On January 1,2013,Thames Company Purchases Property and Signs a 6-Year

question 45

Multiple Choice

On January 1,2013,Thames Company purchases property and signs a 6-year mortgage note $60,000 at 4%.Please see the partial amortization schedule below.
- At the end of 2013,what amount would be shown on the balance sheet for current portion of mortgage payable?

• A) $50,466.48
• B) $9,921.93
• C) $9,533.52
• D) $2,226.48

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Definitions:

Debit

An accounting entry that represents either an increase in assets or expenses or a decrease in liabilities, equity, or revenue.

Capital Balances

The amount of money that partners or owners have invested in the business.

Profits and Losses

Financial results of a company's operations, with profits indicating net income and losses indicating net expenses exceeding revenues.

Admitted

The term is commonly used in insurance, indicating an insurer is licensed to operate in a particular state. Otherwise, NO.