Scotiabank approved a $280,000.00 line of credit for Buhler Industries at prime + 0.75%. It requires only the repayment of accrued interest on the 28th of each month, which is automatically deducted from the checking account of Buhler Industries. Buhler took out an advance on December 15 for $240,000.00 and made a payment of $200,000.00 on January 18. The prime rate was 6.25% initially and increased to 7.25% on January 7. Complete the repayment schedule below by filling in the payment and principal amounts. Date Balance before Transaction Annual Interest Rate Number Interest Accrued of Days Charged Interest Payment (+) or Advance Principal Balance afte Amount Transaction (-)

Scotiabank approved a $280,000.00 line of credit for Buhler Industries at prime + 0.75%. It requires only the repayment of accrued interest on the 28th of each month, which is automatically deducted from the checking account of Buhler Industries. Buhler took out an advance on December 15 for $240,000.00 and made a payment of $200,000.00 on January 18. The prime rate was 6.25% initially and increased to 7.25% on January 7. Complete the repayment schedule below by filling in the payment and principal amounts. Date Balance before Transaction Annual Interest Rate Number Interest Accrued of Days Charged Interest Payment (+) or Advance Principal Balance afte Amount Transaction (-)

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Description: Scotiabank approved a $280,000.00 line of credit for Buhler Industries at prime +0.75%. It requires only the repayment of accrued interest on the 28th of each month,which is automatically deducted from the checking account of Buhler Industries. Buhl

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at the end of the month for 12 months. The interest rate is 12% annually. If the monthly payments are $888.49, what is the journal entry to record the cash received on Jan. 1 and the first payment made on Jan. 31?
Scotiabank approved a $250,000.00 line of credit for Buhler Industries at prime + 1%. It requires only the repayment of accrued interest on the 24th of each month, which is automatically deducted from the checking account of Buhler Industries. Buhler took out an advance on December 18 for $195,000.00 and made a payment of $160,000.00 on January 16. The prime rate was 6.25% initially and increased to 7.25% on January 5. Complete the repayment schedule below by filling in the payment and principal amounts. Date Balance Annual before Interest Transaction Rate Number of Days Interest Accrued Charged Interest Payment (+) or Advance Principal Amount Balance after Transaction (-) Dec 18 $195,000.00 Dec 24 $195,000.00 7.25% 6/365 $232.40 $232.40 $195,000.00 Jan 5 $195,000.00 7.25% 12/365 $464.79 $464.79 $195,000.00 Jan 16 $195,000.00 8.25% 11/365 $484.83 $949.62 $35,000.00 Jan 24 $35,000.00 8.25% 8/365 $63.29 $1,012.91 $35,000.00
Scotiabank approved a $230,000.00 line of credit for Buhler Industries at prime + 1%. It requires only the repayment of accrued interest on the 24th of each month, which is automatically deducted from the checking account of Buhler Industries. Buhler took out an advance on December 2 for $195,000.00 and made a payment of $120,000.00 on January 13. The prime rate was 6.5% initially and increased to 7.5% on January 2. Complete the repayment schedule below by filling in the payment and principal amounts. Payment Date Balance Annual before Interest Transaction Rate Number of Days Interest Charged Interest Accrued (+) or Advance Principal Amount Balance after Transaction (-) Dec 2 $195,000.00 Dec 24 $195,000.00 7.5% 22/365 $881.51 $881.51 $195,000.00 Jan 2 $195,000.00 7.5% 9/365 $360.62 $360.62 $195,000.00 Jan 13 $195,000.00 8.5% 11/365 $499.52 $860.14 $75,000.00 Jan 24 $75,000.00 8.5% 11/365 $192.12 $1,052.26 $75,000.00
On November 30, accounts receivable in the amount of P900,000 were assigned to Turon Finance Co. by Pinaypay as security for a loan of P1,500,000. Turon charged a 3% commission on the accounts; the interest rate on the note is 8%. During December, Pinaypay collected P350,000 on assigned accounts after deducting P600 of discounts. Pinaypay wrote off a P500 assigned account. On December 31, Pinaypay remitted to Turon the amount collected plus one month's interest on the note. How much is Pinaypay's equity in the assigned accounts receivable as of December 31? P148,900 P143,900 P144,500 P149,500
Scotiabank approved a $250,000 line of credit for Buhler Industries at prime + 1%. It requires only the repayment of accrued interest on the 27th of each month, which is automatically deducted from the chequing account of Buhler Industries. Buhler took out an advance on December 2 for $200,000 and made a payment of $125,000 on January 12. The prime rate was 6.5% initially and increased to 7.5% on January 4. Calculate the total interest charged to Buhler Industries on December 27 and January 27.
On the June 12 interest payment date, the outstanding balance on Delta Nurseries’ revolving loan was $65,000. The floating interest rate on the loan stood at 6.25% on June 12, but rose to 6.5% on July 3, and to 7% on July 29. If Delta made principal payments of $10,000 on June 30 and July 31, what were the interest charges to its bank account on July 12 and August 12? Present a repayment schedule supporting the calculations. (Round your final answers to 2 decimal places.) Date Number of days Interest rate (%) Interest ($) Accrued interest ($) Payment (Advance) ($) Principal portion ($) Balance ($) 12-Jun -- -- -- -- -- 65,000 30-Jun 18 6.25 10,000.00 10,000 55,000 3-Jul 3 6.25 55,000 12-Jul 9 6.50 55,000 29-Jul 17 6.50 55,000 31-Jul 2 7.00 10,000.00 10,000 45,000 12-Aug 12 7.00 45,000
Loans Scotiabank approved a $230,000.00 line of credit for Buhler Industries at prime + 1%. It requires only the repayment of accrued interest on the 24th of each month, which is automatically deducted from the checking account of Buhler Industries. Buhler took out an advance on December 6 for $160,000.00 and made a payment of $130,000.00 on January 16. The prime rate was 5.25% initially and increased to 6.5% on January 7. Complete the repayment schedule below by filling in the payment and principal amounts. Date Balance Annual before Interest Transaction Rate Number Interest of Days Charged Accrued Interest Payment (+) or Advance (-) Principal Balance after Amount Transaction Dec 6 Dec 24 $160,000.00 $160,000.00 6.25% 18/365 $493.15 $493.15 $160,000.00 Jan 7 6.25% $160,000.00 14/365 $383.56 $383.56 $160,000.00 Jan 16 $160,000.00 7.5% 9/365 $295.89 $679.45 $30,000.00 Jan 24 $30,000.00 7.5% 8/365 $49.32 $728.77 $30,000.00 You can earn partial credit on this problem.
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.
On November 30, accounts receivable in the amount of P900,000 were assigned to Hello Finance Co. by Maymay Incorporated as security for a loan of P750,000. Hello charged a 3% commission on the accounts; the interest rate on the note is 12%. During December, Maymay collected P350,000 on assigned accounts after deducting P560 of discounts. Maymay wrote off a P530 assigned account. On December 31, Maymay remitted to Hello the amount collected plus one month's interest on the note. REQUIRED: 1.) How much is Maymay's equity in the assigned accounts receivable as of December 31?
On 1 November, Year 1, Noble Co. borrowed P80,000 from South Bank and signed a 12%, six-month note payable, all due at maturity. The interest on this loan is stated separately. How much must Noble pay South Bank on 1 May, Year 2, when the note matures?