Determine the due date and the amount of interest due at maturity on the following notes: Face Amount a. $87,000 27,000 66,000 34,000 52,000 * Assume a leap year in which February has 29 days. Assume 360 days in a year when computing the interest. Note b. C. d. e. Date of Note January 5 * February 15 * May 19 August 20 October 19 (a) (b) (c) (d) (e) Due Date Interest Interest Rate 1000 6% 4 8 5 7 Term of Note 120 days 30 days 45 days 90 days 90 days

Determine the due date and the amount of interest due at maturity on the following notes: Face Amount a. $87,000 27,000 66,000 34,000 52,000 * Assume a leap year in which February has 29 days. Assume 360 days in a year when computing the interest. Note b. C. d. e. Date of Note January 5 * February 15 * May 19 August 20 October 19 (a) (b) (c) (d) (e) Due Date Interest Interest Rate 1000 6% 4 8 5 7 Term of Note 120 days 30 days 45 days 90 days 90 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

Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of the following notes: (Use 360 days for interest calculation. Round to the nearest dollar.) Date ofNote Principal InterestRate Term a. August 5 $6,000 8% 190 days b. May 10 16,800 7% 160 days c. October 20 24,000 9% 115 days d. July 06 4,500 10% 130 days e. September 15 9,000 8% 145 days Maturity Date Month Day Interest a. Answer Answer Answer b. Answer Answer Answer c. Answer Answer Answer d. Answer Answer Answer e. Answer Answer Answer PreviousSave AnswersFinish attempt ...
NOTE DATED 11/24/2021 DUE IN 156 DAYS, FACE OF THE NOTE IS $ 75,000, INTEREST RATE IS 9 %% CALCULATE THE FOLLOWING THE DUE DATE THE INTEREST AMOUNT (PXRXT) MATURITY VALUE (face amount plus the interest amount) Prepare the journal entry for the following dates 1. 11/24/2021 2. The adjusting journal entry made on 12/31/2021 3. On the due date PAGE 2.OF 2 215 WORDS "
Determine the maturity date and compute interest for each note. Note: Use 360 days a year. Do not round intermediate calculations. Note 1. 2. 3. Contract Date March 8 May 22 October 27 Contract Date 1. March 8 2. May 22 3. October 27 Principal $ 17,000 22,000 15,000 Maturity Month Interest Rate 6% 8 4 Maturity Date Period of Note (Term) 60 days 90 days 45 days Interest Expense
What account would be debited (1), what account would be credit (2), and what amount would be paid to record the journal entry for each interest payment based on a $100,000 five-year, 12% bond and the bond was issued at $103,769 (12%) and interest is paid semiannually? JOURNAL Page 25 DATE DESCRIPTION P.REF. DEBIT CREDIT (1) ? (2) ? (1) Interest Expense debit $6,000, and (2) Cash credit $6,000 (1) Interest Expense debit $12,000 and (2) Cash credit $12,000 (1) Cash debit $12,000 and (2) Interest Expense credit $12,000 (1) Cash debit $6,000, and (2) Interest Expense credit $6,000
Determine the due date and amount of interest due at maturity on the following notes: Origination Face Term Interest Maturity Interest Date Amount of Note Rate Date Amount (a) Mar. 15 $8,000 60 days 8% (b) May 1 $12,000 90 days 9%
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
On July 8, Action Co. issued an $80,000, 6%, 90-day note payable to Scanlon Co. Assuming a 360-day year, what is the maturity value of the note? a.$84,800 b.$78,800 c.$80,000 d.$81,200
am. 123.
Presented below are data on three promissory notes. Determine the missing amounts. (Round answers for Total Interest to O decimal places, e.g. 825. Round annual interest rate to 0 decimal places, e.g. 15%. Use 360 days for calculation.) (a) (b) (c) Date of Note April 1 July 2 March 7 Terms 60 days 30 days 6 months Maturity Date Principal $780,000 80,400 165,000 Annual Interest Rate 15 % % 16 % $ $ Total Interest $938
Assuming a 360-day year, when a $13,430, 90-day, 11% interest-bearing note payable matures, total payment will amount to: Select the correct answer. $14,907 $1,477 $369 $13,799
Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 9 6 months $1,575
Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of the following notes: (Round to the nearest dollar.)\table[[,\table[[Date of], [Note]], Interest,], [a., August 5, $12,000,9%, 120 days], [b., May 10, 33,600,7%, 90 days ], [c., October 20, 48,000, 12%, 45 days], [d., July 16,9,000, 10%, 60 days], [e., September 15, 19,000,7%,75 days]]