A 60-day, 9% note for $10,000, dated May 1, is received from a customer on account. What is the maturity value of the note?
Q: Please answer do fast and correct calculation of these general accounting question
A: Step 1: Define Operating LeverageThe percentage change in operating income as a result of a…
Q: Media,inc,an advertising agency solve question accounting
A: Step 1: Define Under-Applied OverheadWhen the actual overhead costs are greater than the applied…
Q: Please solve this general accounting problem with calculation
A: Step 1: Define AssetsAssets can be defined as something of value that a company uses in the business…
Q: [The following information applies to the questions displayed below.) On January 1, Mitzu Company…
A: Journal Entry:Date: January 1Description:AccountDebitCreditLand$1,830,000 Building 2$810,000 Land…
Q: Provide correct answer general accounting
A: Step 1: Define Account ReceivableThe account is opened after selling goods and services to the buyer…
Q: Need answer the accounting question
A: Step 1: Compute the credit sales portion of the total annual sales.= total annual sales x 75%=…
Q: answer
A: 1. Given Data : The question under consideration is what benefits bringing about revolution in stock…
Q: Need solution
A:
Q: Please I need this question please provide correct answer accounting question
A: Step 1: Define Cost-volume-profit analysisA cost-volume-profit analysis calculates how variations in…
Q: Accounting question
A: Step 1: Define Cost-Volume-Profit AnalysisThe cost volume profit (CVP) analysis is a management…
Q: 18 A company's December 31 unadjusted trial balance reports a $300,000 debit balance in the accounts…
A: To determine the appropriate journal entry for the adjustment of the allowance for doubtful…
Q: A company's 6% coupon rate, semiannual payment, $1,000 par value bond that matures in 25 years sells…
A: Step 1: Identify Given Information Coupon Rate = 6% annually (semi-annual payments → 6% ÷ 2 = 3% per…
Q: Journal 1. Record the payroll for March, including employee deductions.Journal 2. Record the…
A: Step 1:Journal:-Recording transactions in the books of account is the first step in accounting…
Q: Solve this accounting questions
A: Step 1: Define Depreciation RateThe use of depreciation rate is essential for several reasons in…
Q: Leno, inc data for Leno, inc. for 2012 are presented solution this question
A: Step 1: Define Accounts ReceivableAccounts receivable is the asset account that records the amount…
Q: I need correct answer this question answer accounting
A: Step 1: Define Cost-Volume-Profit AnalysisThe cost-volume-profit (CVP) analysis is used to figure…
Q: I want to correct answer accounting
A: Explanation: In the given case, we are required to calculate the total Job cost for Job P951 from…
Q: Please give me answer accounting questions
A: Step 1: Define Inventory CostThe cost associated with holding, moving, and maintaining inventory is…
Q: ???
A: Question 1:Outback Camera Co. must calculate the liability for product warranties based on the…
Q: What is the total annual cost on these accounting question?
A: Step 1: Define Inventory ManagementThe purpose of inventory management is to ensure inventory stock…
Q: Please provide correct answer
A: Step 1: Define Manufacturing OverheadManufacturing overhead is an indirect production cost requiring…
Q: tutor help it on this subject: general account query
A: Step 1: Calculate the Net PurchasesNet purchases are calculated by taking the total purchases and…
Q: Can you please confirm if my below calculations are correct
A: 1. Net Present Value (NPV)The formula you used for NPV…
Q: Please provide correct answer accounting question
A: Step 1: Define Average Operating AssetsOperating assets refer to those assets that a company's…
Q: Answer the Question below Under which basis should companies record donated assets in their books?…
A: Explanation of Fair Market Value: Fair market value represents the price an asset would sell for in…
Q: Need both answer correct
A: Question 1:Outback Camera Co. must calculate the liability for product warranties based on the…
Q: Please provide correct answer general accounting
A: Step 1: Define Inventory ValuationAs per US GAAP, the inventory is measured at lower of cost or…
Q: Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria, where the local currency unit is…
A: 2. Remeasurement Gain or Loss (Functional Currency: USD)If the subsidiary's functional currency is…
Q: Crinks corporation uses direct labor hours need help this question
A: Step 1:Predetermined overhead rate is a single rate used to allocate overhead to respective…
Q: Which ROE IS GREATER?
A: Explanation: To find the firm with the greater Return on Equity (ROE), we need to calculate ROE for…
Q: When all or a portion of shareholders’ capital investments are returned to them, this is called a…
A: In the field of accounting and finance, when a company decides to return a portion or all of the…
Q: answer
A: Explanation of Cash Flow from Operating Activities (CFO):Cash Flow from Operating Activities (CFO)…
Q: A partial listing of costs solution this question accounting
A: Step 1: Define Manufacturing OverheadManufacturing overhead includes all the indirect costs related…
Q: Need help with this question solution general accounting
A: Step 1: Define Inventory ManagementIn accounting, proper inventory management is necessary to be put…
Q: A company repots the following accounting questions
A: Step 1: Define Average AssetsAverage assets are computed by adding the opening and closing balances…
Q: Accounting question please given answer
A: Step 1: Define Weighted Average MethodThe equivalent units are computed under the process costing.…
Q: Financial account please solve the question
A: Step 1:Given, Initial fixed asset requirement: $1.3 millionProjected fixed costs:…
Q: find NRV for this below Account sections
A: Given Data:Ending Inventory at Cost = $54,000Ending Inventory at NRV = $52,700COGS before any…
Q: Hello tutor please provide correct answer general accounting don't use chart gpt...
A: Step 1: Define Return on AssetsReturn on assets is profitability ratio that measures how profitable…
Q: The rate of return on assets (ROA) is calculated by dividing Select one: a. average total assets…
A: The Rate of Return on Assets (ROA) is a financial ratio that is used to measure the profitability of…
Q: Can you please give me correct answer the accounting question?
A: Step 1: Define BondsBonds are liabilities for businesses that they have to redeem after the…
Q: give short and simple answer
A: determine the inventory value using the Lower of Cost or Market (LCM) method, we need to compare the…
Q: Answer
A: Explanation of Sales:Sales represent the total revenue generated by the company from selling its…
Q: Need help with this general accounting question please solve
A: Step 1: Define Net SalesNet sales are gross sales after adjusting for sales returns and allowances…
Q: I need this question accounting question
A: Step 1: Define Asset DisposalWe can dispose of a fixed asset on the completion of its useful life or…
Q: D. Star Company purchases Stripe Inc. for $13,985,000 cash on January 1, 2024. The book value of…
A: D. Goodwill Calculation for Star Company:Goodwill is calculated as the excess of the purchase price…
Q: Please provide correct answer general accounting
A: Step 1: Introduction to bonds payableBonds payable refers to a type of long-term debt that a company…
Q: Need answer the general accounting question please solve this one
A: 1. Future Value of IncomeInitial Income: $40,000Growth Rate: 8% per yearTime Period: 20 yearsUsing…
Q: 1-3 general accounting
A: Explanation: In the given case, it is provided that Coastal Produce Market has inventory records as…
Q: Todd Company has two production departments called Assembly and Finishing. Please solve this general…
A: Step 1: Define Allocating Variable OverheadVariable manufacturing overhead is the portion of the…
What is the maturity value of the note on these general accounting question?
Step by step
Solved in 2 steps
- 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. $2,383Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
- Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?Can the 10,000 note be repaid on May 1? Explain.A $10,000, 12%, 60-day note receivable is received on January 12. The note is discounted at 12% on January 18. What is the maturity value of the note ? Prepare journal entry to record at the date of maturity.
- MCM Company issued a note receivable to a customer on September 1, 2020. The face value of the note was $20,000 at 5% interest for 7 months. What would be included in the journal entry on March 30, 2021? A credit to Interest Income for $250.00 A debit to Interest Income for $583.33 A credit to Interest Receivable for $250.00 A debit to Interest Receivable for $583.33Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_2 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. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest RevenueA 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?
- A 100-day note with a face amount of $54,000 and interest rate of 9% is issued on June 1. Required: 1.Compute the following using a 360-day year: a. Maturity value of the note $___________ b. Maturity date ___________ c. Interest $___________ 2.The note is discounted on July 1. The bank discount rate is 12%. Compute the following: a. Number of days in the discount period ___________ b. Discount amount $___________ c. Proceeds $___________Shady Tree 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 Shady Tree recognize for the entire term of the note?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
