The assets and liabilities of Amos Moving Services at March 31, 2014, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner was $180,000 at April 1, 2013, the beginning of the current year. Mr. Amos invested an additional $25,000 in the business during the year.
Prepare a balance sheet for the current year ended March 31, 2014.
Definitions:
Loan Payment Schedule
A detailed plan indicating the amounts due and payment dates over the life of a loan.
Effective Rate
The actual interest rate an investment earns or a loan accrues due to compounding over a specified period.
Amortized
Refers to the gradual reduction of a debt over time by paying regular installments that cover both interest and principal.
Amortization Schedule
a table detailing each periodic payment on an amortizing loan, showing the amount of principal and the amount of interest that comprise each payment so that the loan will be paid off by the end of its term.
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