Answered: On February 1, Maris Company received a…

On February 1, Maris Company received a 9,000, 10%, four-month note receivable. The cash to be received by Maris Company when the note becomes due is?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: On November 7, Mura Company borrows $350,000 cash by signing a 90-day, 8%, $350,000 note payable.…

A: Note means an instrument issued by company acknowledging the debt due from company to bond holder.…

Q: The following note transactions occurred during the year for Towell Company: On Nov. 25, Towell…

A: Interest is an expense which is to be paid to the lender or creditor for making late payment for the…

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: Goldie Corporation takes out a $10,000 cash loan from its bank by signing a 15%, 9-month promissory…

A: A promissory note is a financial instrument that includes a written promise to pay a certain sum of…

Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual…

A: Journal:Journal is the method of recording monetary business transactions in chronological order. It…

Q: Sylvestor Systems borrows $185,000 cash on May 15 by signing a 150-day, 7%, $185,000 note. 1. On…

A: Journal: Recording of a business transactions in a chronological order.

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: ired 2B rest at turity ure? Required 2B General Journal

A: Answer : Note mature date = 12 October 15 May + 150 days = 12 Oct. 16 Days remaining from May + 30…

Q: Leach Company borrowed $95,000 cash by issuing a note payable on June 1, Year 1. The note had an 6…

A: The company can issue notes to borrow funds. The note can be issued either for the long term or the…

Q: A business issued a 60-day note for $87,000 to a bank. The note was discounted at 7%. Journalize the…

A: Businesses may issue short-term discount notes in consideration of goods, services, or cash.These…

Q: MCM Company issued a note receivable to a customer on September 1, 2020. The face value of the note…

A: Note receivable is considered as a negotiable instrument. It represents the claim amount due on the…

Q: On June 8, Smith Technologies issued a $75,000, 6%, 140-day note payable to Johnson Company. What…

A: The due date is the maturity date of the note. On the due date, the borrower is supposed to repay…

Q: Shady Tree Company issued a note receivable to a customer. The face value of the note was $12,000 at…

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

Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…

Q: Please check my work Keesha Company borrows $250.000 cash on December 1 of the current year by…

A: Notes Payable is a piece of documentary evidence issued by the borrower to the payee. This document…

Q: On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 8%, $160,000 note payable.…

Q: What is the due date of a $12,000 90-day, 8% note receivable dated August 5?

A: Maturity date of notes receivable is calculated on the basis of the wordings in the note. If it is…

Q: On January 1, MM Company borrows $290,000 cash from a bank and in return signs an 4% installment…

A: Journal entry is the primary step to record the transaction in the books of accounts. Notes payable…

Q: On December 1, Williams Company borrowed $50,000 cash from Second National Bank by signing a 90-day.…

A: Note payable is a form of debt taken by the company on which business has to pay interest on…

Q: Keesha Company borrows $215,000 cash on December 1 of the current year by signing a 90-day, 9%,…

A: Notes payable refers to the obligation of the company/individual to repay the sum within maturity…

Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 60-day, 5%, $50,000 note. 1. On what…

A: Note payable is one form of liability for the business, which needs to be paid or settled within a…

Q: On the first day of the fiscal year, a company issues $32,000, 11%, five-year installment notes that…

A: The journal is the book in which the company will record the transactions in chronological manner.…

Q: On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu…

A: Calculate the interest amount as follows: Interest = Face value * Interest rate*Periods

Q: Sylvestor Systems borrows $75,000 cash on May 15 by signing a 60-day, 7%, $75,000 note. 1. On what…

A: In most cases, companies issue notes in order get financing. The notes do have a maturity period…

Q: On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note…

A: Amount of cash received = Face value of the Note - Discount amount where, Discount amount = Face…

Q: company issued a 60 day 11% note for $17,000. What is the principal amount of the note? Round your…

A: The calculations of principal amount is it important thing on the two understand and complete…

Q: On October 1, Eli's Carpet Service borrows $125,000 from First National Bank on a 3-month, $125,000,…

A: Accrued Interest means the Interest which is already due but not paid with in the specific due date…

Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…

A: Note is a form of debt issued or taken by the company. Interest has to be paid or received on the…

Q: A 60-day, 5% note for $7,200, dated April 15 is received from a customer on account. The face value…

A: A note payable is 5% it represent that annual rate of interest And it is of for a 60 day period

Q: On September 1, The business sold merchandise for 33.000 TL (including 10% VAT) FOB Destination. The…

A: Notes payable are the asset of the firm where a borrower gives a written promise to lender to pay…

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: On November 25 of the current year, a company borrows $8,000 cash by signing a 90-day, 5% note…

A: The accrued interest payable shall be recorded on December 31 in accordance with the accrual basis…

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

A: Notes are issued to borrow funds. It is a promise by the borrower to repay the funds borrowed on…

Q: Dan Dayle started a business by issuing an $92,000 face value note to First State Bank on January 1,…

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

Q: )Determine the due date of the note. b)Determine the maturity value of the note. Assume 360 days in…

A: Given information is: Lundquist Company received a 60-day, 9% note for $21,500, dated July 23, from…

Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 90-day, 8%, $50,000 note. 1. On what…

A: The note payable is treated as liability in the business. The note that matures in less than one…

Q: Dan Dayle started a business by issuing an $85,000 face value note to First State Bank on January 1,…

A: >Note Payables are the liabilities.>It can be issued in case of:--when goods are purchased on…

Q: During 2018, LeBron Corporation accepts the following notes receivable. a. On April 1, LeBron…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Dan Dayle started a business by issuing an $98,000 face value note to First State Bank on January 1,…

A: a) Interest Expense = Principal Amount x Interest Rate = $98,000 x 8% = $7,840a) Principal…

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

A: Notes receivable means the amount of money due from the customers to whom a note has been issued. It…

Question

On February 1, Maris Company received a 9,000, 10%, four-month note receivable.

The cash to be received by Maris Company when the note becomes due is?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Working:

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The Beta Company made a sale for $340,000 on credit. It accepted a note receivable from the customer, payabl years. A 4% interest is due from the customer every December 31st. The customer's borrowing rate is 6%. The i revenue to be recorded on the note receivable at the end of the first year is (ignore decimals in your calculations Select one: a. $19,309 Ob. $12,872 c. $13,600 X d. $22,808
On april 12 hong company agrees to accept a 60 day, 10% note from Indigo to extend the overdue accounts payable. what is the journal entry needed to record the transaction
A business issued a 60-day, 15% note for $92,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360 days in a year. If an amount box does not require an entry, leave it blank. If required, round yours answers to whole dollar. Transaction Account Debit Credit a. b.
On July 18, Aui accepted a $15,000, 7¾%, 180-day note from Ryan. On October 5, Aui discounted the note at Brome Bank at 8¼%. What proceeds did Aui receive? Use ordinary interest.
On October 13, The business sold merchandise for 198.000 TL (including 10% VAT) FOB Destination. The customer endorses a check for 148.000 TL and signs a 9-month note with an annual interest rate of 8% for 50.000 TL. Which entry is made when the business receives the payment at maturity for the note received on October 13? O a. 54.000 TL debit to 100-Cash and 50.000 TL credit to 121-N/R; 4.000 TL credit to 642- Interest Revenue O b. 53.000 TL debit to 100-Cash and 50.000 TL credit to 121-N/R; 3.000 TL credit to 642- Interest Revenue O c. 53.000 TL debit to 100-Cash and 53.000 TL credit to 121-N/R O d. 54.000 TL debit to 100-Cash and 54.000 TL credit to 121-N/R
On June 1, Mickey Mouse Corporation accepted a customer's P10,000, 9 percent, 3-month note. On July 1, the note was discounted at a bank at a rate of 12 percent. How much cash did Mickey Mouse receive from the bank on the discounted note? choices 10,020 9,800 9,942 10,250
Selkirk Company obtained a $16,000 note receivable from a customer on January 1, 2024. The note, along with interest at 12%, is due on July 1, 2024. On February 28, 2024, Selkirk discounted the note at Unionville Bank. The bank’s discount rate is 15%. Required: Prepare the journal entries required on February 28, 2024, to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale.
Sylvestor Systems borrows $174,000 cash on May 15 by signing a 90-day, 6%, $174,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 1 Required 2A View transaction list Use those calculated values to prepare your entry to record payment of the note at maturity. Note: Use 360 days a year. Round final answers to the nearest whole dollar. Required 2B Required 2B Interest at Maturity Journal entry worksheet A General Journal Record the payment of the note at maturity. Note: Enter debits before credits. Date Maturity General Journal Debit Credit
am.111.
Paper Company receives a $6,000, 3-month, 6% promissory note from Dame Company in settlement of an open accounts receivable. What entry will Paper Company make upon receiving the note?
Norton Company received a 90-day, 6% note for $300,000, dated May 12 from a customer on account. Determine: (A) the due date of the note (B) the maturity value of the note
Note Receivable Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$ 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. Cash Notes Receivable Interest Revenue