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lated Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 1. Apr. 10 $78,000 4% 60 days 2. June 24 12,000 6 30 days 3. July 1 81,000 6 120 days 4. Oct. 31 81,000 5 60 days 5. Nov. 15 54,000 6 60 days 6. Dec. 27 180,000 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) Interest Due at Maturity Note Due Date (1) (2) (3) (4) (5) (6)

lated Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 1. Apr. 10 $78,000 4% 60 days 2. June 24 12,000 6 30 days 3. July 1 81,000 6 120 days 4. Oct. 31 81,000 5 60 days 5. Nov. 15 54,000 6 60 days 6. Dec. 27 180,000 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) Interest Due at Maturity Note Due Date (1) (2) (3) (4) (5) (6)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer must be in table format or i will give down vote 

 

lated Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 1. Apr. 10 $78,000 4% 60 days 2. June 24 12,000 6 30 days 3. July 1 81,000 6 120 days 4. Oct. 31 81,000 5 60 days 5. Nov. 15 54,000 6 60 days 6. Dec. 27 180,000 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) Interest Due at Maturity Note Due Date (1) (2) (3) (4) (5) (6)
Transcribed Image Text:lated Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 1. Apr. 10 $78,000 4% 60 days 2. June 24 12,000 6 30 days 3. July 1 81,000 6 120 days 4. Oct. 31 81,000 5 60 days 5. Nov. 15 54,000 6 60 days 6. Dec. 27 180,000 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) Interest Due at Maturity Note Due Date (1) (2) (3) (4) (5) (6)
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