On May 12, Scott Rinse accepted an $11,000, 14%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 13%. (Use Days in a year table.) What proceeds does Scott receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.) Proceeds received $
Q: For items 16-30, when asked about an amount of money (interest, discount, present value, future…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: On April 1, 2018, John Vaughn purchased appliances from the Acme Appliance Company for $1,200. In…
A: Given information is: On April 1, 2018, John Vaughn purchased appliances from the Acme Appliance…
Q: On March 1, 2012, Jason's Deli loaned $12,000 to Mark Johnson for one year at 5 percent interest.…
A: Given the following information: Principal amount: $12,000 Interest rate: 5% Time period: From…
Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note,…
A: Given information is: Selkirk Company obtained a $15,000 note receivable from a customer on January…
Q: HiLo purchased inventory for $30,000 by signing a 4% 4-month note. How much would HiLo need to repay…
A: Notes are instrument issued by company acknowledging the debt raised by company . It is a liability…
Q: On June 1, Mia deposited $3,800 in an MMDA that pays 4% interest. On October 31, Mia invested…
A: The amount earned on any deposits is the sum total of interest earned taking into consideration the…
Q: Mystic Magic issued a $120,000 note on January 1, 2018 to a customer, Amy Arnold, in exchange for…
A: 1. 01-Jan-18 Notes Receivable... Dr 120,000 To accounts receivable…
Q: The due date on Gabrielle's credit card is the 8th day of each month. Gabrielle's unpaid credit card…
A: Balance on July 8th is $2,750 Additional Charges during month is $320 Payment during month is $400…
Q: On May 1, 2020, People's Networks sold computer networking supplies to Florida Autos for $46,300.…
A: working notes : b) ($ 46,300*10%*6/12) =$ 2,315 c) ($ 46,300*10%*2/12) =$771.66
Q: Mystic Magic issued a $130,000 note on January 1, 2018 to a customer, Amy Arnold, in exchange for…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: On May 1, 2020, People's Networks sold computer networking supplies to Florida Autos for $46,300.…
A: From May 1 to Oct 31 = 6 months. So interest will be accrued for 6 months on Oct 31. From Oct 31…
Q: Ron Prentice bought goods from Shelly Katz. On Aug. 15, Shelly gave Ron a time extension on his bill…
A: Formula: Maturity value = Principle value + Interest value.
Q: Martinez Co. borrowed $52,557 on March 1 of the current year by signing a 60-day, 12%,…
A: Notes payable is categorized as a negotiable instrument signed by the promisor who agreed to pay a…
Q: You and several classmates are studying for the next accounting examination. They ask you to answer…
A: Interest expense = Amount borrowed x rate of interest x period
Q: ystic Magic issued a $120,000 note on January 1, 2018 to a customer, Amy Arnold, in exchange for…
A: A journal entry is a form of accounting entry that is used to document a financial transaction in a…
Q: Calculate the amount of cash payments Zetix was required to make in each of the two calendar years…
A: Calculation of Cash Payment = Amount of Notes Payable * Rate of Interest * 3 Months/12 Months Since…
Q: Calvin Johnson has a $4,500 debt balance on his Visa card that charges 13.3 percent APR compounded…
A: Here, Debt Amount of Credit Card is $4,500 APR is 13.3% Compounding Period (m) is Monthly i.e 12…
Q: Martinez Co. borrowed $74,240 on March 1 of the current year by signing a 60-day, 12%,…
A: Given, Face value of the note = $74,240 Interest rate = 12% Period = 60 days
Q: Irving Corporation operates a retail clothing store. On May 1, 2017 Irving purchases a new truck…
A: Journal entry is recording the transactions of the business in the books of accounts of the company…
Q: Bruno received a one-year, P 375,000 note bearing annual interest of 8% from a customer. After…
A:
Q: COMPUTE TRINA'S INTEREST INCOME UNDER THE FOLLOWING SITUATION: The note is non-interest bearing, but…
A: Non-interest bearing promissory note is the note which itself denotes in the name that the holder of…
Q: On March 15, 2021, Julio borrowed $910 from Sheridan Credit Union at 7.19% per annum calculated in…
A: A line of credit seems to be a sort of loan made to meet a short-term personal or commercial cash…
Q: Arvan Patel is a customer of Bank’s Hardware Store. For Mr. Patel’s latest purchase on January 1,…
A: Total interest on Note = face value of note x rate of interest x no. of years = $459,505 x 14% x 2…
Q: Soledad receives a bill for P18,000 dated July 7 with terms 6/15, 4/30, n/60. What cash discount…
A: The term credit sales represent a transfer of goods or services to a customer but the payments are…
Q: Calvin Johnson has a $5,000 debt balance on his Visa card that charges 13.8 percent APR compounded…
A: Data given: Debit balance =$5000 APR compounded monthly =13.8% /12 = 0.0115 a) Minimum monthly…
Q: . On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received from a customer on…
A: Discounted notes are a way for a business to reduce its receivable amount to meet its immediate…
Q: On March 1, 2012, Jason's Deli loaned $12,000 to Mark Johnson for one year at 5 percent interest.…
A: Given the following information: Principal amount: $12,000 Interest rate: 5% Time period: from…
Q: On the first day of the fiscal year, Shiller Company borrowed $33,000 by giving a seven-year, 8%…
A: Journal entry
Q: On January 1, a woman deposits $5000 in a credit union that pays 8% nominal annual interest,…
A: Computation:
Q: Sean purchased an interest-bearing promissory note for $11,000.00 at 5.00% p.a., due in 90 days. If…
A: The promissory note refers to a debt instrument that is issued by a person who writes a note by…
Q: Nesrin, purchased a new car for $9,420, paying $3,000 down payment and agreeing to 12 monthly…
A: Credit rate: The amount charged for a credit loan or purchase is usually represented as a…
Q: On February 1, 2021, a company loans one of its employees $28,000 and accepts a eight-month, 7% note…
A: The note receivable is recorded as a current asset in the balance sheet of the company. Given…
Q: Miss Evilla borrowed money from a bank. She receives from the bank P1,340.00 and promised to pay…
A: Banker's discount is the discount amount calculated on the future value of payable.
Q: Martinez Co. borrowed $50,000 on March 1 of the current year by signing a 60-day, 9%,…
A: The entry to record the payment should include Debit to Interest Expenses for $375.
Q: Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of…
A: Prepare the Journal Entries on July 1 Detailed Journal Entries are given below:
Q: Ron Prentice bought goods from Shelly Katz. On April 5, Shelly gave Ron a time extension on his bill…
A: Given, Principal (P) = $3,200 Rate of interest (R) = 9% Time (T) = 155 / 360 = 0.4305 I = P* R * T…
Q: Quinn opened an account with an initial deposit of $2500. At the end of the 2nd and 8th years, he…
A: Initial Deposit = $2500 2nd Year Deposit = $3,000 8th Year Deposit = $5,050 Withdraw = $3,000…
Q: Calvin Johnson has a $4,000 debt balance on his Visa card that charges 13.8 percent APR compounded…
A: Here, Debt Balance is $4,000 APR is 13.8% compounded monthly Compounding Period is Monthly i.e. 12…
Q: Greg owes two debt payments – a payment of $5,473 that was due in 14 months ago and a payment of…
A: Effective annual interest rate = (1 + (nominal rate / number of compounding periods)) ^ (number…
Q: Recall that Kate previously obtained a $15,000 bank loan, signing a note payable, on November 30.…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a sevenyear,7%…
A: a) Prepare the journal entry.
Q: Marydale Products permits its customers to defer payment by giving personal notes instead of cash.…
A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…
Q: Recall that Kate previously obtained a $15,000 bank loan, signing a note payable, on November 30.…
A:
Q: Calvin Johnson has a $6,000 debt balance on his Visa card that charges 11.1 percent APR…
A: Data given: Debit balance on Visa card= $6000 APR (compounded monthly) = 11.1% i) Minimum monthly…
Q: Jie purchased a computer priced at $891.06, financing it by paying $60.38 on the date of purchase,…
A: Finance amount (F) = $891.06 - $60.38 = $830.68 Number of payments (n) = 15 r = 11.9% per annum =…
Q: On January 1, 2022 Hideki Matsuyama provides services in exchange for a $10,000 zero-interest…
A: Solution: Present value of note on Jan 1, 2022 = $10,000 * PV of 1 at 15% for 4 periods = $10,000 *…
Q: Calvin Johnson has a $5,500 debt balance on his Visa card that charges 12.2 percent APR compounded…
A: Given that: Interest rate = 12.2% annually periodic payment (pmt)=$220 present value= $5500 future…
Q: Raul Fletes borrowed $7,500 on a 270-day note that required ordinary interest at 11.58%. Raul…
A: Since this is an ordinary interest, we need to use 360 days in a year. Interest saved can be…
Q: The accountant for Eastern Appliances manages the “no money down” arrangements offered to its…
A: Here,
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- On May 12, Scott Rinse accepted an $9,500, 11%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 10%. (Use Days in a year table.) What proceeds does Scott receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Proceeds receivedOn May 12, Scott Rinse accepted an $4,500, 11%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 10%. What proceeds does Scott receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.On May 12, Scott Rinse accepted an $12,000, 12%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 11%. (Use Days in a year table.) What proceeds does Scott receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.
- Ron Prentice bought goods from Shelly Katz. On April 8, Shelly gave Ron a time extension on his bill by accepting a $2,520, 10%, 190- day note. On July 14, Shelly discounted the note at Roseville Bank at 10%. (Use Days in a year table.) What proceeds does Shelly Katz receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Proceeds receivedRon Prentice bought goods from Shelly Katz. On Feb. 26, Shelly gave Ron a time extension on his bill by accepting a $4,800, 6%, 155- day note. On May 18, Shelly discounted the note at Roseville Bank at 11%. (Use Days in a year table.) What proceeds does Shelly Katz receive? (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Proceeds receivedRon Prentice bought goods from Shelly Katz. On Aug. 15, Shelly gave Ron a time extension on his bill by accepting a $3,200, 9%, 165-day note. On Nov. 2, Shelly discounted the note at Roseville Bank at 8%. (Use Days in a year table.) What proceeds does Shelly Katz receive? (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Proceeds received
- Ron Prentice bought goods from Shelly Katz. On Feb. 26, Shelly gave Ron a time extension on his bill by accepting a $4,400, 6%, 165- day note. On May 10, Shelly discounted the note at Roseville Bank at 10%. (Use Days in a year table.) What proceeds does Shelly Katz receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Proceeds receivedron prentice bought goods from shelly katz. on may 8, shelly gave ron a time extension on his bill by accepting a $3,000, 8%, 180-day note. on august 16, shelly discounted the note at roseville bank at 9%. (use days in a year table.) what proceeds does shelly katz receive? (use 360 days a year. do not round intermediate calculations. round your answer to the nearest cent.): Proceeds received: ??Ron Prentice bought goods from Shelly Katz. On April 5, Shelly gave Ron a time extension on his bill by accepting a $3,200, 9%, 155- day note. On July 9, Shelly discounted the note at Roseville Bank at 11%. (Use Days in a year table.) What proceeds does Shelly Katz receive? (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Proceeds received %24
- On August 2, Jun Co. receives a $6,100, 90-day, 12.5% note from customer Ryan Albany as payment on his $6,100 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.)Ron Prentice bought goods from Shelly Katz. On Sept. 14, Shelly gave Ron a time extension on his bill by accepting a $4,360, 6%, 150-day note. On Dec. 18, Shelly discounted the note at Roseville Bank at 7%. (Use Days in a year table.) What proceeds does Shelly Katz receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.Dave borrowed $730 on January 1, 2019. The bank charged him a $4.00 service charge and interest was $54.40. If Dave paid the $730 in 12 equal monthly payments, what was the APR? (Enter your answer as a percent rounded to 1 decimal place.) Annual percentage rate %