Anderson Co. issued a $50,932, 60-day, discounted note to National Bank. The discount rate is 1196. At maturity, assuming a 360-day year, the borrower will pay:

Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…

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

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: A 102-day note for $85 bears simple interest at 4.5% and is sold 22 days before maturity to a bank…

A: Notes Receivables: It is possible to get a note receivable by writing a promise to receive a…

Q: Cullumber Inc. assigns $4728000 of its accounts receivables as collateral for a $3.30 million loan…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: 2, 69 st dol

A: Answer : Interest = Notes value * Interest rate * Days Interest = $75,972 * 6%*120/360 Interest =…

Q: using 360 days in a year, how much cash did thunder company receive from the bank?

A: Given information is: On september 1 thunder company received an p80,000, 12%, 120-day note from a…

Q: On June 8, Williams Company issued an $70,538, 11%, 120-day note payable to Brown Industries.…

A: The note payable is reported as liabilities in the balance sheet. The maturity value of note is…

Q: On November 1, 2021, FN Trading accepted a 90-day, 8% P9,000,000 note from ABC Co. FN immediately…

A: Given data, Face value=P9,000,000 Bank processing fee =P80,000     Maturity value of the note = Face…

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 September 30, 22, Choco Lanay Company discounted at the bank a customer's P1,750,000 6 month 12%…

A: Note receivable can be converted into cash by selling them to a financial institution at a discount.…

Q: The Irby Firm loaned Soltis Inc. $147,812. The Irby Firm accepted Soltis Inc's. 3 - year $ 186, 200,…

A: Zero-interest-bearing notes receivable refer to promissory notes or debt instruments that do not…

Q: On June 30, 2021, BTS Company factored P2,500,000 of accounts receivable for P2,250,000. The…

A: Loss on factored = (Accounts receivable - allowance for uncollectible accounts) - Amount received =…

Q: On 1/1/17, Carl Weathers Corp. purchases an asset and promises to make four annual payments of…

A: The discount to notes payable is the discount which has been occurred at the time when a fixed…

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

A: Approach to solving the question:For better clarity of the solution, I have provided the calculation…

Q: owing interest- aring promissory note was discounted at a bank by the payee before maturity. Use the…

A: A promissory note is a financial document wherein one party, referred to as the issuer or maker of…

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: ABS-CBN COMPANY received from a customer a one-year, $500,000 note bearing annual interest of 8%.…

A: Discounting seems to be the act of transferring or surrendering a customer's notes receivable to a…

Q: Mobile Co. issued a $47,563, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At…

A: Note: Discounted notes are issued at discount. The amount to be paid by the borrower at the time of…

Q: FDN Company signed a 90-day, 8% P150,000 note with the bank for cash borrowed. On maturity date, the…

A: The balance sheet represents the financial position of the business  The note payable is recorded as…

Q: Required: (a) Calculate the present value of the note (PV).

A: The present value of the note is as follows. =Amount repaid(1+interest rate)=$10000(1+12%)= $ 8,929

Q: Martinez Co. borrowed $79,200 on March 1 of the current year by signing a 60-day, 9%,…

A: The interest expense  is calculated as  follows  $79200 × 9% × 60/360   = $1188

Q: On June 8, Williams Company issued an $85,200, 9%, 120-day note payable to Brown Industries.…

A: Note payable is issued by the debtor as a. Promise note that he would make the payment on time with…

Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…

A: Formula: Interest amount = Notes amount x Interest rate x Time period

Q: On May 1, Knack Company signed a $80,000, 240-day, 6% note payable with Central Savings Bank. What…

A: Notes payable is current liabilities if it is due to pay able with one year. Interest is also…

Q: T, the borrower will pay:

A: The amount to be paid by the borrower is equal to the face value of the note issued.

Q: On June 8, Williams Company issued an $73,207, 7%, 120-day note payable to Brown Industries.…

A: Formula: Interest amount = Principal amount x Interest rate x Time period.

Q: On September 1, 2024, Hiker Shoes issued a $108,000, 6-month, noninterest-bearing note. The loan was…

A: Answer    Interest =           amount × rate of discount × 6/12  =  $108000 × 10% × 6/12      =…

Q: ne 8, Alton Co. issued an $79,432, 10%, 120-day note payable to Seller Co. Assuming a 360-day year…

A: Solution: Maturity value of the note is amount that is arrived by adding total amount of interest…

Q: How much interest expense should the company report as a result of discounting, assuming the…

A: Discounting notes is the process of selling a promissory note to a third party—typically a financial…

Q: Mobile Co. issued a $58,116, 60-day, discounted note to Guarantee Bank. The discount rate is 7%. At…

A: Note are form of loan taken or issued by the company. They can be discounted from the bank.

Q: On June 3, 20X1, Georgia State Company received a $10,400, 45-day, 10 percent note from Sampson…

A: Part 1:Answer:The entry required by Georgia State when Sampson Byrd paid the discounted note on the…

Q: A consumer gave ABS-CBN COMPANY a one-year, $500,000 note with an annual interest rate of 8%.…

A: Discounting appears to be the process of transferring or releasing a customer's notes receivable to…

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: American Bank has loaned $12,000 to Shoreline Petroleum Inc. using a 60-day non-interest-bearing…

A: Formula: Interest amount = Loan amount x Time period x Interest rate.

Q: Anderson Co. issued a $57,329, 60-day, discounted note to National Bank. The discount rate is 9%. At…

A: A discounted amount is received by the borrower at the time of the issue of notes But at the time of…

Q: On Nov. 16, 2021, JUMBLE BEE sold with recourse a 10%, 60-day, P80,000 note receivable dated Nov. 1,…

A: Discounting a note with a resource means that the firm or business discounting the note agrees to…

Q: Abe Corporation discounted a 120-day note with a maturity value of $8,000 dated June 8 at the…

A: ORDINARY INTEREST   ordinary interest is Finance interest based on a period of 360 days, rather…