Need help this question Complete the following table by computing the missing amounts for the followingindependent cases.(Do not round intermediate calculations and round "Annual Interest Rate" to 1 decimalplace.)Principal Amount onReceivableNote Annual Interest TimeRatePeriodInterestEarneda. $70,000b. $44,00011.2 %6 months?%9 months $3,432c. $?9.4 %12 months $3,196

Let's solve each case step by step using the simple interest formula:I=P×R×T I = Interest EarnedP =…

Answered: Complete the following table by…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 2SEA

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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. $2,383
Balloons Plus computes bad debt based on the allowance method. They determine their current years balance estimation to be a credit of $84,000. The previous period had a credit balance in Allowance for Doubtful Accounts of $26,000. What should be the reported figure in the adjusting entry for the current period? A. $84,000 B. $58,000 C. $26,000 D. $110,000
A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
Part A: Calculate the interest on the following notes: Part B: Determine the maturity dates on the following notes: Check Figure 1. Interest, 66.92
Elegant Universal uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Elegant Universal considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between totals uncollectible. C. Describe the categories change effect on net income and accounts receivable.
Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. Complete the following. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Explain how the new total uncollectible amount affects net income and accounts receivable.
Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
Which of the following accounts are used when a short-term note payable with 5% interest is honored (paid)? A. short-term notes payable, cash B. short-term notes payable, cash, interest expense C. interest expense, cash D. short-term notes payable, interest expense, interest payable
Outpost Designs uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Outpost Designs decided to change past-due categories as follows. Complete the following. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Explain how the new total uncollectible amount affects net income and accounts receivable.
Comprehensive Part a. Reproduced in the following table are the first three lines from the 2% columns of each of several tables of mathematical values. For each of the following items, select from among these fragmentary tables the one from which the amount required can be obtained most directly (assuming that the complete table was available in each instance): 1. The amount to which a single sum would accumulate at compound interest by the end of a specified period (interest compounded annually) 2. The amount that must be deposited at the beginning of each of a specific number of years to provide for the accumulation, at annually compounded interest, of 1.02 3. The amount that must be deposited in a fund that will earn interest at a specified rate, compounded annually, in order to make possible the withdrawal of certain equal sums annually over a specified period starting 1 year from date of deposit 4. The amount of interest that will accumulate on a single deposit by the end of a specified period (interest compounded semiannually) 5. The amount that if paid now would settle a debt of larger amount due at a specified future date Part b. The following tables of values at 10% interest may be used as needed to answer the questions in this part of the problem. 1. Your client will make annual payments of 2,500 into a fund at the dose of each year. She has asked you how many 2,500 annual payments will be required to bring the fund to 22,500 assuming that the fund earns interest at 10% compounded annually. Compute the total number of full payments of 2,500 required and the amount of the final payment if it does not require the entire 2,500. Carefully label all computations supporting your answer. 2. Your client wishes to provide for the payment of an obligation of 200,000 due on July 1,2026. He plans to deposit 20,000 in a special fund each July 1 for 7 years starting July 1, 2020. He wishes to make an initial deposit on July 1, 2019, of an amount that, with its accumulated interest, will bring the fund up to 200,000 at the maturity of the obligation. He expects that the fund will earn interest at the rate of 10% compounded annually. Compute the amount to be deposited July 1, 2019. Carefully label all computations supporting your answer.
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. $132,600
Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.

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