Answered: Determine the maturity date for the…

Determine the maturity date for the following note. Consider leap years as necessary. Date of Note Time Maturity Date July 9, 2009 180 days

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 19E: Determine the due date and the amount of interest due at maturity on the following notes dated in...

See similar textbooks

Related questions

Q: Compute interest and find the maturity date for the following notes. (Use 360 days for calculation.)…

A: Interest is computed as Principal * rate * term / no.of days in a year. Maturity date is the date…

Q: Calculate the maturity value of a $1140, 7.75%, 120 days note dated February 19, 2021.

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

Q: Determine due date and interest on notes Determine the due date and the amount of interest due at…

A: The promissory notes can be defined as a legal lending document that consists of the promise made by…

Q: 4)A promissory note for $800.00 dated January 15, 2017, requires an interest payment of $100.00 at…

A: Introduction:- This question involves the calculation of the due date of a promissory note, which is…

Q: Now journalize the collection of principal and interest at maturity on the three notes. Explanations…

A: Step 1 Interest on financial instruments is to be credited and capitalized along with the redemption…

Q: A RO 40000 Interest-bearing note payable is signed on December 26 2020. If the note is a 120-day…

A: Maturity date = (5 days of Dec + 31 days of Jan + 28 days of Feb + 31 days of Mar, 25 days of April)…

Q: On October 1, 2009, a company received a one-year note receivable bearing an interest rate at market…

A: Interest income represents the percentage of interest accrued on the amount lend. It is paid over a…

Q: A promissory note has a face value of 22275.00 and it has a date of issue of November 15 this year.…

A: Simple Interest is the method in which we calculate the interest on a specific principal amount at a…

Q: On 1st Sept 2020 Sun LLC has accepted a note receivable for RO 1000 from one of the accounts…

A: Days outstanding from 1st step to 31 dec = 122 Maturity period is less than it so total interest…

Q: Determine the due date and the amount of interest due

A: Required details are given below

Q: A 100-day note with a face amount of $54,000 and interest rate of 9% is issued on June 1. Required:…

A: 1.

Q: Answer the following questions regarding a four-month promissory note for $1,850 issued June 1,…

A: A promissory note is a financial instrument that is used for the payment of a loan at a future date.…

Q: amount of interest to be recorded

A: Interest on note receivable = Amount of note receivable * Interest rate * Months of maturity/12…

Q: Compute the maturity date and interest for the following notes.( use 360 days for calculation) Dates…

A: Notes payable is a term in accounting that represents a written agreement or promissory note made by…

Q: A seven-month promissory note for $7,800 dated March 12, 2016 bears interest at 8% a. What is the…

A: Promissory note: It can be defined as a financial instrument containing a written promise of paying…

Q: A promissory note for $800 00 dated January 15, 2017, requires an interest payment of $140.00 at…

A: A promissory note refers to a legal document that includes the promise by the borrower to repay a…

Q: A RO40,000, interest-bearing note payable is signed on December 26, 2020. If the note is a 120-day…

A: Notes Payable- It is type of financial instrument which helps the entity is collecting fund at a…

Q: On 1st July 2020 Star LLC has accepted a note receivable for RO 2000 from one of the accounts…

A: Interest on note receivable shall be calculated from date of issuance till date of maturity.

Q: Determine the due date and the amount of interest due at maturity on the following notes: Date…

A: Amount of interest due at maturity = Notes face value x rate of interest x no. of days / 365 days

Q: February 10, 2022 May 19, 2021 July 5, 2021 45 days 60 days 90 days 2021 120 1.

Q: Determine the due date and the amount of interest due at maturity on the following notes: Face…

A: For the calculation of Due date - The number of days are counted from the date of note.Interest =…

Q: Determine the due date and the amount of interest due at maturity on the following notes. When…

A: Answer:- The note payable is the amount which the company has to pay and it is considered as a…

Q: Determine the maturity date and compute interest for each note. Note: Use 360 days a year. Do not…

A: The date that the principal balance of a note, draft, acceptance bond, or other financial instrument…

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

A: A note receivable is a written promise to pay a certain sum of money at a future date or on the…

Q: Determine the due date and amount of interest due at maturity on the following notes: Origination…

A: a. Interest amount = Face value of bonds x rate of interest x No. of days / 365 days = $8,000 x 8% x…

Q: . Interest has not yet been recorded on the notes payable which was taken out on March 1, 2020 with…

A: Please check the step 2 below:-

Q: On 1st Sept 2020 Sun and sand LLC has accepted a note receivable for RO 2000 from one of the…

A: Notes payable is considered as a negotiable instrument signed by the promisor who agreed to pay a…

Q: Determine the due date and the amount of interest due at maturity on the following notes: Date of…

A: Interest on Note = Face value X Rate of interest X Tenure in days/ 360 days

Q: How do I find the maturity value and maturity date of an interest-bearing promissory note that has a…

A: Assume loan issued at beginning of the year I.e 1st January January (31-1) 30 days February…

Question

Determine the maturity date for the following note. Consider leap years as necessary.
Date of Note
Time
Maturity Date
July 9, 2009
180 days

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

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, finance and related others by exploring similar questions and additional content below.

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?
Test I. Complete the table by finding the maturity date of the following notes: Term of the Note 45 days 60 days 90 days 120 days 75 days Date of the Note Maturity Date 1. February 10, 2022 2. May 19, 2021 3. July 5, 2021 4. November 20, 2021 5. September 12, 2021
Use the future value formula to compute the maturity value of the following promissory note. Ignore any grace period. A 5 month, 5.4% note for $3108.00 is issued july 20, 1993. What is the maturity value?
Complete the following, using ordinary interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. Principal Interest rate date borrowed date repaid exact time interest Maturity value $1,325 12% July 12 January 08 TABLE 7.1 Exact days-in-a-year calendar (excluding leap year)* Day of month 31 January 28 February 31 March 30 April 31 May 30 June 31 July 31 August 30 September 31 October 30 November 31 December 1 1 32 60 91 121 152 182 213 244 274 305 335 2 2 33 61 92 122 153 183 214 245 275 306 336 3 3 34 62 93 123 154 184 215 246 276 307 337 4 4 35 63 94 124 155 185 216 247 277 308 338 5 5 36 64 95 125 156 186 217 248 278 309 339 6 6 37 65 96 126 157 187 218 249 279 310 340 7 7 38 66 97 127 158 188 219 250 280 311 341 8 8 39 67 98 128 159 189 220 251 281 312 342 9 9 40 68 99 129 160 190 221 252 282 313 343 10 10 41 69 100 130 161 191 222 253 283 314 344 11 11…
Match the terms with the definitions.
A table of notes receivable for 2024 follows: E (Click the icon to view the table of notes receivable for 2024.) For each of the notes receivable, compute the amount of interest revenue earned during 2024. Round to the nearest dollar. (Ignore leaps years, and use a 365-day year for the notes with interest periods in days. Use a 12-month year for notes with interest periods in months.) Interest revenue earned during 2024 Note 1 Note 2 Note 3 Note 4 Data Table Principal Interest Rate Interest Period During 2024 Note 1 $ 60,000 8% 9 months Note 2 14,000 12% 180 days Note 3 22,000 5% 270 days Note 4 150,000 11% 3 months Print Done
Suppose $100 was deposited at the EOY 2011 and $220 was withdrawn at the EOY 2020, emptying the account. Find the annual interest rate.
Determine the due date and the amount of interest due at maturity on the following notes dated in 2016:
Compute the maturity date and interest for the following notes.( use 360 days for calculation) Dates of notes Terms Principal Interest Rate a. April 17 45 days 48,000 3% b. August 11 2 months 72,000. 7% Maturity date. Interest a. ? $? b. ? $?
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 has a face value of 22275.00 and it has a date of issue of November 15 this year. The maturity date is April 15th. The rate of simple interest is 5.75%. What is the maturity value of the note?
13. Trade credit terms of 2/10, net 90 are available. Calculate the cost of trade credit when payment is made on the net due date using the APR. Use a 360 day year.