Rex Corporation accepted a $8,000, 6%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted the note at Park Bank at 7%. (Use Days in a year table.) a. What is the note's maturity value? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Answer is complete but not entirely correct. Maturity value b. What is the discount period? C. What is the bank discount? D. What proceeds does Rex receive?
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- Rex Corporation accepted a $4,000, 6%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted the note at Park Bank at 7%. (Use Days in a year table.) a. What is the note's maturity value? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Maturity value b. What is the discount period? Discount period c. What is the bank discount? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Bank discount days d. What proceeds does Rex receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Proceeds receivedRex Corporation accepted a $6,500, 10%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11: Rex discounted the note at Park Bank at 11%. (Use Days in a year table.) a. What is the note's maturity value? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Maturity value b. What is the discount period? Discount period days c. What is the bank discount? Note: Use 360 days a year. Do not round intermediate calculations, Round your final answer to the nearest cent. Bank discountRex Corporation accepted a $3,500, 5%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted the note at Park Bank at 6%. (Use Days in a year table.) a. What is the note's maturity value? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.) Maturity value b. What is the discount period? Discount period days c. What is the bank discount? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.) Bank discount d. What proceeds does Rex receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.) Proceeds received
- Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a 360-day year. For a compound transaction, if an amount box does not require an entry, leave it blank. a. If the note is issued with a 45-day term, journalize the entries to record: the issuance of the note. the payment of the note at maturity. b. If the note is issued with a 90-day term, journalize the entries to record: the issuance of the note. the payment of the note at maturity.Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is used for interest calculations.) Required: 1. Journalize Roseland's entries to record: a. The issuance of the note. b. The payment of the note at maturity. If an amount box does not require an entry, leave it blank. а. b. 2. Journalize CorpOne's entries to record: a. The receipt of the note. b. The receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. а. b.On June 8, Alton Co. issued an $75,537, 7%, 120-day note payable to Seller Co. 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. Select the correct answer. $5,288$75,537$80,825$77,300
- Linstrum Company received a 60-day, 6% note for $28,000, dated July 23, from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume 360 days in a year. Do not round your intermediate calculations and round your final answer to the nearest dollar. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.Autumn Designs & Decorators issued a 120-day, 7% note for $65,400, dated April 13 to Zebra Furniture Company on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year when calculating interest. Do not round your intermediate calculations and round your final answer to the nearest dollar. c. Journalize the entries to record the following: (1) receipt of the note by Zebra Furniture and (2) receipt of payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Required: a. If the note is issued with a 45-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note. 2. the payment of the note at maturity. Assume a 360-day year. b. If the note is issued with a 90-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note. 2. the payment of the payment of the note at maturity. Assume a 360-day year.
- Autumn Designs & Decorators issued a 120-day, 6% note for $76,800, dated April 13 to Zebra Furniture Company on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year when calculating interest. Do not round your intermediate calculations and round your final answer to the nearest dollar. c. Journalize the entries to record the following: (1) receipt of the note by Zebra Furniture and (2) receipt of payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. Determine the maturity value of the note. Assume a 360-day year when calculating interest. Do not round your intermediate calculations and round your final answer to the nearest…Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 10%. Use the ordinary interest method. (Use Days in a year table.) (Use 360 days a year. Do not round intermediate calculations. Round your final answers to the nearest cent.) Face value (principal) $ 54,900 Rate of interest 8% Length of note 90 days Maturity value 55555 Date of note November 12 Date note discounted December 8 Discount period days Bank discount ProceedsOn September 1, 2024, Hiker Shoes issued a $108,000, 6-month, noninterest-bearing note. The loan was made by Second Commercial Bank where the stated discount rate is 10%. Hiker's effective interest rate on this loan is: Note: Do not round intermediate calculations. Round your final answer to 2 decimal places. Multiple Choice O о O 10.46%. 10.00%. 10.45%. 10.53%