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How do you solve this A 112 Loan Payable In Two Weeks At 127 what is the percentage?
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Solve for x?
Lane French had a bad credit rating and went to a local cash center. He took out a $120 loan payable in five weeks at $130. What is the percent of interest paid on this loan? Do not round denominator before dividing
Where can I find a good loan interest calculator?
You can find a good loan interest calculator by visiting www.Bankrate.com is an excellent site that can show monthly payments and the percentage of interest payable and the figure of interest payable as well.
Difference between loan payable and loan receivable?
loans payable apear under liability on the balance sheet.
Examples of current liabilities?
accounts payable short term loan payable
Is a loan is current liability or long term liability in the balance sheet?
If loan is payable within twelve month of issuance of loan then it is current liability but if it is payable in more than one fiscal year then it is long term liability but even in long term loan, that portion of loan which is payable in current fiscal year is current liability and remaining portion is long term liability.
What is the accounting entry for booking cash received as a loan?
Debit Cash; Credit Loan Payable
What is a loan that is amortized over 20 years but the balance of the loan is due and payable in 5 years?
Balloon Payment Loan
Where did loan interest payable go in the income statement?
Loan interest payable is not shown in income statement rather it is shown in liability side of balance sheet in current liability section.
Is notes payable a part of non interest bearing current liabilities?
Yes, as notes payable don't have interest attached with it becasue it is not that kind of loan it is just indirect loan or debt.
What is the difference between a bank loan and notes payable?
I think a bank loan is when money is borrowed from a bank with the expectation that it will be repaid, and notes payable is then the accumulation of all loan amounts expected to be repaid according to each note (the legal document with the stipulations).
What is the journal entry to record loan received?
debit cash /bankcredit loan payable
What is the journal entry if an owner makes payments on a company loan and he will not be reimbursed by the company?
debit loan accountcredit owners equityDebit Loan Payable Debit Interest Expense Credit Paid in Capital
