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ACT3100 Individual Assignment Section A
ACT3100 Individual Assignment Section A
1) Prepare an income statement for Ding Zhong Jun Company for the year ended
December 31, 2023.
2) Prepare a statement of owner's equity for Ding Zhong Jun Company for the year ended
December 31, 2023. The owner invested $4,700 during the current year (Cell D52). Hint:
You must calculate the beginning balance in the capital account.
3) Prepare a balance sheet for Ding Zhong Jun Company at December 31, 2023.
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Name: DING ZHONG JUN Your score: 100%
On January 1 of the current year, the Ding Zhong Jun Company purchased factory equipment for RM61,000.
The factory equipment has an estimated useful life of 5 years and an estimated salvage value of RM6,000.
Complete the depreciation schedule below.
Each formula in column D must include the SLN function.
Cost $61,000
Salvage $6,000
Life (in years) 5 =SLN
On January 1 of the current year, the Ding Zhong Jun Company purchased factory equipment for RM63,000.
The factory equipment has an estimated useful life of 5 years and an estimated salvage value of RM8,000.
Complete the depreciation schedule below.
Each formula in column D must include the DDB function.
Cost $63,000
Salvage $8,000
Life (in years) 5
On January 1, 2023 the Ding Zhong Jun Company borrows $80,000 cash by signing a 9-year, 9%,
installment note, with annual interest payments. 1) Calculate the amount of each payment using the PMT
function. 2) Prepare the amortization schedule for the loan. Enter a valid Excel formula or function in
each of the yellow cells below. Formulas must refer to cell address(es). Entering a value will be marked
as incorrect.
1) What is the amount of each annual loan payment?. The PMT function must be used,
and formula must return a positive value. $13,344
2) Complete the amortization schedule for this note. All formulas must return a positive value.
Annual Interest Beginning Debit Interest Debit Notes Credit Cash Ending
Period Balance Expense Payable Balance
1 $80,000.00 $7,200.00 $6,143.90 $13,343.90 $73,856.10
2 $73,856.10 $6,647.05 $6,696.86 $13,343.90 $67,159.24
3 $67,159.24 $6,044.33 $7,299.57 $13,343.90 $59,859.67
4 $59,859.67 $5,387.37 $7,956.53 $13,343.90 $51,903.13
5 $51,903.13 $4,671.28 $8,672.62 $13,343.90 $43,230.51
6 $43,230.51 $3,890.75 $9,453.16 $13,343.90 $33,777.35
7 $33,777.35 $3,039.96 $10,303.94 $13,343.90 $23,473.41
8 $23,473.41 $2,112.61 $11,231.30 $13,343.90 $12,242.11
9 $12,242.11 $1,101.79 $12,242.11 $13,343.90 $0.00
Ding made 9 payments of RM13,344 over the 9-year loan (RM120,095 total). Of this amount, RM40,095
was interest expense and the remaining RM80,000 was repayment of principal.
Name: DING ZHONG JUN Your score: 100%
DING ZHONG JUN wants to buy a home, and is considering several financing options. Ding plans to
borrow RM200,000 with monthly payments. 1) Calculate the amount of each mortgage payment using the
PMT function. 2) Calculate the total amount of mortgage payments and 3) the total amount of interest
paid over the term of the mortgage under the following financing options.Enter a valid Excel formula or
function in each of the yellow cells below. Formulas must refer to cell address(es). Entering a value will
be marked as incorrect.