Problem 10-13A Beryl Forman has just approached a venture capitalist for financi

Question

Problem 10-13A Beryl Forman has just approached a venture capitalist for financing for her new business venture, the development of a local ski hill. On July 1, 2011, Beryl was loaned $245,000 at an annual interest rate of 6%. The loan is repayable over 5 years in annual installments of $58,162, principal and interest, due each June 30. The first payment is due June 30, 2012. Beryl uses the effective-interest method for amortizing debt. Her ski hill company’s year-end will be June 30.

As you can see i have partial answers but my amounts are incorrect, currently i have used 46070 for current and 155468 for long term however they are marked wrong.

C) Show the balance sheet presentation of the note payable as of June 30, 2013. (Hint: Be sure to distinguish between the current and long-term portions of the note.) (Round answers to 0 decimal places, e.g. 125.)

Explanation / Answer

BERYL FORMAN Balance Sheet (Partial) June 30, 2013 Current Liability Notes Payable 48834 Long term Liability Notes Payable 106634

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