Receivables0EEX 8-19 Determine due date and interest on notesObiDetermine the due date and the amount of interest due at maturity on the following notes:Date of NoteFace AmountInterest RateTerm of Note120 daysJanuary 5*30 daysFebruary 15*45 daysMay 1990 days90 days$90,00021,000C.68,000d.34,400e.50,000* Assume a leap year in which February has 29 days.a.b.August 20October 196%4857Obi.6

a) due date = May 4 Interest =$90,000×6%×120/366 =$1770.5 b) due date=march 16…

EX 8-19 Determine due date and interest on notes 0 Determine the due date and the amount of interest due at maturity on the following notes: Face Amount Interest Rate Term of Note 6% 120 days 4 30 days 8 45 days 5 90 days 7 90 days Date of Note January 5* February 15* May 19 August 20 October 19 a. b. $90,000 21,000 C. 68,000 d. 34,400 50,000 e. * Assume a leap year in which February has 29 days.

EX 8-19 Determine due date and interest on notes 0 Determine the due date and the amount of interest due at maturity on the following notes: Face Amount Interest Rate Term of Note 6% 120 days 4 30 days 8 45 days 5 90 days 7 90 days Date of Note January 5* February 15* May 19 August 20 October 19 a. b. $90,000 21,000 C. 68,000 d. 34,400 50,000 e. * Assume a leap year in which February has 29 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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