On 2019-03-23, xeniya deposits $814.22 in an account paying a simple interest rate 5.540%. Calculate the force of interest δ(t) on 2019-10-22. Use the daycount convention ACT/365.
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On 2019-03-23, xeniya deposits $814.22 in an account paying a simple interest rate 5.540%. Calculate the force of interest δ(t) on 2019-10-22. Use the daycount convention ACT/365.
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- Florenda Quino Forwarders borrowed P600,000 from the bank on Sept. 1, 2019. The note carried an 8% annual rate of interest and was set to mature on Feb. 29, 2020. Interest and principal were paid in cash on the maturity date. Required: 1. What was the amount of interest expense paid in cash in 2019? 2. What was the amount of interest expense recognized on the 2019 income statement? 3. What was the amount of total liabilities shown on the 2019 balance sheet? 4. What was the total amount of cash that was paid to the bank on Feb. 29, 2020 for principal and interest? 5. What was the amount of interest expense shown on the 2020 income statement?Kingbird Corporation issued $460,000, 8%, 20-year bonds on January 1, 2022, for $418,008. This price resulted in an effective- interest rate of 9% on the bonds. Interest is payable annually on January 1. Kingbird uses the effective-interest method to amortize bond premium or discount. (a) Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Jan. 1, 2022 Account Titles and Explanation Cash Discount on Bonds Payable Bonds Payable Debit 418008 41992 Credit 460000Erza Company has a P180,000, 10%, 90-day note receivable outstanding at December 31. The note is dated December 1, 2020. The appropriate adjusting entry is made to record accrued interest on the note at year-end. What is the correct adjusting entry on December 31 of the current year? Debit Interest Revenue and credit Interest Receivable, P4,500 Debit Interest Receivable and credit Interest Revenue, P1,500 Debit Interest Receivable and credit Interest Revenue, P4,500 Debit Interest Revenue and credit Interest Receivable, P1,500
- On 1st July 2020 Star LLC has accepted a note receivable for RO 2000 from one of the accounts receivables. The maturity period is 60 days . The interest rate is 10%. The amount of interest to be recorded in account on 31 December will be. a. RO 22 b. RO 32.87 c. RO 24 d. RO 33.97On 1st July 2020 Suntek LLC has accepted a note receivable for RO 4000 from one of the accounts receivables. The maturity period is 6 months. The interest rate is 10%. The amount of interest to be recorded in account on 31 December will be a. RO 500 b. RO 400 c. RO 300 d. RO 200MCM Company issued a note receivable to a customer on September 1, 2020. The face value of the note was $20,000 at 5% interest for 7 months. What would be included in the journal entry on March 30, 2021? A credit to Interest Income for $250.00 A debit to Interest Income for $583.33 A credit to Interest Receivable for $250.00 A debit to Interest Receivable for $583.33
- b. On September 1, 2019 the Robbem Co. received a $30,000 note receivable from a customer in exchange for an accounts receivable. The note will pay interest at a rate of 12% and principal and interest is due in 9 months (June 1, 2020). Instructions: 1. Compute the maturity value of the note. 2. Prepare the journal entry on September 1, 2019, the date the note was received. 3. Prepare the adjusting journal entry on December 31, 2019, to accrue the interest earned to date 1 pause B altall principal and interest payments have been made. Problem 6-7 (AICPA Adapted) beginning January 1, 2022. Interest on the note is pavable on the first day of each month beginning July 1, 2021. Dale made timely payments through November 1, 2021. On January 1, 2022, Yola Company received payment of the first principal installment plus all interest due. On December 31, 2021, what amount should be reported- as accrued interest receivable? a. 5,000 10,000 с. d. 15,000 b.On 1st July 2020 Star LLC has accepted a note receivable for RO 2000 from one of the accounts receivables. The maturity period is 6 months. The interest rate is 10%. The amount of interest to be recorded in account on 31 December will be. a. RO 300 b. RO 200 c. RO 400 d. RO 100
- Refer to the information in RE14-1. Assume Canglon uses the effective interest method to amortize the discount. Prepare the journal entry to record the first interest payment on June 30, 2019.Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.On April 5, 2019, Janeen Camoct took out an 8.5% loan for $20,000. The loan is due March 9, 2020. Use ordinary interest to calculate the interest. What total amount will Janeen pay on March 9, 2020? (Ignore leap year.) Required: What are the number of days between the two dates listed below? Note: Use the DATEDIF or DAYS function to calculate the number of days. 4/5/2019 3/9/2020 What is your principal? Note: Answer should be entered as a numeric value and not a formula. What is your rate? Note: Answer should be entered as a numeric value and not a formula. What is the time? What total amount will Janeen pay on March 9, 2020?
