Robinson's, an electrical supply company, sold $6,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 4.0% interest. The due date was August 10. Short of funds, Robinson's contacted Capital One Bank on July 20; the bank agreed to take over the note at a 5.7% discount. (Use Days inayear table) What proceeds will Robinson's receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.) Proceeds recelved
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- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.Homeland Plus specializes in home goods and accessories. In order for the company to expand its business, the company takes out a long-term loan in the amount of $650,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 8.5%. Each year on December 31, the company pays down the principal balance by $80,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. B. Compute the interest accrued on December 31 of the first year. C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that first year.Robinson’s, an electrical supply company, sold $4,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 4.5% interest. The due date was August 10. Short of funds, Robinson’s contactedCapital One Bank on July 20; the bank agreed to take over the note at a 6.2% discount. (Use Days in a year table.)What proceeds will Robinson’s receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)
- Robinson’s, an electrical supply company, sold $7,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 5.0% interest. The due date was August 10. Short of funds, Robinson’s contacted Capital One Bank on July 20; the bank agreed to take over the note at a 6.7% discount. (Use Days in a year table.)What proceeds will Robinson’s receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)Robinson's, an electrical supply company, sold $7,600 of equipment to Jim Coates Wiring, Incorporated Coates signed a promissory note May 12 with 4.8% interest. The due date was August 10. Short of funds, Robinson's contacted Capital One Bank on July 20; the bank agreed to take over the note at a 6.5% discount. (Use Days in a year table.) What proceeds will Robinson's receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Proceeds receivedRobinson’s, an electrical supply company, sold $8,000 of equipment to Jim Coates Wiring, Incorporated Coates signed a promissory note May 12 with 5.2% interest. The due date was August 10. Short of funds, Robinson’s contacted Capital One Bank on July 20; the bank agreed to take over the note at a 6.9% discount. (Use Days in a year table.) What proceeds will Robinson’s receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.
- A private enterprise sold some merchandise for $160,000 on January 1, 2020. The customer paid $20,000 in cash and issued a note for the remainder. The principal will be due in 2 years, and a 5% interest is due every December 31st. The customer’s borrowing rate is unknown. Assume that the customer’s borrowing rate is unknown and that the merchandise cash price is $150,000 (everything else holds true). Calculate the imputed interest rate and the interest revenue to be recorded on December 31, 2020 under IFRS.Keesha Company borrows $230,000 cash on December 1 of the current year by signing a 90-day, 11%, $230,000 note.1. On what date does this note mature?2. . What is the amount of interest expense in the current year and the following year from this note? What is the amount of interest expense in the current year and the following year from this note? (Use 360 days a year. Do not round intermediate calculations and round final answers to the nearest whole dollar.) Total through maturity Interest Expense Current Year Interest Expense Following Year Principal Rate (%) Time Total interest 3 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Please dont provide image in solutions thnkuRoseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is used for interest calculations.) Required: 1. Journalize Roseland's entries to record: a. The issuance of the note. b. The payment of the note at maturity. If an amount box does not require an entry, leave it blank. а. b. 2. Journalize CorpOne's entries to record: a. The receipt of the note. b. The receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. а. b.
- On January 1, 20X1, Wade Crimbring, Inc., a dealer in used manufacturing equipment, sold a CNC milling machine to Fletcher Bros., a new business that plans to fabricate utility trailers. To conserve cash, Fletcher paid for the machine by issuing a $200,000 note, payable in five years. Interest at 5% is payable annually with the first payment due on December 31, 20X1. The going rate for loans of this type is 10%. Use the PV of 1, PVAD of 1, and PVOA of 1 tables where appropriate. (Use the appropriate factor(s) from the tables provided.) Required: 1-a. What is the total present value of the note for Crimbring's sale of the machine on January 1, 20X1? 1-b. Prepare the entry that Crimbring would make for the sale of the machine. 2. Prepare the entry that Crimbring would make on December 31, 20X1, to record the receipt of the first interest payment. 4. Assume that Crimbring opted to carry this note at its fair value. What should be the value of the note on Crimbring’s December 31,…On January 1, 20X1, Wade Crimbring, Inc., a dealer in used manufacturing equipment, sold a CNC milling machine to Fletcher Bros., a new business that plans to fabricate utility trailers. To conserve cash, Fletcher paid for the machine by issuing a $200,000 note, payable in five years. Interest at 5% is payable annually with the first payment due on December 31, 20X1. The going rate for loans of this type is 10%. Use the PV of 1, PVAD of 1, and PVOA of 1 tables where appropriate. (Use the appropriate factor(s) from the tables provided.) (Round your intermediate calculations and final answers to the nearest whole dollars.) Required: 1. Assume that Crimbring opted to carry this note at its fair value. What should be the value of the note on Crimbring’s December 31, 20X1, balance sheet if the market interest rate is then 12%? Assume that the December 31, 20X1, payment has been made. 2. Prepare the entry that Crimbring would make on December 31, 20X1, to record the note at its fair value.On January 1, 20X1, Wade Crimbring, Inc., a dealer in used manufacturing equipment, sold a CNC milling machine to Fletcher Bros., a new business that plans to fabricate utility trailers. To conserve cash, Fletcher paid for the machine by issuing a $200,000 note, payable in five years. Interest at 5% is payable annually with the first payment due on December 31, 20X1. The going rate for loans of this type is 10%. Use the PV of 1, PVAD of 1, and PVOA of 1 tables where appropriate. (Use the appropriate factor(s) from the tables provided.) (Round your intermediate calculations and final answers to the nearest whole dollars.) Required: 1-a. What is the total present value of the note for Crimbring's sale of the machine on January 1, 20X1? 1-b. Prepare the entry that Crimbring would make for the sale of the machine. 2. Prepare the entry that Crimbring would make on December 31, 20X1, to record the receipt of the first interest payment. 3. Assume that Crimbring opted to carry this note at…