Harbor Tech Ltd. issued a $15,500 note at 4.5% interest on July 10, with a term of 120 days. Using a 360-day year, determine the maturity value of the note.
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Determine the maturity value of the note on these financial accounting question
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- A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383On June 8, Williams Company issued an $73,207, 7%, 120-day note payable to Brown Industries. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar.On June 8, Alton Co. issued an $73,184, 9%, 120-day note payable to Seller Co. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar.
- On June 8, Williams Company issued an $92,400, 11%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? Round your answer to the nearest whole dollar.Valley Designs issued a 120-day, 6% note for $60,000 dated April 10 to Bork Furniture Company on account. Assume a 360-day year. Question Content Area a. Determine the due date of the note. August 13 b. Determine the maturity value of the note.On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 30- day note with a face amount of $74,400. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 5%.
- Valley Designs issued a 120-day, 10% note for $90,200, dated April 20 to Bork Furniture Company on account. Required: Determine the due date of the note. Determine the maturity value of the note. Assume a 360-day year. Round your answer to the nearest dollar. Journalize the entries to record the following: (1) receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar. Determine the maturity value of the note. Assume a 360-day year. Round your answer to the nearest dollar. $----- C. (1) Journalize the entry to record the receipt of the note by Bork Furniture. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Text entry invalid…A 100-day note with a face amount of $54,000 and interest rate of 9% is issued on June 1. Required: 1.Compute the following using a 360-day year: a. Maturity value of the note $___________ b. Maturity date ___________ c. Interest $___________ 2.The note is discounted on July 1. The bank discount rate is 12%. Compute the following: a. Number of days in the discount period ___________ b. Discount amount $___________ c. Proceeds $___________Valley Designs issued a 120-day, 6% note for $76,800, dated April 15 to Bork Furniture Company on account. Required: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day year. Round your answer to the nearest dollar. C. Journalize the entries to record the following: (1) receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar. Chart of Accounts CHART OF ACCOUNTS Bork Furniture Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Valley Designs 129 Allowance for Doubtful Accounts 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated…
- Valley Designs issued a 120-day, 5% note for $82,600, dated April 20 to Bork Furniture Company on account. Required: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day year. Round your answer to the nearest dollar. C. Journalize the entries to record the following: (1) receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar.On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $45,600. Assume 360 days in a year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 10%. b. Determine the proceeds of the note, assuming the note is discounted at 10%.On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $42,000. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 7%. $4 b. Determine the proceeds of the note, assuming the note is discounted at 7%.
