**Exercise 8-19: Determine Due Date and Interest on Notes****Objective:** Determine the due date and the amount of interest due at maturity on the following notes.**Table Overview:**| Date of Note | Face Amount | Interest Rate | Term of Note ||--------------|-------------|---------------|--------------|| January 5* | $90,000 | 6% | 120 days || February 15* | $21,000 | 4% | 30 days || May 19 | $68,000 | 8% | 45 days || August 20 | $34,400 | 5% | 90 days || October 19 | $50,000 | 7% | 90 days |*Assume a leap year in which February has 29 days.***Instructions:** - Calculate the due date for each note based on its term.- Compute the interest due on each note at maturity. Note: The leap year affects the calculation of time spans that include February.

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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