Need help please A note payable dated October 1, 2014 has a face value of$10,000, an interest rate stipulated at 10%, and a maturity dateof April 1, 2015. Interest expense (pertaining to this note) toappear on the income statement for the year ending December31, 2014 amounts to:a. $0.b. $125.00.c. $166.67.d. $250.00.

Step 1: Introduction to the Income StatementThe income statement is one of the mandatory financial…

Answered: A note payable dated October 1, 2014…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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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?
Provide correct answer
Vauxall Holdings showed the following information regarding its notes receivable: Note Date of Note Principal Interest Rate Term Maturity Date Days of Accrued Interest at Dec. 31, 2023 Accrued Interest at Dec. 31, 2023* 1 Nov. 1/22 $ 340,000 4.0 % 180 days 2 Jan. 5/23 140,000 5.0% 90 days 3 Nov. 20/23 130,000 4.5% 45 days 4 Dec. 10/23 170,000 5.5% 30 days *Round calculations to the nearest whole cent. Required: For each of Vauxall Holdings note receivable given below: (Do not round intermediate calculations. Round the "Amount of Accrued Interest at Dec. 31, 2023" answers to 2 decimal places.) Determine the maturity date. Calculate the days of accrued interest, if any, at December 31, 2023 (Vauxall Holdings' year-end). Calculate the amount of accrued interest, if any, at December 31, 2023. For Note 3: d. Prepare the entry to record the accrued interest at December 31, 2023. (Do not round intermediate calculations. Round your answers to 2 decimal places.) e. Prepare the entry to record…
4. Determine the ending balance of AccountsReceivable as of December 31, 2019. 5. What is the net realizable value of thereceivables at the end of 2019? 6. The company has a notes receivable ofRp24,000 at January 15, 2019 for 3 months at10% interest rate. Prepare journal entry as ofApril 15, 2019, on its due date.
Please answer no.18 correctly and provide computation. Thank you;)
-. A $20,000, 90-day, 8% note payable was issued on November 1, 2015. Which of the following would be included in the journal entry required on the note's maturity date? Oa credit to note payable for $20,400 a credit to cash for $10,000 O a debit to interest expense for $133 a debit to interest payable for $133
Company A received a 5-year Non-interest bearing note payable to Company A on December 31, 2024, P 5,000,000. The market interest rate for this type of transaction is 12%. What is the amount that shall be reported on the statement of financial position on December 31, 2022, as Notes Receivable (net of discount or premium)?
Lappy Company disclosed the following information on December 31, 2021: Accounts Payable P20,000 Notes Payable P40,000 Notes payable due to bank, 12% interest bearing note payable yearly,issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Compute for the CURRENT LIABILITIES as of December 31, 2021 *take note of the interest-bearing note
On Jan. 1, 2020, EC Company reported a note payable of P 1,200,000. The note is dated Oct. 1, 2019, bears interest at 12% and is payable in three equal annual payments of P 400,000. The first interest and principal payment was made on Oct. 1, 2020. What amount should be reported as interest expense for 2020? *a. P 30,000b. P 132,000c. P 165,000d. P 180,000
On October 1, 2022, Bramble Company issued an $828000, 9%, 9-month interest-bearing note. If the Bramble Company is preparing financial statements at December 31, 2022, the adjusting entry for accrued interest will include a: O credit to Notes Payable of $18630. O credit to Interest Payable of $37260. O debit to Interest Expense of $27945. O debit to Interest Expense of $18630
ABC signed a 5-year, 9% note payable for $80,000 on May 1, 2012. Which account will be credited when the note paid at maturity? A. Note payable В. Interest expense С. Interest payable D. Cash
K Bethany Realty loaned money and received the following notes during 2024. (Click the icon to view the notes received.) Read the requirements. Requirement 1. Determine the maturity date and maturity value of each note. (For each applicable note, compute interest using a 365-day year. Round to the nearest dollar.) Note Note (1) Note (2) Note (3) Jun. 19 Date Principal Amount Interest Rate Term Due date Month/Day Year Apr. 1 Sep. 30 $ 18,000 8% 1 year 24,000 12% 6 months 20,000 9% 180 days Data table Principal Note Date Amount Interest Rate Term Note (1) Note (2) Note (3) Jun. 19 Apr. 1 Sep. 30 $ 18,000 8% 1 year 24,000 12% 6 months 20,000 9% 180 days Print Done - ☑ Question Viewer

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