FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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FDN Company received a four-month note receivable in the amount of PHP41,000,000 on September 1. The note requires interest at an annual
rate of 9%. How much is the accrued interest income at the end of September?
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- Company G borrowed $10,000 on November 1. The note has an interest rate of 8% and a term of 120 days. What is the amount of interest expense Company G should record on 12/31 of the first year? (Use 360 days a year.)arrow_forwardon nov, 1. Alan co. signed a 120 day, 12% note payable, with a fac valus of 9,900. what is the maturity value of the note on march 1? use 360 days a yeararrow_forwardOn January 1, 2018, Company B borrowed 50,000 signing a 3-year installment note payable with yearly cash payments of $19,402 due each December Assuming the interest rate is 8%, what is the net note payable reported on the December 31 balance sheet after the annual payment?arrow_forward
- On January 1, a company borrowed $35,148 for 6 months at an interest rate of 8%. The principal and interest are due at the maturity date of the note. How much interest should be accrued at the end of January? Round your answer to the nearest whole dollar (i.e., no decimal places).arrow_forwardOn the June 12 interest payment date, the outstanding balance on Delta Nurseries’ revolving loan was $65,000. The floating interest rate on the loan stood at 6.25% on June 12, but rose to 6.5% on July 3, and to 7% on July 29. If Delta made principal payments of $10,000 on June 30 and July 31, what were the interest charges to its bank account on July 12 and August 12? Present a repayment schedule supporting the calculations. (Round your final answers to 2 decimal places.) Date Number of days Interest rate (%) Interest ($) Accrued interest ($) Payment (Advance) ($) Principal portion ($) Balance ($) 12-Jun -- -- -- -- -- 65,000 30-Jun 18 6.25 10,000.00 10,000 55,000 3-Jul 3 6.25 55,000 12-Jul 9 6.50 55,000 29-Jul 17 6.50 55,000 31-Jul 2 7.00 10,000.00 10,000 45,000 12-Aug 12 7.00 45,000arrow_forwardOn June 8, Williams Company issued an $92,400, 11%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? Round your answer to the nearest whole dollar.arrow_forward
- On June 8, Williams Company issued an $80,000, 5%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? When required, round your answer to the nearest dollar. a. $82,600 b. $84,000 c. $81,333 d. $88,200arrow_forwardNote Receivable Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. $ Feedback Check My Work The due date is the date the note is to be paid. Assume a 360 day year. The maturity value is the amount that must be paid at the due date of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 Feedback Check My Work At the due date, the company records the receipt of payment on the note.arrow_forwardA 60-day, 9% note for $10,000, dated May 1, is received from a customer on account. Use 30 day months and 360 day years in calculations of interest. The maturity value of the note is:arrow_forward
- On June 8, Williams Company issued an $72,000, 7%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? Round your answer to the nearest whole dollar. a. $5,040 b. $73,680 c. $77,040 Od. $72,000arrow_forwardShadyTree Company issued a note receivable to a customer. The face value of the note was $12,000 at 4% interest for 5 months. How much interest revenue should ShadyTree recognize for the entire term of the note? $280 $480 $200 $40arrow_forwardA $10,000, 12%, 60-day note receivable is received on January 12. The note is discounted at 12% on January 18. What is the maturity value of the note ? Prepare journal entry to record at the date of maturity.arrow_forward
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