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661 results for "mortgage loan receivable"

was purchasing a house for $170,000. In other words, you made a $150,000 investment and recorded it as the asset Mortgage Loan Receivable. The house is the collateral for the loan receivable. Within one year, the local...

A liability account whose balance is the unpaid principal balance as of the balance sheet date. The amount of principal required to be paid within 12 months of the balance sheet date is reported as a current liability....

What is a mortgage loan? Author: Harold Averkamp, CPA, MBA Definition of Mortgage Loan A mortgage loan is a loan associated with the purchase of real estate, such as a home or buildings used in a business. As part of the...

resource. Examples of Amortization Perhaps the most common example of the term amortization is the amortization schedule associated with a mortgage loan. For a 15-year mortgage loan with a fixed interest rate and...

is reported on the balance sheet as a current liability.) Example of Long-term Debt Let’s assume that a company has a mortgage loan with a principal balance of $200,000 with 120 monthly payments remaining. The loan...

A lien on real estate to protect a lender. The loan made with such security is referred to as a mortgage loan.

of $300,000 at the end of each of the 20 six-month time intervals. Another example of an ordinary annuity is a mortgage loan having a fixed interest rate and a series of equal monthly payments. For instance, a 15-year...

An asset account in a bank’s general ledger that indicates the amounts owed by borrowers to the bank as of a given date.

journal entry for depreciation? How do you record a payment for insurance? What is the days' sales in accounts receivable ratio? What is the Allowance for Doubtful Accounts? What is the difference between a trial...

improvement? What is the difference between adjusting entries and correcting entries? How should an interest only loan be recorded? What is the difference between Rent Receivable and Rent Payable? What is the difference...

. The bank files a lien with the county government to make known the bank’s claim and to protect the bank’s position regarding the inventory. A bank lends a company $500,000 in the form of a real estate mortgage loan...

is the difference between accounts payable and accrued expenses payable? What is the operating cycle? What to do with the balance in Allowance for Doubtful Accounts? How is a short term bank loan recorded? What is a...

The amount of principal owed on a loan. On the typical mortgage loan, a portion of the monthly payment is applied to interest and principal. The amount of principal that remains after the principal payment is the unpaid...

Our Explanation of the Balance Sheet provides you with a basic understanding of a corporation's balance sheet (or statement of financial position). You will gain insights regarding the assets, liabilities, and...

on an automobile? Is the sales tax on merchandise purchased for resale included in inventory? If a mortgage payment is due by December 31, but the payment is not made until the following month, should the loan payment...

A loan from a bank or other lender for which the borrower is not required to pledge assets as collateral for the loan.

A loan from a bank or other lender in which the borrower has pledged an asset as collateral in case the loan cannot be repaid in full.

Is a loan payment an expense? Author: Harold Averkamp, CPA, MBA Definition of Loan Payment Generally a loan payment consists of: An interest payment, which is an expense A principal payment, which reduces the loan’s...

A multicolumn listing of each payment required during the period of a loan. Each payment is detailed by the amount of interest, the principal payment, and the remaining unpaid principal balance. The interest portion of...

such as Notes Payable or Loans Payable. The bank will record the loan by increasing a current asset such as Loans to Customers or Loans Receivable and increasing a current liability such as Customer Demand Deposits....

$5,000 for a family emergency. The entry will debit Loan to Employee for $5,000 and will credit Cash for $5,000. Under the accrual method of accounting, at each balance sheet date the company should record any accrued...

a credit balance? Why does a company debit Purchases instead of Inventory? What is an unpresented check? What is a mortgage loan? What is the segregation of duties? What is the employer's Social Security tax rate...

Our Explanation of Bookkeeping provides you with a rich understanding of the recording of transactions. It then discusses the additional steps necessary for preparing accurate financial statements. This is great for...

What does per annum mean? Author: Harold Averkamp, CPA, MBA Definition of Per Annum Per annum means yearly or annually. It is a common phrase used to describe an interest rate. Often “per annum” is omitted, as in...

and owner’s equity. For example, the basic accounting equation Assets = Liabilities + Owner’s Equity can be restated to be Assets = Equities. Equity can mean an owner’s interest in a personal asset. For example,...

A multi-column listing of the amounts needed to eliminate a balance in a systematic manner over the life of the item. For example, an amortization schedule for a 15-year mortgage loan would show the 180 payments. The...

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