Answered: If the company accepted a Notes…

Business

Accounting

If the company accepted a Notes Receivable on Oct 1, X1 for $60,000 at 8%, due in one year, what is the Maturity value?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Determine the maturity date and the amount at maturity (FMV), and the simple commercial interest of…

A: The question is related to amount at maturity amd date of maturity of four investments.

Q: Kylah Enterprises signs a 3-month, noninterest-bearing note with a stated rate of 13.5% and a…

A: Given, Principal =$215,000 Interest =13.5% Computation of interest =$215,000 * 13.5% *3/12…

Q: What is the number of months required for a deposit of $1320 to earn $16.50 interest at 3.75%?

A: Deposited amount or principal balance is $1320 Interest earned is $16.50 Interest rate is 3.75% To…

Q: Crane Company purchased merchandise with an invoice price of $3400 and credit terms of 2/10, n/30.…

A: Credit terms is the agreement between the seller and the buyer for the goods sold on credit in which…

Q: A $2,500 loan is offered for 27 months at 5.2% compounded annually. maturity value? Refer to the…

A: Loan = $2500Interest rate = 5.2% compounded annuallyPeriod = 27 months or 2.25 year

Q: A 102-day note for $85 bears simple interest at 4.5% and is sold 22 days before maturity to a bank…

A: Notes Receivables: It is possible to get a note receivable by writing a promise to receive a…

Q: The bank states they will charge you annual interest of 20% APR and interest is calculated…

A: The real interest that an investor earns on the investment and a borrower pays on loan after…

Q: The maturity value of a $491000, 76-day, 7.5% note receivable is (two decimals):

A: A note receivable is a financial instrument which shows the amount owed by the borrower to the…

Q: 7. A company has issued a $1,000,000 floating rate note with a coupon rate equal to the three- month…

A: Coupon payment:A coupon payment denotes a periodic interest payment made by a bond issuer to the…

Q: Principal amount is $10,000, interest rate is 5% and the term is six months. What is the interest…

A: INTEREST EXPENSE Interest expense is reported under the income statement of the company. Interest…

Q: Answer the following questions. (Round interest rate to 0 decimal places, e.g. 7%.) (1) If the note…

A: Given information Interest expenses = $511 Notes payable ( p ) = $4700 Duration (n) = 3 months…

Q: Accounting for Current Liabilities A note payable is issued for a face value of $100,000. The…

A: Note payable refers to the written agreement made between two parties in which the cash is paid by…

Q: At what nominal rate of interest, convertible monthly, is $16,000 the present value of $290.10 paid…

A: Given: Future value = $16,000 Present value = $290.10 Years = 6 years Periods = 6*12 = 72

Q: Compute the maturity value for each of the following notes: Required: 1. A note payable with a face…

A: The Note is a liability which needs to be paid out after a specific period of time. The time value…

Q: Suppose that a company borrows 20,000 for 1 year at a stated rate of interest of 9 percent. What is…

A: Annual percentage rate (APR) if interest is paid to the lender annually = (1 + Stated rate / Number…

Q: $11,000 is borrowed for 150 days at an 8% interest rate. Calculate the maturity value by the exact…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: maturity value of a $67200, 6%, 9-month note receivable

A: Note receivable is a balance sheet item which represents claims of a credit to record the values of…

Q: A promissory note is a written statement agreeing to pay a sum of money either on demand or at a…

A: Promissory notes are like notes payable. Here the issuer of the note promises to pay the other party…

Q: Assuming a 360-day year, the interest charged by the bank, at the rate of 12%, on a 90-day,…

A: Interest charged = Notes Payable x Interest rate x 90/360

Q: Find the maturity value of the given loan amount. $2,234 borrowed at 12⅛% from March 10 through…

A: Future Value: The future value is value of present amount compounded at an interest rate until 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: The maturity value of a $28,000, 6%, 60-day interest-bearing note is:

A: Given: Initial investment = $28,000 Interest =6% Time = 60 days So, Interest on the amount =…

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: what is the effective interest rate on a 3-month noninterest-bearing note with a stated value of…

A: An effective interest rate is a real rate of return on an investment which pays a fixed income over…

Q: 10) The maturity value of a five-month promissory note issued May 31, 2013, is $2134.00. What is the…

A: Future Value = P + (P * R * T)Where P = Present Value R = Rate of InterestT = Time

Q: on June 8th Alton Co issued an $70620 11% 120 Day note payable to seller Co. Assuming a 360 day year…

A: Interest on Note = Face value of Note x rate of interest x No. of days /360 days =…

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: What is the payment in month 13 on a CAM loan for $150,000 with a maturity of 15 years at 5.85%?…

A: Debt refers to the owed capital that the corporations or individuals employ, it requires the…

Q: The maturity value of a $802,000, 88 day, 10% note receivable is (two decimals):

A: Note receivable is the note which shows that a particular amount along with interest is due from a…

Q: Compute the maturity value as indicated for each of the following notes receivable. (Use 360 days…

A: maturity value is the Amount of money that is due and will be payable on the maturity of any…

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

A: Contract datematurity monthMaturity dateInterest expense…

Q: The maturity value of a $586000, 168-day, 7.3% note receivable is (two decimals):

A: Interest on Note = Face value of notes x rate of interest x no. of days / 365 = $586000 x 7.3% x…

Question

If the company accepted a Notes Receivable on Oct 1, X1 for $60,000 at 8%, due in one year, what is the Maturity value?

Expert Solution

Step 1

Maturity value is the total amount including the interest on the Notes Receivable till it's maturity years.

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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
Assuming a 360-day year, when a $12,919, 90-day, 6% interest-bearing note payable matures, total payment will amount to:
Assuming a 360-day year, when a $16,098, 90-day, 8% interest-bearing note payable matures, total payment will be
On May 1, the Morse Company accepted a 60-day, $15,000 non-interest-bearing note from U Corporation. What is the maturity value of the note?
on nov, 1. Alan co. signed a 120 day, 12% note payable, with a fac valus of 9,900. what is the maturity value of the note on march 1? use 360 days a year
What is the number of months required for a deposit of $1320 to earn $16.50 interest at 3.75%?
Calculate the simple interest and maturity value. Principal $9,000, Interest rate 2.25% and time is 18 months
a. What amount could be withdrawn at t=10? b. What uniform annual series deposits (n=10) would result in the same accumulated balance at the end of year 10?
Marigold Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Interest Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Common Stock MARIGOLD ADVERTISING TRIAL BALANCE DECEMBER 31, 2020 Unadjusted Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense Dr. $18,810 22,900 8,710 3,730 63,430 11,720 370 4,500 $134,170 Cr. $30,670 14,467 -0- 4,700 6,590 -0- 10,580 3,750 63,413 $134,170 Dr. Adjusted $18,810 26,011 2,795 2,949 63,430 12,961 781 511 4,700 5,915 4,500 $143,363 Cr. $35,370 14,467 141 4,700 5,142 1,241 10,580 3,750 67,972 $143,363
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
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?
What is the Effective Annual Rate (EAR) on a deposit account with a stated Annual Percentage Rate (APR) of 10.6% and monthly compounding? Enter your answer as a percentage rounded to 2 decimal places