On January 1, 2014, Hatch Co. borrowed $270,000 cash from First Bank.pdf

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On January 1, 2014, Hatch Co. borrowed $270,000 cash from First Bank by issuing a five-year, 8 percent note. The principal and interest are to be paid by making annual payments in the amount of $67,623. Payments are to be made December 31 of each year, beginning December 31, 2014. Prepare an amortization schedule for the interest and principal payments for the four-year period. (Enter all amounts as positive values. Round intermediate calculations and final answers to nearest whole dollar amount.) On January 1, 2014, Hatch Co. borrowed $270,000 cash from First Bank by issuing a five-year, 8 percent note. The principal and interest are to be paid by making annual payments in the amount of $67,623. Payments are to be made December 31 of each year, beginning December 31, 2014. Solution Notes: 1 We have to apply interest of 8% on opening Principal balance. Out of Total Payments made First you have to remove the Interest portion and remaiing will be adjusted against the Principal. Based on this pleaese see the below table how the Interest and Principal payment will be adjusted.Hatch Co.Amortisation ScheduleYearPrincipal balance on January 1Cash Payment December 31Applied to InterestApplied to PrincipalPrincipal Balance End of period201427000067623216004602322397720152239776762317918497051742722016174272 67623139425368112059120171205916762396475797662615.

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Financial Accounting Principles Assessment 3: Internal Control and Accounting for Assets Worksheet Use this worksheet to complete the following three exercises for Assessment 3. Refer to the instructions in the course for submitting your assessment.Exercise 3-1 The Scheiffer Company’s most recent bank statement and book balances of cash reconciliations were completed on September 30, 2012. Two checks were reported outstanding: check #6798 for $1135.50 and check #6794 for $524.00. The following information is available for the October 31, 2012 reconciliation. Section of the October 31 Bank Statement Previous Balance Total Checks & Deposits Total Deposits & Credits Current Balance 16,345.50 9,695.55 11,146.85 17,796.80 Checks and Debits Deposits and Credits Daily Balance Date No. Amount Date Amount Date Amount 10/02 6798 1,135.50 10/04 1,214.50 09/30 16,345.50 10/05 7002 815.00 10/11 2,054.55 10/02 15,210.00 10/09 7001 1,788.50 10/20 3,990.25 10/04 16,424.50 10/15 605.75 NSF 10/23 2,436.80 10/05 15,609.50 10/19 7004 954.00 10/29 20.75 IN 10/09 13,821.00 10/22 7003 405.35 10/29 1,430.00 CM 10/11 15,875.55 10/25 7005 1,985.95 10/15 15,269.80 10/26 7007 310.35 10/19 14,315.80 10/30 7009 1,695.15 10/20 18,306.05 10/22 17,900.70 10/23 20,337.50 10/25 18,351.55 10/26 18,041.20 10/29 19,491.95 10/30 17,796.80 From Scheiffer’s Accounting Records Cash Receipts Deposited Date Cash Debit Oct 4 1,214.50 11 2,054.55 20 3,990.25 23 2,436.80 9,696.10 Cash Disbursements Check No. Cash Credit 7001 1,788.50 7002 815.00 7003 405.35 7004 954.00 7005 1,955.95 7006 880.50 7007 310.35 7008 325.10 7009 1,695.15 9,129.90 Cash Account #101 Date Explanation PR Debit Credit Balance Sep 30 Balance 14,686.00 Oct 31 Total receipts R12 9,696.10 24,382.10 31 Total disbursements D23 9,129.90 15,252.20 Check #7005 was drawn correctly for $1985.95 to pay for office equipment. The recordkeeper recorded it as a debit for Office Equipment and a credit to Cash for $1955.95, but misread the amount of the check, which was $1985.95. The non-sufficient funds check for a $605.75 account payment was received from a customer, A. B. Fransen. The company has not yet recorded the returned check. The credit memo is the bank’s collection on a $1450.00 note and shows the deduction of a $20.00 collection fee. The company has not recorded the collection or the fee. Based on the information provided, complete the following tasks: Prepare an October 31, 2012, bank reconciliation for the Scheiffer Company. SCHEIFFER COMPANY Bank Reconciliation October 31, 2012 [Create the bank reconciliation here.] Make the necessary journal entries to adjust the book balance of cash to the reconciled balance. [Create the journal entries here.] For distinguished performance, provide three possible reasons why some of the numbered checks in the sequence are missing from the bank statement.Exerci ...

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