Chapter 11 Quiz (i) 10 Robinson's, an electrical supply company, sold $7,600 of equipment to Jim Coates Wiring, Incorporated Coatessigned a promissory note May 12 with 4.8% interest. The due date was August 10. Short of funds, Robinson's contacted Capital OneBank on July 20; the bank agreed to take over the note at a 6.5% discount. (Use Days in a year table.) What proceeds will Robinson'sreceive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Proceedsreceived?

The objective of the question is to calculate the proceeds that Robinson's will receive from Capital…

Answered: Chapter 11 Quiz (i) 10 Robinson's, an…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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EX.06.144 On April 7, Wilhelm, Inc. sold goods for $50,000 and accepted a 10%, 60-day note. On April 22, the company sold the note to a bank at a 13% discount rate. Required:Compute the amount of interest revenue and the loss on sale of the note. Assume a 360-day year. Round your answers to two decimal places. Interest revenue $ Loss on sale of note $
Word Problem 10-23 (Algo) [LU 10-3 (1)] Max Wholesaler borrowed $4,500 on a 11%, 120-day note. After 45 days, Max paid $1,575 on the note. Thirty days later, Max paid an additional $1,350. Use ordinary interest. a. Determine the total interest using the U.S. Rule. Note: Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent. Total interest amount b. Determine the ending balance due using the U.S. Rule. Note: Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent. Ending balance due
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Question 1 Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest rate. a) What is the implied per annual simple interest rate for her purchasing (expressed as a percentage and rounded to three decimal places)? Select one: a. 0.076 b. 0.032 c. 0.031 d. 0.088 Question 2 Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest rate. b) What is her selling price (rounded to four decimal places)? Select one: a. 98740.2903 b. 98634.0935 c. 98846.7161 d. 99317.7280 Question 3 Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest…
Question 4: Jerry's Concrete allows his customers to create six-month promissory notes on any stamped concrete driveway project with interest at 8.9%. Three months after completing a $17,300 job on February 2, 2022, Jerry had some liquidity problems and sold the promissory note to a financial institution at a simple interest rate of 10.35%. Calculate Jerry's proceeds on the sale
Q3 Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $16,000 not due for three years. The interest rate on the note is 6%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) What amount did Canliss borrow? (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Step 1: Calculate the PV of the Ordinary Annuity Component: Payment: ? n = ? i = ? Present Value: ? Step 2: Convert the Annuity to a Single Sum: Payment: ? n = ? i = ? Present Value: ?
June 30, 20X1 Titan Corp. licensed an archive financial database to Smart Co. for the next five years. Smart is to pay Titan $10,000 at the beginning of each year. Titan and Smart has an incremental borrowing annual interest rates of 5% and 6% respectively. Determine the amount of revenue to be recognized by Titan in 20X1? $45,460 $5,000 $50,000 $44,651
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