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 Due Date Interest (1) Jun 1 $20,000 3% 40 days (2) June 30 9,000 3% 180 days (3) March 30 12,000 5% 45 days (4) March 1 10,000 5% 60 days (5) January 15 8,000 4% 60 days

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 Due Date Interest (1) Jun 1 $20,000 3% 40 days (2) June 30 9,000 3% 180 days (3) March 30 12,000 5% 45 days (4) March 1 10,000 5% 60 days (5) January 15 8,000 4% 60 days

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A B E 2 Determine the maturity date and compute interest for each note. 3 Days to be used per year 360 days 4 Note Contract Date Principal Interest Rate Period of Note (Term) 6. 1 1-Mar $10,000 6% 60 days 7 2 15-May 15,000 8% 90 days 8 3 20-Oct 8,000 4% 45 days 9. 10 Required: 11 12 (Use cells A5 to F8 from the given information to complete this question.) 13 14 Note Contract Date Maturity Date Interest Expense 15 16 17 3 18
Calculate the due date, interest due, and maturity value of the following notes: Date of Note Face Amount Interest Rate Term of Note Due Date Interest Due Maturity Value a. 24-Apr $70,000 3% 60 days b. 13-Jul 30,000 5% 120 days c. 9-Aug 40,000 4% 45 days d. 12-Sep 60,000 8% 90 days e. 5-Nov 50,000 6% 30 days
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
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
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
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?
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
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
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.
Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation. Do not round intermediate calculations.) Date of Note Terms Maturity Date Principal Annual Interest Rate 60 April 1 $810,000 6 % tA $ days 30 July 2 70,800 % days 6 March 7 128,000 10 % $ months Total Interest $590

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	Date of Note	Face Amount	Interest Rate	Term of Note	Due Date	Interest
(1)	Jun 1	$20,000	3%	40 days
(2)	June 30	9,000	3%	180 days
(3)	March 30	12,000	5%	45 days
(4)	March 1	10,000	5%	60 days
(5)	January 15	8,000	4%	60 days