1 . 3 L23456 Determine the maturity date and compute interest for each note. Days to be used per year 360 days 16 17 Note 1 2 3 Note Contract Date March 11 May 25 October 22 1 2 3 Principal 9 0 Required Determine the maturity date and compute interest for each note. 1 $24,000 24,000 18,000 Interest Rate 5% 7% 4% Period of Note (Term) 60 days 90 days 45 days Contract Date Maturity Date Interest Expense Mar 11 May 25 Oct 22. 3•392345Determine the maturity date and compute interest for each note.Days to be used per year360 days1617Note123Contract DateMarch 11May 25October 22Note0 Required Determine the maturity date and compute interest for each note.1Principal$24,00024,00018,0002 May 253 Oct 22Interest Rate5%7%4%Contract Date Maturity Date Interest Expense1 Mar 11Period of Note (Term)60 days90 days45 days

One of the main costs shown in the income statement is interest expense. A business needs to finance…

5 Determine the maturity date and compute interest for each note. Days to be used per year 360 days Note 1 2 3 Contract Date March 11 May 25 October 22 Note Principal 2 May 25 3 Oct 22 $24,000 24,000 18,000 Interest Rate 5% 7% 4% Required Determine the maturity date and compute interest for each note. Contract Date Maturity Date nterest Expense 1 Mar 11 Period of Note (Term) 60 days 90 days 45 days

5 Determine the maturity date and compute interest for each note. Days to be used per year 360 days Note 1 2 3 Contract Date March 11 May 25 October 22 Note Principal 2 May 25 3 Oct 22 $24,000 24,000 18,000 Interest Rate 5% 7% 4% Required Determine the maturity date and compute interest for each note. Contract Date Maturity Date nterest Expense 1 Mar 11 Period of Note (Term) 60 days 90 days 45 days

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter8: Receivables

Section: Chapter Questions

Problem 8.19EX: Determine due date and interest on notes Determine the due date and the amount of interest due at...

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A B E 2 Determine the maturity date and compute interest for each note. 3 Days to be used per year 360 days 4 Note Contract Date Principal Interest Rate Period of Note (Term) 6. 1 1-Mar $10,000 6% 60 days 7 2 15-May 15,000 8% 90 days 8 3 20-Oct 8,000 4% 45 days 9. 10 Required: 11 12 (Use cells A5 to F8 from the given information to complete this question.) 13 14 Note Contract Date Maturity Date Interest Expense 15 16 17 3 18
430 Chapter 8 Receivables Obi * EX 8-19 Determine due date and interest on notes Determine the due date and the amount of interest due at maturity on the following notes Va. May 4, $1,800 Interest Rate Term of Note Date of Note Face Amount 120 days 30 days 45 days 90 days 90 days $90,000 6% January 5* February 15 May 19 August 20 October 19 a. (0) 4 21,000 68,000 b. SHOW ME HOW EXCEL TEMPLATE C. 8. d. 34,400 50,000 e. Assume a leap year in which February has 29 days. Obj. 6
Activity No.6 Notes Receivable DUE DATE The date a note is to be paid is called the DUE DATE or Maturity Date. The period of time between the issuance date and the due date of the short-term note may be stated in either days or months. When the term of the note is stated in days, the due date is the specified number of days after its issuance. Your activity starts here---- Promissory Note A. P5,000 Butuan City, Philippines March 16, 2021 Ninety days AFTER DATE We PROMISE TO PAY TO THE ORDER OF Fuji Enterprises Five Thousand and 00/100 only PESOS PAYABLE AT First National Bank VALUE RECEIVED WITH INTEREST AT 10% NO. 10 DUE J. P. ALINGALAN TREASURER, CALA COMPANY B. P30,000.00 Butuan City, Philippines July 8, 2021 One hundred twenty days AFTER DATE We PROMISE TO PAY TO THE ORDER OF Fuji Enterprises Thirty Thousand and 00/100 only. PESOS PAYABLE AT First National Bank VALUE RECEIVED WITH INTEREST AT 12% 11 DUE W. P. DALUGDOG TREASURER, AMOR COMPANY NO. C. P25,000.00 Butuan City,…
Question 31 Nelsie Corporation has an outstanding 60- day 6% note receivable armounting to P 15.000 dated December 1 of the current yoar. The company is using the calendar yoar in preparing its financial statomonts. What account should be creditod and what is the amount? Interest Income, P 75 Interest Income, P 900 Oc Accrued Interest Income, P 150 Unearmed Interest Income, P150
FAST PLZ On 1st July 2020 Star LLC has accepted a note receivable for RO 2000 from one of the accounts receivables. The maturity period is 6 months. The interest rate is 10%. The amount of interest to be recorded in account on 31 December will be. a. RO 400 b. RO 300 c. RO 200 d. RO 100
12:43 1 ul LTE A v2.cengagenow.com Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note January 10* $40,000 5% 90 days a. b. March 19 18,000 180 days June 5 90,000 30 days C. d. September 8 36,000 90 days e. November 20 27,000 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest (a) Apr. 10 (b) Sept. 15 (c) July 5 (d) Dec. 7 (e) Jan. 19
→ w How BE 8-5 Note receivable Obj. 6 Prefix Supply Company received a 120-day, 6% note for $500,000, dated April 12 from a customer on account. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity.
Date Face Amount Term Interest Rate 1. Mar. 6 $75,000 60 days 4% 2. Apr. 7 40,000 45 days 6% 3. Aug. 12 36,000 120 days 5% 4. Oct. 22 27,000 30 days 8% 5. Nov. 19 48,000 90 days 3% 6. Dec. 15 72,000 45 days 5% Required: 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Assume a 360-day year. 2. Journalize the entry to record the dishonor of Note (3) on its due date. Refer to the Chart of Accounts for exact wording of account titles. 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February. Refer to the Chart of Accounts for exact wording of account titles.
ezto.mi Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.). (Use 13% for table lookup.). (Use the loan amortization table) (Round your answers to the nearest cent.) Number of Total of monthly payments $5,849.76 Total finance monthly payments Amount Purchase price of a used car $5,793 Down charge $1,339.76 financed APR payment $1, 283 48 $4,510 13% Monthly Payment es By table By formula
Current Attempt in Progress The maturity value of a $4900, 6%, 60-day note receivable dated February 10th is O $4925. O $5194. O $4949. O $4900.
Use ordinary interest: Principal Rate of Interest Time Maturity Value Date Note Made Date Note Discounted Discount Period Proceeds $70,000 11% 90 days A March 10 April 15 B C Note to be discounted at 10%
Interest Date Face Amount Rate Term 1. Apr. 10 $96,000 4% 60 days 2. June 24 18,000 30 days 3. July 1 63,000 120 days 4. Oct. 31 63,000 60 days 5. Nov. 15 54,000 60 days 6. Dec. 27 108,000 4 30 days Required: Assume 360 days in a year. 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. (a) (b) Note Due Date Interest Due at Maturity (1) June 9 V (2) July 24 v (3) Oct. 29 V (4) Dec. 30 v (5) Jan. 14 v (6) Jan. 26 v