ne 8, Alton Co. issued an $79,432, 10%, 120-day note payable to Seller Co. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar. Select the correct answer. $79,432 $7,943

Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 60-day, 5%, $50,000 note.   1. On what…

A: The note payable is the liability for the business which is to be paid on due date with interest.

Q: Valley Designs issued a 90-day, 12% note for $36,000, dated April 15, to Bork Furniture Company on…

A: Maturity Value of Note will be Principal Amount and Interest on Note Interest = Principal * Interest…

Q: On February 1, Electronic Warehouse Co. issued a 45-day note with a face amount of $80,000 to Yamura…

A: Notes are issued by the organisation for receivables and payables that are to be received or paid in…

Q: 1. On June 8, Williams Company issued an $70,894, 9%, 120-day note payable to Brown Industries.…

A: Interest = Value of Note * Interest Rate * No. of DaysInterest = $70,894 * 9% * 120/360Interest =…

Q: Autumn Designs & Decorators issued a 120-day, 6% note for $76,800, dated April 13 to Zebra Furniture…

A: Maturity Value of the Note = Face Value + (Face Value * Interest rate * Days of Note / 360) Interest…

Q: On October 1, 2011, Coast Financial loaned Barr Corporation$300,000, receiving in exchange a…

A: Maturity date of Notes = October 1, 2011 + 9 months = July 1, 2012 No. of Months from January 1,…

Q: TORR, Inc. issues a $600,000, 9%, five-year note payable on January 1, 20X5. If the monthly payment…

A: Interest for first month = face value of the note payable x interest rate  x no. of months/12 =…

Q: On June 8, Alton Co. issued an $77,100, 7%, 120-day note payable to Seller Co. Assume that the…

A: Interest:   An interest is the cost of the funds loaned to the business by any lender.

Q: 2. On January 1, 20x1, J&J Co. issues a noninterest-bearing note of P3,000,000 in exchange for…

A: Non-interest bearing note: P300,000 Effective interest rate: 18% Present value of annuity factor:…

Q: A 60-day, 6% note for $26,400, dated May 1, is received from a customer on account. The maturity…

A: Formula: Maturity Value of Note = Face Value of Note + Interest on Note Maturity Value of Note =…

Q: On November 1, 2021, FDN Trading accepted a 90-day, 8% P7,000,000 note from ABC Co. FDN immediately…

A: Maturity value of the note = Face value of the not + Interest on the note = 7000000 +…

Q: On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu…

A: Lets understand the basics. When transaction happen between parties and in consideration of that…

Q: On August 1, Batson Company issued a 60-day note with a face amount of $47,400 to Jergens Company…

A: SOLUTION- BOND AND NOTES PAYABLE- BONDS AND NOTE PAYABLE ARE BOTH TYPE OF LOAN . BONDS ARE USUALLY…

Q: Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture…

A: Answer a) Due date =August 11 17+31+30+31+11

Q: On May 1, 2014, Nico Company sold merchandise to Customer Francis and received a P26,400 (face…

A: Present value of note receivable on May 1, 2014 = Face value of note x present value factor (10%, 1…

Q: Mr. Potts issued a 90-day, 7% note for $200,000, dated February 3 to Valley Co. on account. (Assume…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: on June 8th Alton Co issued an $70620 11% 120 Day note payable to seller Co. Assuming a 360 day year…

A: Interest on Note = Face value of Note x rate of interest x No. of days /360 days =…

Q: A 60-day, 6% note for $24,000, dated May 1, is received from a customer on account. The maturity…

A: The maturity value of note is calculated as sum of principal value and interest amount.

Q: Valley Designs issued a 120-day, 5% note for $82,600, dated April 20 to Bork Furniture Company on…

A: Given that, Valley designs issued note to Bork furniture company = $82600 Dated on = April 20 Note…

Q: Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industrièš för merchandls Assume…

A: Journal is the book of original entry in which all the transactions of the business are recorded…

Q: b. Determine the proceeds of the note assuming th

A: Merchandise inventory refers to products purchased from suppliers by a distributor, wholesaler, or…

Q: On November 1, Kotler Company accepted a 3-month note receivable as payment for services provided to…

A: From November 1 to December 31 = 2 months Interest accrued on December 31 = $9,000 x 6% x 2/12 = $90…

Q: Determine the maturity date, interest at maturity, and maturity value for a 90-day, 10 percent,…

A: Given:  Note value : $36000 Interest rate = 10% Bill date : 15 Feb Due date = 90 days

Q: At year end, Rei company issued a P2,000,000 face amount note payable in exchange for services…

A: Note payable ::::P2,000,000.... Interest expenses::2000000*3%*9/12 months=P45,000...... The compound…

Q: mobile Co issued a $58,904 60-day discounted note to Guaranty Bank the discount rate is 12% at…

A: Cash proceeds from issue of discount note = Amount of the note - discount = $58,904 -…

Q: on August 1, 2018, Turner manufacturing lands cash and excepts a $11,000 note receivable that offers…

A: >Year end adjustments are required to adjust various accounting adjustment which can be…

Q: Assume 360 days in a year. Do not round your intermediate calculations and round your final answer…

A: Note receivable:   Note receivable refers to a written promise received by the creditor from the…

Q: Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer on account.…

A: Journal Entry is the primary entry of business transactions. Every transaction has a dual effect…

Q: On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was…

A: Discount on notes payable = Amount of note payable x discount rate = $90000 x 6% = $5400

Q: On January 1, 20x1, Drive Co, paid cash of P200,000 and issued a noninterest-bearing note P2,000,000…

A: Working note: Computation of initial recognition value of note payable:

Q: A business issued a 45-day, 6% note for $210,000 to a creditor. Principal and interest are payable…

A: Notes are short term financial intrument with a fixed maturity period and usually short term…

Q: On July 8, Action Co. issued an $80,000, 6%, 90-day note payable to Scanlon Co. Assuming a 360-day…

A: The note is the liability on which a specific percentage of interest has to be paid over the…

Q: On January 1, Year 1, Luzak Company issued a $120,000, five-year, 6% installment note to McGee Bank.…

A:

Q: Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on…

A: Notes receivable is a negotiable instrument that indicates the claims to be paid at a specific date…

Q: On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face…

A: Proceeds of the note = Face value value of the note - discount amount

Q: On August 1, Batson Company issued a 60-day note with a face amount of $91,800 to Jergens Company…

A: Answer: Note are issued at the face value or the discounted value. When price of the note is the…

Q: On November 1, Alan Company signed a 120-day, 11% note payable, with a face value of $14,400. What…

A: The question is related to maturity value of of notes Payables issued on November 1st for 120 days…

Q: On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face…

A: We know that if a note is an interest-bearing note the borrower is obligated to pay the whole…

Q: Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: Anderson Co. issued a $48,947, 60-day, discounted note to National Bank. The discount rate is 7%. At…

A: The question is related to bills discounting. The company has issued a $48947 , 60 days bill @ 7%.

Q: On April 12 Hong co. agrees to accept a 60 day, 6% 6,900 note from indigo co to extend the due date…

A: Introduction: Journals: Recording of a business transaction in a chronological order. First step in…

Q: Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account.a. If the…

A: a. Prepare the journal entry to record if the note is issued with a 45-days term

Q: BAYAN Company had a 60-day note of P10,000 dated May 15 with a 9% interest rate, discounted at the…

A: The note receivable is a current assets, which is issued by the debtors of the business. Discounting…

Q: On January 1, 2020 Plumbus Inc. is issued a notes payable for $29,200. The note has an interest rate…

A:

Q: 60-day, 9% note for $10,000, dated May 1, is received from a customer on account.  Use 30 day months…

A: The  note is type of exchange in which they are is promised to pay the specified amount within a…

Q: Valley Designs issued a 90-day, 10% note for $48,000, dated April 22, to Bork Furniture Company on…

A: A journal entry is used to reflect a business deal in a company's accounting records. A journal…

Q: Valley Designs issued a 120-day, 6% note for $76,800, dated April 15 to Bork Furniture Company on…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On December 1, Victoria Company signed a 90-day, 6% note payable, with a face value of $15,000. What…

A: Interest accrued = Note payable x Interest rate x 30/360 = $15000 x 6% x 1/12 = $75