Knowledge Check 01 Kylah Enterprises signs a 3-month, noninterest-bearing note with a stated rate of 13.5% and a maturity value of $215,000? What is the cash proceeds available to the borrower? (Round your answer to 2 decimal places.) Cash proceeds available to the borrower 7,256.25 %24

Knowledge Check 01 Kylah Enterprises signs a 3-month, noninterest-bearing note with a stated rate of 13.5% and a maturity value of $215,000? What is the cash proceeds available to the borrower? (Round your answer to 2 decimal places.) Cash proceeds available to the borrower 7,256.25 %24

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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Question 13 On November 1, Fastly Co. sold goods and accepted a note of $72,000, six-month, with annual interest rate of 10% (real from the customer. The December 31 adjusting entry should be: Debit Interest Receivable 3,600; Credit Interest Revenue 3,600 Debit Interest Receivable 1,200; Credit Interest Revenue 1,200 O Debit Discount on Notes Receivable 1,200; Credit Interest Revenue 1,200 Debit Interest Revenue 3,600; Credit Interest Receivable 3,600
EX.06.144 On April 7, Wilhelm, Inc. sold goods for $50,000 and accepted a 10%, 60-day note. On April 22, the company sold the note to a bank at a 13% discount rate. Required:Compute the amount of interest revenue and the loss on sale of the note. Assume a 360-day year. Round your answers to two decimal places. Interest revenue $ Loss on sale of note $
1 Book Hint Print rences Keesha Company borrows $240,000 cash on December 1 of the current year by signing a 120-day, 10 %, $240,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Note: Use 360 days a year. Do not round intermediate calculations. View transaction list 1 No 1 2 Transaction (a) (b) Req 4 View journal entry worksheet Cash Notes payable Interest expense General Journal Debit 240,000 4,000 Credit Check my work 240,000 Jenil
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eBook Show Me How Proceeds from Notes Payable On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $39,600. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. b. Determine the proceeds of the note, assuming the note is discounted at 6%. Check My Work Email Instructor Save and Exit Previous Submit Assignme
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Date Transaction description Obtained a loan of $41,000 from Earth Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2021 and the principal of the loan is to be repaid on June 1, 2024. Paid the full amount owing to Sport Borders, Check No. 603. Payment fell within discount period. Paid the full amount owing to J. J. Spud, Check No. 604. Payment fell within discount period. Made cash sales of $4,184 during the first 3 days of the month. 2 3 Purchased 6 Downhill Snowboards from Good Sports for $180 each, terms 2/10, n/30. Sold 6 Tony Eagle Mark 3 Freestyle Skateboards to Balls 'n All for $204 each, Invoice No. 501. Purchased 5 Freestyle Snowboards with cash for $170 each, Check No. 605. Purchased 5 Pipe Dream surfboards from Sports 'R Us for $150 each, terms net 30. 4 4. 7 After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the…
Chapter 08 Homework (Application) Show Me How eBook Calculator Entries for Notes Receivable 1. EX.08.01 Valley Designs issued a 90-day, 9% note for $60,000, dated April 17, to Bork Furniture Company on account. Assume 360 days in a year when 2. EX.08.02 ALGO computing the interest. 3. EX.08.03 ALGO a. Determine the due date of the note. July 16 v 4. EX.08.04 ALGO b. Determine the maturity value of the note. 5. EX.08.06 ALGO 6. EX 08.07 Feedhack 7. EX.08.20 ALGO YChec My Work The due date is the date the note is to be paid. 8. PR.08.02A BLANKSHEET Remember the interest rate is stated on an annual basis, while the term is expressed as days. Assume a 360 day year. The maturity value is the amount that must be paid at the due date of the note. c1. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. Notes Receivable v Accounts Receivable-Valley Designs v Feedback
Check my work Exercise 9-4 (Algo) Accounting for note payable LO P1 Sylvestor Systems borrows $104,000 cash on May 15 by slgning a 30-day, 5%, $104,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record Issuance of the note. 2-b. First, complete the table below to calculate the Interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers In the tabs below. Required 2B Interest at Maturity Required 2B General Journal Required 1 Required 2A On what date does this note mature? On what date does this note mature? K Required Required 2A Fook Air
£ In a bank account that pays interest 8% p.a, what should you deposit now to have a balance of £2,000 a year from now? Enter an answer correct to 2 decimal places.
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