Compute the interest accrued on each of the following notes receivable held by Kirkland, Inc., on December 31: (Round to the nearest dollar.)Date ofPrincipalInterestRateMakerNoteTermNovember 21Baker December 13Charlie December 19Abel12% 120 days90 days60 days$42,00032,0009%25,0006%Abel2$Baker2$Charlie $

Interest Rate: It is a portion of the principal amount that is charged by a lender for the use of…

Answered: Compute the interest accrued on each of…

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

Compute interest and find the maturity date for the following notes. (a) date of note: June 10 Principal: $80,000 Interest Rate: 6% Term: 60 days (b) Date of Note: July 14 Principal: $50,000 Interest Rate: 7% Term: 90 days (c) Date of Note: April 27 Principal:$12,000 Interest Rate: 8% Term: 75 days
Determine the maturity date, interest at maturity and maturity value for each of the following notes (Round to the nearest cent) a. A 60-day, 10 percent, $2,400 note dated january 5 received from S.William for granting a time extension on a past due account. b. A 60-day, 12 percent, $1,500 note dated March 9 received from E.Watson for granting a time extension on a past due account.
Compute the maturity date and the maturity value associated with each of the following notes receivables. (Use 360 days for calculation. Round intermediate calculations to 2 decimal places, e.g 52.75 and final answers to O decimal places, e.g. 1,525.) 1. 2. 3. 1. 2. 3. A $15,000, 6%, 3-month note dated April 20. A $25,000, 8%, 72-day note dated June 10. An $8,000, 9%, 30-day note dated September 20. Maturity date > tA 69 Maturity value
Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 10* $40,000 5% 90 days b. March 19 18,000 8 180 days c. June 5 90,000 7 30 days d. September 8 36,000 3 90 days e. November 20 27,000 4 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. $fill in the blank 2 b. fill in the blank 4 c. fill in the blank 6 d. fill in the blank 8 e. fill in the blank 10
Rako
Please help me
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes. When calculating interest amounts, assume there are 360 days in a year. Round intermediate calculations to 4 decimal places, and round your final answers to the nearest whole dollar. Date of Note Face Amount Interest Rate Term of Note a. January 15 $73,400 11 % 30 days b. April 1 17,375 13 90 days c. June 22 31,500 12 45 days d. August 30 23,265 10 120 days e. October 16 12,530 12 50 days Due Date Interest Due at Maturity a. $fill in the blank 2 b. $fill in the blank 4 c. $fill in the blank 6 d. $fill in the blank 8 e. $fill in the blank 10
Tell me why this is the answer as opposed to the others
Please solve all the MCQ with detailed answer for both correct and incorrect answers
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes. When calculating interest amounts, assume there are 360 days in a year. Round intermediate calculations to 4 decimal places, and round your final answers to the nearest whole dollar. Date of Note a. January 15 April 1 b. C. d. e. a. b. C. d. e. June 22 August 30 October 16 Due Date Feb. 14 Jun. 38 Aug. 6 Dec. 28 Dec. 5 Face Amount $44,175 $ 12,350 19,800 20,535 10,935 Interest Due at Maturity Interest Rate 9% 9 13 13 8 Term of Note 30 days 90 days 45 days 120 days 50 days
Accrued Interest PayableCompute the interest accrued on each of the following notes payable owed by Northland, Inc., on December 31:Use 360 days for calculations and round to the nearest dollar. Lender Date of Note Principal Interest Rate (%) Term Maple 11/21 $18,000 11 120 days Wyman 12/13 14,000 8 90 days Nahn 12/10 16,000 12 60 days Lender Accrued Interest Maple Answer Wyman Answer Nahn Answer
Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) June 1 James Co. purchased merchandise on account from O’Leary Co., $90,000, terms n/30. The cost of merchandise sold was $54,000. 30 James Co. issued a 60-day, 5% note for $90,000 on account. Aug. 29 James Co. paid the amount due.

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