depreciation "s of December 31, 20 ,2016 0s D C)531,000 loss D) no gain no loss 49. Unearned revenue, for services to be perfoemed...

On March 1, 2016, Baker Services issued a 7% long-term notes payable for $16,000. It is payable over a 4-year term in $4,000 annual principal payments on March 1 of each year plus interest, beginning...

On March 1, 2018, Lewis Services issued a 7% long-term notes payable for $20,000. It is payable over a 5-year term in $4,000 principal installments on March 1 of each year, beginning March 1, 2019....

On March 1, 2018, Lewis Services issued a 7% long-term notes payable for $21,000. It is payable over a 3-year term in $7,000 principal installments on March 1 of each year, beginning March 1, 2019....

On March 1, 2016, Hughes Services issued a 9% long-term notes payable for $25,000. It is payable over a 5-year term in $5,000 principal installments on March 1 of each year, beginning March 1, 2017....

Which one of the following findings in an adult is most likely to require immediate management during the primary survey? Select one: a. b. C. d. e. Distended abdomen Glasgow Coma Scale score of 11...

Refer to the following financial data of Fox Industries Ltd.: Required: a. Compute the (1) earnings coverage ratio for Year 7, and (2) average earnings coverage ratio for the five-year period Year 3...

8. Fill-In Questions ____________ measures total production in one year. (LO1)

Calculate the minimum and maximum takt time for the given

Use sentence structure. Write one or more sentences to tell members of a school jazz band that their application to perform in a parade at Disneyland has not been accepted. Use sentence structure to...

Use mechanical means. Use mechanical means in a sentence to emphasize the importance of attending a business seminar on job interviews.

Use format. Use format in a sentence to emphasize the number of students in your graduating class who will continue their education.