A one-year, $36,800, 8% note is signed on March 15. If the note is repaid on September 15 of the same year, how much interest expense is incurred?
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- 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?Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight years. What is the amount of the current portion of the noncurrent note payable due in the second year? A. $800 B. $1,000 C. $500 D. nothing, since this is a noncurrent note payableIf Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?
- 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. $2,383A one-year, $22,400, 10% note is signed on May 1. If the note is repaid on November 1 of the same year, how much interest expense is incurred?How much interest expense is incurred?
- A promissory note has the following terms: . Principal: $4,200 Term: 90 days Interest: $94.50 Using a 360-day year, what is the annual interest rate?how much interest expense is incurred?Assuming a 360-day year, when a $12,919, 90-day, 6% interest-bearing note payable matures, total payment will amount to:
- Assuming a 360-day year, when a $12,750, 90-day, 11% interest-bearing note payable matures, total payment will amount to: Select the correct answer. $1,403 $14,153 $13,101 $351Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a 360-day year. For a compound transaction, if an amount box does not require an entry, leave it blank. a. If the note is issued with a 45-day term, journalize the entries to record: the issuance of the note. the payment of the note at maturity. b. If the note is issued with a 90-day term, journalize the entries to record: the issuance of the note. the payment of the note at maturity.TORR, Inc. issues a $500,000, 6%, six-year note on January 1, 20X1. If the monthly payment is $8,286, what is the note's carrying value after the first month's payment is made on January 31, 20X1?
