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

Q: Assuming a 360-day year, when a $11,918, 90-day, 10% interest-bearing note payable matures, total…

A: A note payable is a written promissory note. Under this agreement, a borrower borrows a specific…

Q: Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a…

A: Interest Expense = Note payable amount * Interest Rate * Period

Q: TORR, Inc. issues a $600,000, 9%, five-year note payable on January 1, 20X5. If the monthly payment…

A: Interest for first month = face value of the note payable x interest rate  x no. of months/12 =…

Q: On January 1, 2019, Johnson Corporation issued a 2-year note due December 31, 2020, with a face…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: Current Attempt in Progress Starr Corporation loaned W90,000 to another corporation on December 1,…

A: Adjusting entries are journal entries that are often made at the conclusions an accounting period to…

Q: On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that…

A:

Q: written promise to pay a specified amount on a definite future date within one year or the company’s…

A: The short term notes payable is  the note that promise the creditor to pay the amount specified…

Q: Assume the following information regarding a note received by HEERHUM YU Company: Principal amount…

A: The note receivable is a current asset, which is issued by the debtors of the company as a…

Q: On October 1 of the current year, an entity received a one-year note receivable bearing interest at…

A: The accrued interest is the interest earned but not received yet and hence, reported as current…

Q: The following journal entry was made by your predecessor to record the annual payment on a 5%,…

A: Note payable refers to a composed promissory note. Under this understanding, a borrower gets a…

Q: On the first day of the fiscal year, a company issues $26,000, 12%, three-year installment notes…

A: Issue price of note is given at $26,000 and annual payment is $10,825 ($3,120 interest and $7,705…

Q: On January 2, 2020, Brook Company acquired machinery by Issuing a 5%, $350,000 note due in 5 years…

A: Current portion of liability means the obligation that an entity would settle within a year and…

Q: Problem 07 The following are three notes held by SANDMAN Company starting January 1, 2019: a. 5 year…

A: Solution 1: Computation of Present Value of Note Table values are based on: n= 5     i=…

Q: Mr. Potts issued a 90-day, 7% note for $200,000, dated February 3 to Valley Co. on account. (Assume…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: horizontal model to record collection of the note and interes

A: Interest income on note receivable = Value of note * Annual interest rate * Number of months until…

Q: n Leni Company's December 31, 2021 statement of financial position, a note receivable was reported…

A: Solution: "Interest is due on July 31, 2022 and July 31, 2023 and principal is due on July 31, 2023"…

Q: Good Day Service Center received  a 120-day, 6% note for $250,000, dated April 12 from a customer on…

A: Calculation of due date of the Note Due Date of Note will be 120 days form the date on which it is…

Q: Autumn Designs & Decorators issued a 120-day, 8% note for $78,000, dated April 13 to Zebra Furniture…

A: The note receivable is an asset for the business which is issued by the debtors of the business.

Q: Compute for the total interest income to be recognized in 2020 in relation to the four note…

A: Promissory Note:- It is a written document where the writer has to pay the agreed amount to the…

Q: Spring Designs & Decorators issued a 120-day, 6% note for $42,000, dated April 13 to Jaffe Furniture…

A: Interest on note = Face value of note x rate of interest x no. of days / 360 = $42000 x 6% x 120/360…

Q: The maturity value of a $348,000, 4%, 45-day note receivable dated July 3, assuming a 360-day year,…

A: Interest on Note receivable = Note receivable x rate of interest x days/360

Q: 1. On December 31, 2019, what is the carrying amount of note receivable? a. 2,500,000 b. 1,995,000…

A: Thank you for posting questions. Since you have posted multiple questions, as per the guideline I am…

Q: Journalize the following, assuming a 360-day year is used for interest calculations: ​ Apr. 30…

A: Interest Expense = 150,000 x 6% x 30 / 360 = $750

Q: On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $19,800. What…

A: Concept used:

Q: A 13.2% P600,000 note payable was issued by Robin Company on March 1, 2020. The principal and…

A: It is pertinent to note that liabilities that are not settled with in 12 months from the end of the…

Q: Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day,…

A: Solution...     Principal amount = $91,392   Time period = 90 days  Rate of interest = 7%

Q: on August 1, 2018, Turner manufacturing lands cash and excepts a $11,000 note receivable that offers…

A: >Year end adjustments are required to adjust various accounting adjustment which can be…

Q: Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer on account.…

A: Journal Entry is the primary entry of business transactions. Every transaction has a dual effect…

Q: 26 On January 1, 2021, Biliran Company received a 5%, P10,000,000, note collectible in installment…

A: Notes Receivable Issuing note receivable which generates additional income in the form of interest…

Q: . Potts issued a 90-day, 7% note for $200,000, dated February 3 to Valley Co. on account.…

A: The person who promised to pay the specified amount by signing a note is treated as notes payable as…

Q: of interest of 10%, The service revenue to be recognized for the year ended December 31, 2020 is A.…

A: Service revenue is the revenue which has been earned through the performance of the obligations or…

Q: 16. On October 1, 2020, Zachary's Balloons borrowed $4,000 on a 12%, one-year note payable. Interest…

A: Semiannual Interest = $4,000 * 12% * 6/12 Semiannual Interest = $240

Q: Consider the following independent scenarios: On 9/1, company accepts a P10,000, 5%, 8-month note…

A: Notes receivable are asset accounts linked to an underlying promissory note, which specifies the…

Q: Assuming a 360-day year, when a $12,919, 90-day, 6% interest-bearing note payable matures, total…

A: Note Payable: A Note payable is a written promissory note which represents a specific amount of cash…

Q: On April​ 1, 2025, Barnes Services received a 6−month note for $11,000 at 10​%. Calculate the amount…

A: Solution: Interest due at maturity = P * R*T

Q: On July 8, Action Co. issued an $80,000, 6%, 90-day note payable to Scanlon Co. Assuming a 360-day…

A: The note is the liability on which a specific percentage of interest has to be paid over the…

Q: Assuming a 360-day year, when a $16,098, 90-day, 8% interest-bearing note payable matures, total…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

Q: Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on…

A: Notes receivable is a negotiable instrument that indicates the claims to be paid at a specific date…

Q: On the first day of the fiscal year, a company issues $69,000, 9%, seven-year installment notes that…

A: Note​ : Note is an instrument through which borrower obtains money from a person called lender and…

Q: Assuming a 360-day year, when a $13,430, 90-day, 11% interest-bearing note payable matures, total…

A: At the maturity of note payable, The amount paid = Principal + Interest Amount

Q: 7) In On December 31, 2020, an adjusting entry was made to accrue interest for a P60,000, 120-day,…

A: Formula for interest calculation : Interest amount = Principal X Rate of interest X Number of days…

Q: ________________ is a written promise to pay a specified amount on a definite future date within one…

A: Answer: Option A is the Correct answer i.e. Short-term note payable.

Q: On September 1, 2021, Daylight Donuts signed a $112,000, 9%, six-month note payable with the amount…

A: Notes payable is considered a negotiable instrument. It is classified under the head of current…

Q: suming a 360-day year, when a $12,600, 90-day, 11% interest-bearing note payable matures, total…

A: Maturity Value of Note Payable = Face Value + Interest Maturity value = Face Value + (Face Value x…

Q: 60-day, 9% note for $10,000, dated May 1, is received from a customer on account.  Use 30 day months…

A: The  note is type of exchange in which they are is promised to pay the specified amount within a…

Q: Assuming a 360-day year, when a $11,392, 90-day, 10% interest-bearing note payable matures, total…

A: Interest expense for 90 day period = issue price × Interest rate × 90/360

Q: Chang Co. issued a $45,750, 120-day, discounted note to Guarantee Bank. The discount rate is 11%.…

A: Discount on note =Value of 120 day note × discount rate × 120 days365 days=$45,750 × 11% ×…

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 *…