Can you please answer the financial accounting question? Determine the maturity date and compute theinterest for the following note payable with add-oninterest:Date of Note Principal Interest Rate (%) TermMay 108,400 7%90 days

Step 1:The maturity date is calculated as follows: May (31-10) days21 daysJune30 daysJuly31…

Answered: Determine the maturity date and compute…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

See similar textbooks

Similar questions

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?
Determine the maturity date and compute interest for each note.
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
The maturity value of a $67200, 6%, 9-month note receivable is
Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higner day when hecessary. Maturity Value (in $) Rate Time Interest Principal Interest (%) (days) Method $3,100 167 Exact $220
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
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 $49,185 13 % 30 days b. April 1 18,045 11 90 days C. June 22 12,325 8 45 days d. August 30 18,975 12 120 days e. October 16 11,660 9 50 days Interest Due at Due Date Maturity a. b. نف C. d. e.
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
The maturity value of a $491000, 76-day, 7.5% note receivable is (two decimals):
The formula for computing interest on a note is: Principal of the notex Annual interest rate x Time expressed in fraction of year. True or False True False
A promissory note with a maturity value of $700 is sold at a discount rate of 8%, 45 days before maturity. Determine the discount and the proceeds.
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

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

SEE MORE TEXTBOOKS

Determine the maturity date and compute the interest for the following note payable with add-on interest: Date of Note Principal Interest Rate (%) Term May 10 8,400 7% 90 days