An invoice for $275 has been overdue for two months and the terms of trading stated that 15% p.a. interest would be charged for late payments. How much interest is to be added for late payment?

Q: A loan is offered with monthly payments and a 9.25 percent APR. What’s the loan’s effective annual…

A: APR = 0.0925 or 9.25% Number of compounding (n) = 12 Effective annual rate (EAR) = ?   Effective…

Q: Date Face Amount Rate Аpг. 10 $96,000 4% 60 days 1. 2. June 24 18,000 30 days 3. July 1 63,000 120…

A: Definition: Interest: The money charged by the lender for using the lender’s funds is referred to as…

Q: Recording Notes Receivable On September 30, Q. Computer Inc. has the following Notes Receivable:…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: A $10,000 credit supply has the following terms: trade terms are 5/5 net 50, interest rate 8%. What…

A: If the amount is paid within 5 days of invoice then the 5% discount will be allowed on net amount…

Q: QUESTION 17 You wish to buy a $9,500 dining room set. The furniture store offers you a 2-year loan…

A: EMI or monthly mortgage payments are the fixed amount paid by the borrower to the lender that…

Q: Current Attempt in Progress The maturity value of a $4900, 6%, 60-day note receivable dated February…

A: NOTES RECEIVABLENotes Receivable are reported under the current assets of the balance sheet. Notes…

Q: Find the monthly payment for the loan. Purchase Price Down Payment $3100 $600 The monthly payment is…

A: Variables in the question:Purchase Price=$3100Down Payment=$600Finance Charge=$210# of Monthly…

Q: A company receiving payment of a $20,000 accounts receivable within 10 days with terms of 2/10,…

A: Sales discount is the decrease in the amount of gross sales which is allowed by seller for early…

Q: On December 1, 2022 Farm Company accepted a three-month, 8% note for $8,000 from one of its…

A: Under Accrual Basis of Accounting revenue is recognized when earned irrespective of when cash is…

Q: Bamble supply accepts a $3,000, 120-day, 4% note dated April 10 from Clairmont in settlement of…

A: Let's understand the basics.When borrower is in needs of funds then they issue notes payable against…

Q: Before purchasing a used car, Cody Lind checked www.kbb.com to learn what he should offer for the…

A:

Q: Date of Note Face Amount Interest Rate Term of Note a. January 10* $40,000 5% 90 days b. March 19…

A: Formula: Interest amount = Note value x Interest rate x Time period.

Q: At December 31 year-end, Crate Company has an $8,700 note receivable from a customer. Interest of 8%…

A: All assets of a company are reported in the balance sheet. Since note receivable is an asset, it…

Q: Mutiple choice:  A hospitality company is the maker of an $18,000 note to be paid in quarterly…

A: Long term liabilities are liabilities which are expected to be paid off in the longer duration,…

Q: A 60-day, 6% note for $24,000, dated May 1, is received from a customer on account. The maturity…

A: The maturity value of note is calculated as sum of principal value and interest amount.

Q: An invoice dated November 25 for $2600 had the terms 3/15,1.5/30,n/45 E.O.M. What is the last day…

A: An invoice is a document that the seller provides the buyer which contains the details of the asset…

Q: First Questions a Determine the due date of the note b. Determine the maturity value of the note.…

A: The note receivable due within one year is recorded as current assets for the business.

Q: Find the APR (true annual interest rate), to the nearest half percent, for the following loan.…

A: Finance charge per $100 of amount financed =

Q: Gentry Wholesalers accepts from Ayayai Stores a $24,000, 4-month, 6% note dated May 31 in settlement…

A: Journal entry is an art of recording, classifying and summarizing business transactions into…

Q: A loan is offered with monthly payments and a 9.00 percent APR. What's the loan's effective annual…

A: compound = n = monthly = 12 Annual Percentage Rate = APR = 9%

Q: Question Content Area On October 1, Black Company receives a 4% interest-bearing note from Reese…

A: The objective of this question is to calculate the interest revenue that Black Company should record…

Q: Entries for notes payable Bull City Industries is considering issuing a $100,000, 7% note to a…

A: Interest on Note = Principal * Interest rate * Time

Q: What is the annual rate of interest being charged on a 3-month note receivable of $51,000 if the…

A: Introduction: A note receivable is a documented promise to pay a set amount of money to another…

Q: answer

A: Question 1: Simple Interest Loan PeriodThe correct answer is One year or less. Simple interest is…

Q: Loan $ 26,000     Down Payment $ 5,000     Time   36   months Rate   11   % Monthly Payments?

A: Solution: Loan amount = $26,000 Time = 36 months Annual rate of interest = 11%

Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…

Q: Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to…

A: present value of annuity. PV = A * 1-(1+r)-nr where , PV = present value of annuity. A = periodic…

Q: Swifty Company purchased merchandise with an invoice price of $3500 and credit terms of 3/10, n/30.…

A: Credit terms is the agreement between the seller and the buyer for the goods sold on credit in which…

Q: Entries for discounted note payable A business issued a 30-day note for $57,000 to a bank. The note…

A: The note can be used to raise money. The company issues notes and makes a promise to pay them on the…

Q: Question Content Area On June 8, Williams Company issued an $82,076, 6%, 120-day note payable to…

A: The objective of the question is to calculate the maturity value of the note payable issued by…

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.