Please given solution accounting question Complete the following table for the simple discount notes using the ordinaryinterest method:Amount due at maturity: $22,000Discount rate: 6.2%Time: 180 days.Bank discount: ?

Step 1: Definition of Bank DiscountA bank discount is the interest amount deducted in advance by a…

Answered: Complete the following table for the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Provide correct answer
General accounting
Subject:-- general accounting
Complete the following table for the simple discount notes. Use the ordinary interest method. (Round your answers to the nearest cent.) Amount due at maturity Discount Rate Time Bank Discount Proceeds $ 6,000 3.5% 160 days
Provide correct answer general accounting
help me to solve this questions
Complete the following table for the simple discount notes. Use the ordinary interest method. Note: Round your answers to the nearest cent. Amount due at maturity 4,400 Discount rate 6.25% Time 170 days Bank discount Proceeds
Complete the following table for the simple discount notes. Use the ordinary interest method. Note: Round your answers to the nearest cent. Amount due at maturity discount rate time bank discount proceeds $4,100 6.25% 200 days
Using ordinary interest, calculate the missing information for the following simple discount notes. Date of Bank Maturity Date Note Discount Aug. 14 Face Value 20. $50,000 21. $875,000 Discount Rate (%) 13 9/2/2 Apr. 5 Oct. 25 Term (days) 87 Proceeds
I need help solving this general accounting question with the proper methodology.
What is the general accounting question answer? And please not need ai solution
Using ordinary interest, 360 days, calculate the bank discount (in $), proceeds (in $), and effective rate (as a %) for the simple discount note. Round dollars to the nearest cent and round effective rate to the nearest hundredth of a percent. Face Discount Term Bank Effective Proceeds Value Rate (%) (days) Discount Rate (%) $6,805 10.19 74 $ $ %

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Complete the following table for the simple discount notes using the ordinary interest method: Amount due at maturity: $22,000 Discount rate: 6.2% Time: 180 days . Bank discount: ?