A company borrows $75,000 on a 9-month, 10% note on April 1. How much interest expense will be incurred by December 31?
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- Chemical 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 companys sales for January are $250,000. If the company projects warranty obligations to be 5% of sales, what is the warranty liability amount for January?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?
- Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600Sub-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?If the company accepted a Notes Receivable on Oct 1, X1 for $60,000 at 8%, due in one year, what is the Maturity value?
- On January 23 of a non-leap year, a loan is taken out for $15,230 at 8.8% simple interest. What is the maturity value of the loan on October 23?On January 1, a company borrowed $35,148 for 6 months at an interest rate of 8%. The principal and interest are due at the maturity date of the note. How much interest should be accrued at the end of January? Round your answer to the nearest whole dollar (i.e., no decimal places).What is the maturity value of the note as of January 1??
- The IOU Corporation has a $150,000 note outstanding with 14% annual interestdue in semiannual installments on January 31 and July 31. What amount will beshown as accrued interest on the December 31 balance sheet?What is the maturity value of the noteOn November 1, Alan Company signed a 120-day, 11% note payable, with a face value of $23, 400. What is the maturity value (principal plus interest) of the note on March 1? (Use 360 days a year.) a $23,972 b $24, 258 c $23, 686 d $23, 829 e $23, 400
