Answered: On July 8, Action Co. issued an…

On July 8, Action Co. issued an $80,000, 6%, 90-day note payable to Scanlon Co. Assuming a 360-day year, what is the maturity value of the note? a.$84,800

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: Determine the maturity date and the amount at maturity (FMV), and the simple commercial interest of…

A: The question is related to amount at maturity amd date of maturity of four investments.

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: A 60-day, 6% note for $26,400, dated May 1, is received from a customer on account. The maturity…

A: Formula: Maturity Value of Note = Face Value of Note + Interest on Note Maturity Value of Note =…

Q: Assuming a 360-day year, the interest charged by the bank, at the rate of 6%, on a 90-day,…

A: Interest charged by the bank -Interest is still calculated as Principal x Interest x Frequency of…

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

A: Notes payable is a financial instrument used to raise funds for financial obligations. Interest is…

Q: 1. For each note below, calculate and record the maturity date and interest.

A: Notes Payable is a written agreement under which one party agree to pay the other party after the…

Q: Assume that a $10,000, five-year, 8% term note, is issued on October 1, 20X3: what is the Journal…

A: A note can be issued by the business receiving the loan or by a financial institution. Notes payable…

Q: NYJ, Inc. borrowed $500,000 on November 1, 20X1, and signed a nine-month note bearing interest at…

A: The notes payable require the borrower company to pay interest expense. The interest expense is…

Q: On 1st Sept 2020 Sun LLC has accepted a note receivable for RO 1000 from one of the accounts…

A: Days outstanding from 1st step to 31 dec = 122 Maturity period is less than it so total interest…

Q: Determine the due date and the amount of interest due

A: Required details are given below

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: FDN Company signed a 90-day, 8% P150,000 note with the bank for cash borrowed. On maturity date, the…

A: The balance sheet represents the financial position of the business The note payable is recorded as…

Q: On June 8, Williams Company issued an $85,200, 9%, 120-day note payable to Brown Industries.…

A: Note payable is issued by the debtor as a. Promise note that he would make the payment on time with…

Q: Assume that on 15th January 2019 Mustafa and Sons LLC sold OMR 15000 goods to Ibri traders on…

A: The maturity value is the amount to be paid at the time of maturity of note note receivable by the…

Q: On November 1, Alan Company signed a 120-day, 11% note payable, with a face value of $23,400. What…

A: The time value of money (TVM) is a fundamental concept in finance that reflects the idea that a…

Q: A 100-day note with a face amount of $54,000 and interest rate of 9% is issued on June 1. Required:…

A: 1.

Q: on June 8th Alton Co issued an $70620 11% 120 Day note payable to seller Co. Assuming a 360 day year…

A: Interest on Note = Face value of Note x rate of interest x No. of days /360 days =…

Q: A 60-day, 6% note for $24,000, dated May 1, is received from a customer on account. The maturity…

A: The maturity value of note is calculated as sum of principal value and interest amount.

Q: Compute the maturity date and interest for the following notes.( use 360 days for calculation) Dates…

A: Notes payable is a term in accounting that represents a written agreement or promissory note made by…

Q: On June 8, Williams Company issued an $73,207, 7%, 120-day note payable to Brown Industries.…

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

Q: A business issued a 90-day, 5% note for $24,000 to a creditor on account. The company uses a 360-day…

A: Notes payable is a negotiable instrument used for differing payments. In this one-party agree to pay…

Q: Compute the maturity value as indicated for each of the following notes receivable. (Use 360 days…

A: maturity value is the Amount of money that is due and will be payable on the maturity of any…

Q: For an interest-bearing promissory notes, compute the sale proceeds, when the issue amount is…

A: Notes are secured investment and the a kind of deposits in which interest is paid on expiration but…

Q: Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of…

A: Amount of interest can be computed using following formula :

Q: On June 5 Glover Co. issued a $60,000, 6%, 120-day note payable to Jones Co. How much will Glover…

A: Step 1: Formula Interest = Principal x interest rate x yearMaturity value = Principal + Interest…

Q: TORR, Inc. issues a $500,000, 6%, six-year note on January 1, 20X1. If the monthly payment is…

A: A note is one of the debt instruments that is issued by companies in order to raise funds. Note…

Q: Determine the due date and the amount of interest due at maturity on the following notes: Date of…

Q: The Sample Company discounts a $100,000 note receivable on 15 Máy 20x2. The following facts are…

A: Maturity value can be calculated as sum of principal and interest. Further, the discount amount can…

Q: 17. Walnut company received from a customer an 1-year, P200,000 note bearing annual interest of 8%.…

A: The maturity value of note is calculated as sum of principal value of note and interest earned.

Q: On January 26, McMaster Co. borrowed cash from Quantum Bank by issuing a 45-day note with a face…

A: Proceeds of the note = Face value of the notes - Discount amount

Q: A business issued a 45-day, 6% note for $210,000 to a creditor. Principal and interest are payable…

A: Notes are short term financial intrument with a fixed maturity period and usually short term…

Q: Proceeds from Notes Payable On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a…

A: The note payable is recorded as liabilities in the balance sheet. The accrued interest is the amount…

Q: On June 8, Williams Company issued an $75,972, 6%, 120-day no required, round your answer to the…

A: Maturity amount is the amount that has to be paid at the end of the life of bond or notes payable.…

Q: On May 1, the Morse Company accepted a 60-day, $15,000 non-interest-bearing note from U Corporation.…

A: Note payable is a promise to pay certain amount of money on maturity date. The note can be with…

Q: Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of…

A: Step 1:Noets payable are reported under the Liabilities section of the balance sheet. Notes…

Q: Please provide an answer as per the possibility

A: To determine the due date and the amount of interest due at maturity for each note, we need to first…

Q: TORR, Inc. issues a $600,000, 9%, five-year note payable on January 1, 20X1. If the monthly payment…

A: Carrying value of note payable Liability note payable =$600000 on January 1 Add Finance cost…

Q: Calculate the due date, interest due, and maturity value of the following notes:…

A: The interest receivable is the interest earned but not received yet. The maturity value is…

Q: The maturity value of a $183,600, 11%, 40-day note receivable dated July 3 is a.$185,844 b.$183,600…

A: The note receivable is the current asset for the business, which would be converted into cash within…

Q: Anderson Co. issued a $40,073, 60-day, discounted note to National Bank. The discount rate is 7%. At…

A: Maturity value refers to an amount that is due at the time of maturity after holding the investment…

Q: The maturity value of a $192,000, 6%, 40-day note receivable dated July 3 is

A: Note Receivable It is a short-term method of financing. It can be issued for a period of as short as…

Q: Calculate the due date, interest due, and maturity value of the following notes:…

A: The maturity amount of note is calculated as sum of principal value and interest revenue. Maturity…

Q: Compute interest and find the maturity date for the following notes. (a) date of note: June 10…

A: The Interest on a note is calculated by multiplying the face value of the note with the rate of…

Question

On July 8, Action Co. issued an $80,000, 6%, 90-day note payable to Scanlon Co. Assuming a 360-day year, what is the maturity value of the note?

a.$84,800

b.$78,800

c.$80,000

d.$81,200

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

Step 1

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

TORR, Inc. issues a $300,000, 6%, five-year note payable on January 1, 20X1. If the monthly payment is $5,800, what is the note's carrying value after the first month's payment is made on January 31, 20X1? Select one: a. $294,200 b. $300,000 c. $298,500 d. $295,700 e. $298,214
Please answer step by step
Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 10* $40,000 5% 90 days b. March 19 18,000 8 180 days c. June 5 90,000 7 30 days d. September 8 36,000 3 90 days e. November 20 27,000 4 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. $fill in the blank 2 b. fill in the blank 4 c. fill in the blank 6 d. fill in the blank 8 e. fill in the blank 10
On 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.
Al Reem Co. signed an $18,000 six-month note payable on September 1 that bears intérest at a rate of 5%. How much is the total interest to be accrued on this note at December 31? O a. $300. O b. $900. O c. $75. O d. $450.
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. $88,200
Note 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.
What is the maturity value of a $29200, 11%, 3-month note receivable issued on December 1 if the company has a fiscal year end on December 31? O $32412 $29200 O $29492 O $30003 What is the maturity value of a $29200, 11%, 3-month note receivable issued on December 1 if the company has a fiscal year end on December 317 O $32412 O $29200 O $29492 O $30003
118. Subject :- Accounting
Assuming a 360-day year, the interest charged by the bank, at the rate of 8%, on a 90-day, discounted note payable of $105,987 is a.$4,240 b.$8,479 c.$2,120 d.$105,987
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. $72,000
ShadyTree 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 $40