On May 1, the Morse Company accepted a 60-day, $15,000 non-interest-bearing note from U Corporation. What is the maturity value of the note?
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On May 1, the Morse Company accepted a 60-day, $15,000 non-interest-bearing note from U Corporation. What is the maturity value of the note?
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- On October 18, Blue Ridge Corporation accepted a $300,000 non-interest-bearing note from Long Corporation. What is the maturity value of the note? Use ordinary interest. Maturity ValueOn January 1, 2022, Easy Company sold merchandise for 500,000 by accepting a note for 6 months with interest to be paid at maturity at 12%. On March 1, the entity discounted the note without recourse at a bank with a 15% discount. How much is the maturity value of the notes receivable?On December 12, Lowell Corporation accepted a $160,000, 120-day, non-interest-bearing note from Able.com. What is the maturity value of the note? Maturity value
- A business issued a 45-day, 6% note for $210,000 to a creditor. Principal and interest are payable at maturity. How is maturity value calculated in this case? What is the maturity value of the note?Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account.a. If the note is issued with a 45-day term, journalize the entries to record:1. the issuance of the note.2. the payment of the note at maturity.b. If the note is issued with a 90-day term, journalize the entries to record:1. the issuance of the note.2. the payment of the note at maturity.Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer on account. (Assume a 360-day year when calculating interest.) 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. June 10
- On June 8, Williams Company issued an $73,207, 7%, 120-day note payable to Brown Industries. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar.On November 1, 2021, FDN Trading accepted a 90-day, 8% P4,000,000 note from ABC Co. FDN immediately discounted with recourse the note to a bank that offers a 12% discount rate. FDN assumes the interest expense associated with this transaction. How much interest expense should FDN Trading debit on its records? Calculate the total interest expense and NOT the net interest expense.On May 31, Baker Co. issued an $35,679, 8%, 120-day note payable to Samunck Co. Assume Baker's fiscal year ends on June 30. Assume a 360- day year for your calculations. a) What is the interest EXPENSE recognized by Baker in the current fiscal year? b) What is the maturity value of the note? c) What is the maturity date of the note?
- X Corporation accepted a P400,000 face value, six-month, 10% note dated May 15 from a customer. On that same date, X Corporation discounted the note at Metrobank at a 12% discount rate. 1. How much should X Corporation receive from the bank on May 15? 2. Assume that X Corporation discounted the note four months prior to its maturity date, what is the proceeds from discounting the note?Watson Company issued a 60-day, 8% note for $18,000, dated April 5, to Laker Company on account. Assume a 360-day year when calculating interest. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. c-1. Journalize the entries to record the receipt of the note by the payee.* c-2. Journalize the entries to record the receipt by the payee of the amount due on the note at maturity.* *Refer to the Chart of Accounts for exact wording of account titles. Round answers to the nearest $1. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. c-1. Journalize the entries to record the receipt of the note by the payee.* c-2. Journalize the entries to record the receipt by the payee of the amount due on the note at maturity.* *Refer to the Chart of Accounts for exact wording of account titles. Round answers to the nearest $1. X First Questions…Answer the following questions regarding a four-month promissory note for $1,850 issued June 1, 2021, and bearing an interest rate of 5% p.a. a) What was the maturity date of the note? b) How much was the note worth at maturity? c) How much was the note traded for on Sep 1, 2021, if money was worth 6% p.a.?