Stephen's Storage Company needed some long-term financing and arranged for a 20-year,$100,000,9% mortgage loan on January 1,2011.Annual payments of $10,955 will be made on December 31 each year.
Part A: Prepare an amortization schedule for the first two loan payments:
Part B: Show the effect on the accounting equation of each of the events listed below:
Part C: For each item listed below,fill in the correct dollar amount in the column that represents the financial statement where the item will appear.

Question

Stephen's Storage Company needed some long-term financing and arranged for a 20-year,$100,000,9% mortgage loan on January 1,2011.Annual payments of $10,955 will be made on December 31 each year.
Part A: Prepare an amortization schedule for the first two loan payments:
  Part B: Show the effect on the accounting equation of each of the events listed below:
  Part C: For each item listed below,fill in the correct dollar amount in the column that represents the financial statement where the item will appear.

Quizplus · Accepted Answer

The Answer of Stephen's Storage Company needed some long-term financing and arranged for a 20-year,$100,000,9% mortgage loan on January 1,2011.Annual payments of $10,955 will be made on December 31 each year.
Part A: Prepare an amortization schedule for the first two loan payments:
  Part B: Show the effect on the accounting equation of each of the events listed below:
  Part C: For each item listed below,fill in the correct dollar amount in the column that represents the financial statement where the item will appear.

Stephen's Storage Company Needed Some Long-Term Financing and Arranged for a 20-Year,$100,000,9