The following totals for the month of April were taken from the payroll register of Lang Company.Salaries and wages$75.000FICA taxes withheld5,543Income taxes withheld16,000Medical insurance deductions2,723Federal unemployment taxesState unemployment taxes1321,247Calculate the payroll deductions withheld for the month of April.QUESTION 36Cramer Company issued a $960,000, 5%, 90-day note receivable dated July 3.Calculate the maturity value of the notes receivable.

As per our protocol we provide solution to the one question only but you have asked two questions…

Answered: Cramer Company issued a $960,000, 5%,…

Cramer Company issued a $960,000, 5%, 90-day note receivable dated July 3. Calculate the maturity value of the notes receivable.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The following note transactions occurred during the year for Towell Company: On Nov. 25, Towell…

A: Interest is an expense which is to be paid to the lender or creditor for making late payment for the…

Q: Goldie Corporation takes out a $10,000 cash loan from its bank by signing a 15%, 9-month promissory…

A: A promissory note is a financial instrument that includes a written promise to pay a certain sum of…

Q: Martinez Co. borrowed $71,059 on March 1 of the current year by signing a 60-day, 5%, interest-…

A: Interest = $71,059 x 5% x 60/360 = $592

Q: 14 cipar $8,000 8% 120 days

A: To compute the accrued interest on each of the notes receivable held by Gallow, Inc., use the…

Q: Sylvestor Systems borrows $103,000 cash on May 15 by signing a 150-day, 4%, $103,000 note. 1. On…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: Sylvestor Systems borrows $185,000 cash on May 15 by signing a 150-day, 7%, $185,000 note. 1. On…

A: Journal: Recording of a business transactions in a chronological order.

Q: ired 2B rest at turity ure? Required 2B General Journal

A: Answer : Note mature date = 12 October 15 May + 150 days = 12 Oct. 16 Days remaining from May + 30…

Q: On June 8, Williams Company issued an $70,538, 11%, 120-day note payable to Brown Industries.…

A: The note payable is reported as liabilities in the balance sheet. The maturity value of note is…

Q: Determine the maturity date, interest at maturity, and maturity value for each of the following…

A: Time to Maturity is the period between the issue and maturity of the note. It can be different for…

Q: On 1/1/17, Carl Weathers Corp. purchases an asset and promises to make four annual payments of…

A: The discount to notes payable is the discount which has been occurred at the time when a fixed…

Q: On January 1, Gemstone Company obtained a $165,000, 7%, 10-year installment note from Guarantee…

A: Notes payable refer to a written agreement between two parties. Under this agreement, the lender…

Q: owing interest- aring promissory note was discounted at a bank by the payee before maturity. Use the…

A: A promissory note is a financial document wherein one party, referred to as the issuer or maker of…

Q: Madison Company issued an interest-bearing note payable with a face value of $24,000 and a stated…

A: Note payable refers to the amount for which the individual or the company has written to pay the…

Q: Madison Company issued an interest-bearing note payable with a face value of $9,600 and a stated…

A: Total liabilities are the sum of a person's or company's debts. They fall into three broad…

Q: FDN Company signed a 90-day, 8% P150,000 note with the bank for cash borrowed. On maturity date, the…

A: The balance sheet represents the financial position of the business The note payable is recorded as…

Q: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day…

Q: Good Day Service Center received a 120-day, 6% note for $250,000, dated April 12 from a customer on…

A: Calculation of due date of the Note Due Date of Note will be 120 days form the date on which it is…

Q: $45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due…

A: Notes receivable are claims for which formal instruments of credit, such as a promissory note, are…

Q: On June 8, Williams Company issued an $73,207, 7%, 120-day note payable to Brown Industries.…

A: Formula: Interest amount = Principal amount x Interest rate x Time period.

Q: Compute the due date, amount of interest and total cash received on the maturity date for the…

A: Note receivable refers to a negotiable instrument. It represents the claim amount due on the…

Q: Compute the interest accrued on each of the following notes receivable held by Northland, Inc. on…

A: In this question first, we will calculate the days till 31 December and then interest for…

Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 90-day, 8%, $50,000 note. 1. On what…

A: The note payable is treated as liability in the business. The note that matures in less than one…

Q: ne 8, Alton Co. issued an $79,432, 10%, 120-day note payable to Seller Co. Assuming a 360-day year…

A: Solution: Maturity value of the note is amount that is arrived by adding total amount of interest…

Q: Compute the maturity value as indicated for each of the following notes receivable. (Use 360 days…

A: maturity value is the Amount of money that is due and will be payable on the maturity of any…

Q: Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of…

A: Amount of interest can be computed using following formula :

Q: On May 1, Huxley, Inc borrowed $146,000 cash from First Banc Corp under a six-month…

A: Non-Interest bearing note refers to the note payable in which there is no interest rate. It is…

Q: Sylvestor Systems borrows $174,000 cash on May 15 by signing a 90-day, 6%, $174,000 note. 1. On what…

A: Lets understand the basics.Notes payable an instrument issued by the borrower to the lender. This…

Q: Norton Company received a 90-day, 6% note for $300,000, dated May 12 from a customer on account.…

A: Norton Company A 90-day, 6% note for $300,000, dated May 12 from a customer on account (A) the…

Q: Sylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 note. 1. On…

A: The journal entries are prepared to record the transactions on regular basis. The interest payment…

Q: A company has a $5,000, 6%, 3-month note ceivable on its books that was issued May 1. ne amount of…

A: The note receivable is the current asset for the business. The Accrued interest is the interest that…

Q: On May 31, Baker Co. issued an $35,679, 8%, 120-day note payable to Samunck Co. Assume Baker's…

A: Solution a: Interest EXPENSE recognized by Baker in the current fiscal year = $35,679*8%*30/360 =…

Q: A business issued a 45-day, 6% note for $210,000 to a creditor. Principal and interest are payable…

A: Notes are short term financial intrument with a fixed maturity period and usually short term…

Q: On January 1, 20Y2, Hebron Company issued a $213,000, five-year, 4% installment note to Ventsam…

A: The company can raise funds by issuing notes. The note is a promise by the entity to pay the…

Q: On May 1, the Morse Company accepted a 60-day, $15,000 non-interest-bearing note from U Corporation.…

A: Note payable is a promise to pay certain amount of money on maturity date. The note can be with…

Q: On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 30- day note with a face…

A: On a company's balance sheet, the notes payable account shows the debt the company has to creditors…

Q: On June 8, Williams Company issued an $74,068, 8%, 120-day note payable to Brown Industries.…

A: Maturity value of note = issue price + interest accrued over term (for 120 days)

Q: On May 22, Jarrett Company borrows 9, 200, signing a 90-day, 7% $9, 200 noteWhat is the journal…

A: When Jarrett Company pays off the note on the maturity date, they need to account for both the…

Q: On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount…

A: We know that if a note is an interest-bearing note the borrower is obligated to pay the whole…

Q: The maturity value of a $192,000, 6%, 40-day note receivable dated July 3 is

A: Note Receivable It is a short-term method of financing. It can be issued for a period of as short as…

Question

100%

The following totals for the month of April were taken from the payroll register of Lang Company.
Salaries and wages
$75.000
FICA taxes withheld
5,543
Income taxes withheld
16,000
Medical insurance deductions
2,723
Federal unemployment taxes
State unemployment taxes
132
1,247
Calculate the payroll deductions withheld for the month of April.
QUESTION 36
Cramer Company issued a $960,000, 5%, 90-day note receivable dated July 3.
Calculate the maturity value of the notes receivable.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A $4,800, 180-day non-interest bearing promissory note issued May 9 is discounted on August 23 at 4%. Find the amount of discount and the proceeds of the note.
Assume that part of accounts and other receivables on Thompson Toys' February 2, 2010, balance sheet is comprised of $43,225,000 of notes receivable. Two notes make up the amount. The first note has a face value of $30,000,000 and bears interest at 7 percent for 90 days. The second note has a face value of $13,225,000 and bears interest at 9 percent for 120 days. Record the journal entry for the collection of the 7 percent note on May 3 and the dishonor of the 9 percent note on June 2. (Omit explanations; assume no interest had been accrued; amounts rounded to nearest dollar.)
On June 43, Trade Bank loaned a customer $30,000 on a 60-day, 10% note, temiting the face value less the interest to the customer. Which of the following journal entries would Trade Bank use to record the receipt of the note? a. Notes Receivable 30,000 Interest revenue 3,000 Cash 27,000 b. Notes receivable 30,000 Cash 30,000 c. Notes Receivable 29,500 Cash 29,500 d. Notes receivable 30,000 Interest revenue 500 Cash 29,500
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.
On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee Bank. The note requires annual payments of $23,492, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $11,550 and principal repayment of $11,942. The journal entry to record the issuance of the installment note for cash on January 1 would include a a.debit to notes payable for $165,000 b.credit to notes payable for $165,000 c.debit to interest expense for $11,550 d.credit to interest payable for $11,550
Subject: accounting
On June 8, Alton Co. issued an $75,537, 7%, 120-day note payable to Seller Co. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar. Select the correct answer. $5,288$75,537$80,825$77,300
On the first day of the fiscal year, a company issues $39,000, 10%, four-year installment notes that have annual payments of $12,303. The first note payment consists of $3,900 of interest and $8,403 of principal repayment. Question Content Area a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank Feedback Area Feedback Question Content Area b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $64,800. 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%.
A $10,000, 12%, 60-day note receivable is received on January 12. The note is discounted at 12% on January 18. What is the maturity value of the note ? Prepare journal entry to record at the date of maturity.
On June 8, Alton Co. issued an $73,184, 9%, 120-day note payable to Seller Co. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar.