26. Assume the following information regarding a note received by LENDYOU Company:January 1, 20206 monthsDate of noteTerm of noteInterest rate12%Date of discountingMarch 1, 2020Discount rate15%Accrued interest on noteP15,000How much cash is received by LENDYOU on the date of discounting? 27. Datacore, a computer store in Virra Mall, Greenhills, specializes in the sale of IBM compatiblesand software packages and hand the following transitions with on of its suppliers:Purchases of IBM compatiblesPurchases of commercial software package328,00090,000Returns and allowances8,000Purchases discounts taken2,000Purchases were made throughout the year on terms 3/10, n/60. All returns and allowances tookplace within 5 days of purchase and prior to payment of account.How much is thee amount paid by the entity on the maturity of the account?

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

26. Assume the following information regarding a note received by LENDYOU Company: January 1, 2020 6 months Date of note Term of note Interest rate 12% Date of discounting Discount rate March 1, 2020 15% Accrued interest on note P15,000 How much cash is received by LENDYOU on the date of discounting?

26. Assume the following information regarding a note received by LENDYOU Company: January 1, 2020 6 months Date of note Term of note Interest rate 12% Date of discounting Discount rate March 1, 2020 15% Accrued interest on note P15,000 How much cash is received by LENDYOU on the date of discounting?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate the due date, interest due, and maturity value of the following notes: Date of Note Face Amount Interest Rate Term of Note Due Date Interest Due Maturity Value a. 24-Apr $70,000 3% 60 days b. 13-Jul 30,000 5% 120 days c. 9-Aug 40,000 4% 45 days d. 12-Sep 60,000 8% 90 days e. 5-Nov 50,000 6% 30 days
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