Compute the maturity value for each of the following notes:Required:1. A note payable with a face amount of $31,000, dated June 15, 20X1, due in three months, bearing interest at 4 percent.2. A note payable with a face amount of $25,000, dated May 5, 20X1, due in 30 days, bearing interest at 6 percent.Complete this question by entering your answers in the tabs below.Required 1Required 2A note payable with a face amount of $31,000, dated June 15, 20X1, due in three months, bearing interest at 4 percent.(Round your "Interest rate" answer to two decimal places. i.e., 1% should be entered as 0.01.)Fraction ofPrincipal x Interest Rate xInterestYearMaturityValue

The Note is a liability which needs to be paid out after a specific period of time. The time value…

Answered: Compute the maturity value for 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

Please calculate the interest on a $10,000, 120-day, 12 percent note. Once you have determined the interest amount, briefly explain what it means. When does the interest get recorded?
Assuming a 360-day year, when a $12,600, 90-day, 11% interest-bearing note payable matures, total payment will be Round your answer to the nearest whole dollar.
The maturity value of a $192,000, 6%, 40-day note receivable dated July 3 is
Maturity Dates of Notes PayableDetermine the maturity date and compute the interest for each of the following notes payable with add-on interest:Use 360 days for calculations and round to the nearest dollar. Date of note Principal Interest Rate (%) Term a. August 5 $17,000 8% 120 days b. May 10 10,400 7% 90 days c. October 20 14,000 9% 60days d. July 6 6,500 10% 75 days e. September 15 15,500 8% 75 days For the maturity date, select the appropriate month using the drop-down menu and enter the correct day next to the month using the fill-in the blank answer box. Maturity Date Interest a. Answer Answer Answer b. Answer Answer Answer c. Answer Answer Answer d. Answer Answer Answer e. Answer Answer Answer
TORR, Inc. issues a $300,000, 6%, five-year note payable on January 1, 20X1. If the monthly payment is $5,800, what is the note's carrying value after the first month's payment is made on January 31, 20X1? Select one: a. $294,200 b. $300,000 c. $298,500 d. $295,700 e. $298,214
On June 8, Williams Company issued an $92,400, 11%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? Round your answer to the nearest whole dollar.
The Deposit value on 10/1/20 is 4X. Not 8X.
How do I find the maturity value and maturity date of an interest-bearing promissory note that has a face value of $1,270? Interest rate percent of 7.1 and term of note 130 days?
A 60-day, 9% note for $10,000, dated May 1, is received from a customer on account. Use 30 day months and 360 day years in calculations of interest. The maturity value of the note is:
Explain well with proper step by step Answer.
Gold Nest Company of Guandong, China, makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses a job-order costing system that applies overhead to jobs based on direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $94,500 of manufacturing overhead for an estimated activity level of $45,000 direct labor dollars. The beginning inventory balances were as follows: Raw materials $ 10,800 Work in process $ 4,900 Finished goods $ 8,800 During the year, the following transactions were completed: Raw materials purchased on account, $162,000. Raw materials used in production, $144,000 (materials costing $123,000 were charged directly to jobs; the remaining materials were indirect). Cash paid to employees: Direct labor $ 155,000 Indirect labor $ 248,800 Sales commissions $ 23,000 Administrative salaries $ 42,000…
Use the following information for Questions 6 to 10: A promissory note for $12,500 was written on February 9 for 120 days at 7%. It was discounted on May 15 at 11.5%. 6. 7. Find the maturity value of the note. Find the maturity date of the note. 8. Find the term of the discount. Find the discount amount. Find the proceeds. 9. 10. Attempt only if you can solve all parts I'll upvote your answer otherwise I'11 downvote

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