Information on a note receivable:Face amountP800,000Effective Interest14%PV of P1 @14%, n= 50.519369PV of ordinary annuity of 1 @14%, n=4 2.91371PV of annuity of 1@14%, n=53.91371The note is due in lump sum in five years time. What is carrying amount of the note at initialrecognition?567,823415,495432,158591,834

The note is payable after a particular period in a lump sum without any interest payable for each…

Answered: Information on a note receivable: Face…

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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Similar questions

An $9,000 note dated 06/22/2020, matures on 12/22/2020 at 8.15%. (Banker’s Rule) In how many days is the note due? What interest is paid on the note?
Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400, and the cash proceeds received and available to use for the 60-day period is RO19600 what is the actual interest rate on this note? a. 12.24% b. 12.00% c. 10.00% d. 12.45%
Saved The rates offered by a credit union for its non-redeemable 90- to 365-day GICs are shown in the following table: Deposit Amount $10,000 to $24,999 Rate 2.5% $25,000 to $59,999 $60,000 to $99,999 3.0% 3.2% Early redemption is permitted but will result in the rate being reduced to 1.75%. How much more interest will a 91-day $20,000 term deposit earn if it is held until maturity than if it is redeemed after 80 days? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places.) Extra interest earned $ SA
Yoda wrote a non-interest bearing promissory note for 32050 that will mature in 12 years and 6 months. What are the proceeds of the note if money is worth 8.9% compounded quarterly? END/BEG P/Y C/Y N 1/Y PV PMT FV
The interest on a $3,000, 10%, 180-day note receivable is (assume 360 days per year) O $150 O $3.300 O $300 $3000 Onmi ERCO DUTO
Find the value of the annuity and the interest. nt P[(1 +n' -1] A = A = P =- nt Periodic Deposit: $2500 at the end of every three months Rate: 4.5% compounded quarterly Time: 9 years O A. $79,006; $10,994 O B. $110,204; $20,204 O C. $332,426; $242,426 O D. $106,505; $16,505
Determine the maturity date and compute interest for each note. Days to be used per year 360 days Note 1 2 3 Required: Note Contract Date HN3 1-Mar 15-May 20-Oct Principal Contract Date $10,000 15,000 8,000 (Use cells A5 to F8 from the given information to complete this question.) Maturity Date Interest Expense Interest Rate 6% 8% 4% Period of Note (Term) 60 days 90 days 45 days
Find the future value for each of the following scenarios, where m is the periodic deposit and r is the interest rate. Future Value $50,000 7.8% $225,000 6.9% $200,000 6.5% $275,000 3.9% $125,000 5.2% r compounding frequency annually semiannually quarterly monthly weekly time in years 6 15 10 $ 11 $ 13 $ periodic deposit (m) $ interest earned
How long must a P30,000 note bearing 8% simple interest run to amount to P 35350.00? 803 days 802 days 801 days 804 days
12.ABC Co received from a customer a 5-year non-interest bearing note of P120,000 on Jan 1, 20X1. Effective rate is 12% and due on Dec 31, 20X5. PV of P1 at 12% for 5n = .56743 PV of an ordinary annuity of P1 at 12% for 5n = 3.60478The note would be initially recorded on Jan 1, 20X1 at: 120,000 86,515 68,092
What is the annual rate of interest being charged on a 9-month note receivable of $54,000 if the total interest is $1,620? Multiple Choice O 4% 3% 6% 7%
Monthly Payments (Necessary to amortize a loan of $1,000) Interest 5 10 15 20 25 30 35 40 Rate (%) Years Years Years Years Years Years Years Years 3.50 18.19 9.89 7.15 5.80 5.01 4.49 4.13 3.87 3.75 18.30 10.01 7.27 5.93 5.14 4.63 4.28 4.03 4.00 18.42 10.12 7.40 6.06 5.28 4.77 4.43 4.18 4.25 18.53 10.24 7.52 6.19 5.42 4.92 4.58 4.34 4.50 18.64 10.36 7.65 6.33 5.56 5.07 4.73 4.50 4.75 18.76 10.48 7.78 6.46 5.70 5.22 4.89 4.66 5.00 18.87 10.61 7.91 6.60 5.85 5.37 5.05 4.82 5.25 18.99 10.73 8.04 6.74 5.99 5.52 5.21 4.99 5.50 19.10 10.85 8.17 6.88 6.14 5.68 5.37 5.16 5.75 19.22 10.98 8.30 7.02 6.29 5.84 5.54 5.33 6.00 19.33 11.10 8.44 7.16 6.44 6.00 5.70 5.50 6.25 19.45 11.23 8.57 7.31 6.60 6.16 5.87 5.68 6.50 19.57 11.35 8.71 7.46 6.75 6.32 6.04 5.85 6.75 19.68 11.48 8.85 7.6 6.91 6.49 6.21 6.03 7.00 19.80 11.61 8.99 7.75 7.07 6.65 6.39 6.21 7.25 19.92 11.74 9.13 7.90 7.23 6.82 6.56 6.40 7.50 20.04 11.87 9.27 8.06 7.39 6.99 6.74 6.58 7.75 20.16 12.00 9.41 8.21 7.55 7.16 6.92 6.77 8.00…

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