Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Northland, Inc., on December 31: (Use 360 days for interesnearest dollar.)Date ofMaker NoteMaple November 21Wyman December 13Nahn December 19Maple: $Wyman:Nahn:000Principal$20,00016,00023,000InterestRate Term10% 120 days996 90 days896 60 days

NOTES RECEIVABLENotes Receivable are reported under the current assets section of the balance…

Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Northland, Inc., on December 31: (Use 360 days for interes nearest dollar.) Date of Maker Note Principal Maple November 21 $20.000 Wyman December 13 16,000 Nahn December 19 23,000 Maple: $ Wyman: Nahn: 0 0 0 Interest Rate Term 10% 120 days 996 90 days 896 60 days

Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Northland, Inc., on December 31: (Use 360 days for interes nearest dollar.) Date of Maker Note Principal Maple November 21 $20.000 Wyman December 13 16,000 Nahn December 19 23,000 Maple: $ Wyman: Nahn: 0 0 0 Interest Rate Term 10% 120 days 996 90 days 896 60 days

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

Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Northland, Inc., on December 31: (Use 360 days for interest calculation. Round to the nearest dollar.) Maker Date ofNote Principal InterestRate Term Maple November 21 $180,000 6% 120 days Wyman December 13 140,000 7% 90 days Nahn December 19 210,000 5% 60 days Maple: Answer Wyman: Answer Nahn: Answer
Proceeds from Notes Payable On May 15, Franklin Co. borrowed cash from Dakota Bank by issuing a 30-day note with a face amount of $96,000. Assume a 360-day year. Required: a. Determine the proceeds of the note, assuming that the note carries an interest rate of 6%. $ b. Determine the proceeds of the note, assuming that the note is discounted at 6%.
Journalize the following transactions: i. ii. iii. iv. V. vi. February 1. Signed a 60-day, 10% note, $5,000.00. R80. April 2. Paid cash for the maturity value of the Feb. 1 note: principal, $5,000.00, plus interest, $83.33. C215. April 20. Received cash for the maturity value of Notes Receivable No. 34: principal $500.00, plus interest, $45.00. R78. June 1. Signed a 90-day, 18% note to True North Toilets Corp. for an extension of time on this account payable, $2,500.00. M44. December 15. The board of directors declared a dividend of $5.00 per share; capital stock issued is 3,000 shares. M234. December 31. Paid cash for dividend declared December 15. C345.
Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Northland, Inc., on December 31: (Use 360 days for interest calculation. Round to the nearest dollar.) Date of Note Maker Maple November 21 Wyman December 13 Nahn December 19 Maple: $ Wyman: Nahn: Principal $25,000 21,000 28,000 Interest Rate 3% 4% 5% Term. 120 days 90 days 60 days
Determine Due Date and Interest on Notes 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 November 20 27,000 60 days е. *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. С. d. е. II b.
Accrued Interest Receivable The following is a list of outstanding notes receivable as of December 31, 20--: Maker Date of Note Principal Interest Term No. of Days K. Savelin 12/15/-- $1,500 5% 60 days 16 R. Hillier 12/3/-- 4,800 6 90 28 B. Miranda 11/30/-- 3,200 8 90 31 R. Hansen 11/18/-- 7,300 7 120 43 Required: Question Content Area 1. Compute the accrued interest at the end of the year. Round interim calculations and final answer to the nearest cent. Assume 360 days in a year.
Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $94,800. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 9%.________________ b. Determine the proceeds of the note, assuming the note is discounted at 9%.________________
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 the nearest dollar. Lender Date of Note Principal Interest Rate (%) Term Maple 11/21 $18,000 10 120 days Wyman 12/13 5,000 8 90 days Nahn 12/10 16,000 12 60 days Lender Accrued Interest Maple Answer Wyman Answer Nahn Answer
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 6 b. March 23 40,000 9,000 9% 45 days 10 60 days c. May 30 12,000 12 90 days d. August 30 18,000 10 120 days e. October 1 10,500 8 60 days Due Date Interest a. Feb. 20 b. May 22 c. Aug. 28 d. Dec. 28 e. Nov. 30
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Monthly Annual Finance Purchases Payments and New Previous Periodic Percentage Rate (APR) Charge (in $) and Cash Balance Balance Rate Advances Credits (in $) (as a %) $1,027.61 % 1% $322.20 $400.00
Round answers to nearest dollar
Proceeds from Notes Payable On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $37, 200. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. Sfill in the blank 1 b. Determine the proceeds of the note, assuming the note is discounted at 6%. Sfill in the blank 2