A one-year, $25,200, 14% note is signed on April 1. If the note is repaid on November 1 of the same year, how much interest expense is incurred?
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- Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight years. What is the amount of the current portion of the noncurrent note payable due in the second year? A. $800 B. $1,000 C. $500 D. nothing, since this is a noncurrent note payableChemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?Assuming a 360-day year, when a $12,750, 90-day, 11% interest-bearing note payable matures, total payment will amount to: Select the correct answer. $1,403 $14,153 $13,101 $351
- KE A non interest bearing promissory note for $1484 00 was discounted at 3% pa. compounded monthly. If the proceeds of the note were $1365.00, how long before the due date was the note discounted? State your answer in years and months (from 0 to 11 months) The note was discounted year(s) and month(s) before the due dateChang, Inc. issued a 3-month note in the amount of $360,000 on 12/01/17 with an annual rate of 5%. What amount of interest has accrued as of 12/31/17?please help me
- How do I find the carrying amout for each year?What is the annual payment on a 8-year, 8 percent, $52,000 note payable?On April 1, 20X1, Nelsen Inc. accepts a $100,000, 8% note. The note receivable and interest are due on March 31, 20X2 (one year later). On March 31, 20X2, Nelson Inc. will record interest revenue of: $2,000. $8,000. $6,000. $0.
- on June 8th Alton Co issued in 62700 8% 120 Day note payable to seller Co. Assume that the fiscal year of seller co ends june 30. using a 360 day year in your calculations, what is the amount of interest revenue recognized by seller in the following year? When required, round your answer to the nearest dollar.Watson Company issued a 60-day, 8% note for $18,000, dated April 5, to Laker Company on account. Assume a 360-day year when calculating interest. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. c-1. Journalize the entries to record the receipt of the note by the payee.* c-2. Journalize the entries to record the receipt by the payee of the amount due on the note at maturity.* *Refer to the Chart of Accounts for exact wording of account titles. Round answers to the nearest $1. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. c-1. Journalize the entries to record the receipt of the note by the payee.* c-2. Journalize the entries to record the receipt by the payee of the amount due on the note at maturity.* *Refer to the Chart of Accounts for exact wording of account titles. Round answers to the nearest $1. X First Questions…On January 1, a company borrowed cash by issuing a $390,000, 4%, installment note to be paid in three equal payments at the end of each year beginning December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) What would be the amount of each installment?Prepare an amortization table for the installment note.Prepare the journal entry for the second installment payment.