On December 8, Sheffield Company discounted at Sunshine Bank a $7,500 (maturity value), 136-day note dated September 2. Sunshine’s discount rate was 8%. (Use Days in a year table.) What proceeds did Sheffield Company receive? Note: Use 360 days a year. Do not round intermediate calculations.

Q: 1. On June 8, Williams Company issued an $70,894, 9%, 120-day note payable to Brown Industries.…

A: Interest = Value of Note * Interest Rate * No. of DaysInterest = $70,894 * 9% * 120/360Interest =…

Q: 2, 69 st dol

A: Answer : Interest = Notes value * Interest rate * Days Interest = $75,972 * 6%*120/360 Interest =…

Q: Rex Corporation accepted a $6,500, 10%, 120-day note dated August 8 from Regis Company in settlement…

A: INTRODUCTION: A single-payment loan is one that you pay back in one lump sum at the conclusion of…

Q: On April 1, 20X1, Nelsen Inc. accepts a $100,000, 8% note. The note receivable and interest are due…

A: Note Receivable: It implies a promissory note which is written by the borrower in the favor of…

Q: Martinez Co. borrowed $52,557 on March 1 of the current year by signing a 60-day, 12%,…

A: Notes payable is categorized as a negotiable instrument signed by the promisor who agreed to pay a…

Q: On August 1, Batson Company issued a 60-day note with a face amount of $96,000 to Jergens Company…

A: Proceeds of the note (when note is discounted) = Face value of the Note - Discount amount where,…

Q: Martinez Co. borrowed $69,569 on March 1 of the current year by signing a 60-day, 7%,…

A: From March 1 to April 30 = 60 days Interest is paid on the funds used by the business to generate…

Q: Martinez Co. borrowed $58,220 on March 1 of the current year by signing a 60-day, 11%,…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

Q: Madison Company issued an interest-bearing note payable with a face value of $9,600 and a stated…

A: Total liabilities are the sum of a person's or company's debts. They fall into three broad…

Q: On August 31, 2021, XYZ Company received a 9%, nine-month note receivable from Hugo Company, one of…

A: Given information; Outstanding accounts receivable = $360,000 Note receivable for 9 months issued…

Q: Note receivable Prefix Supply Company received a 120-day, 7% note for $84,000, dated April 12 from a…

A: The journal entries are prepared to record the transactions on regular basis. The note receivable…

Q: On Dec. 8, Sheffield Company discounted at Sunshine Bank a $7,200 (maturity value), 122-day note…

A: Discount rate9%Maturity value $ 7,200.00Noted Period122days

Q: Martinez Co. borrowed $79,200 on March 1 of the current year by signing a 60-day, 9%,…

A: The interest expense  is calculated as  follows  $79200 × 9% × 60/360   = $1188

Q: Martinez Co. borrowed $74,240 on March 1 of the current year by signing a 60-day, 12%,…

A: Given, Face value of the note = $74,240 Interest rate = 12% Period = 60 days

Q: Good Day Service Center received  a 120-day, 6% note for $250,000, dated April 12 from a customer on…

A: Calculation of due date of the Note Due Date of Note will be 120 days form the date on which it is…

Q: On January 1, 20x1, SUBDUE Co. borrowed 10%, P4,000,000 loan from CONQUER Ban Principal is due on…

A: Long-term loans -Long-term loans are characterized by a longer payback duration, ranging from three…

Q: Amenadiel Co. has an 8% note receivable dated June 30, year 1, in the original amount of 150,000.…

A: A written promise to receive a sum of money at the pre determined future date is referred to as note…

Q: On June 8, Williams Company issued an $73,207, 7%, 120-day note payable to Brown Industries.…

A: Formula: Interest amount = Principal amount x Interest rate x Time period.

Q: On August 1, Batson Company issued a 60-day note with a face amount of $75,600 to Jergens Company…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: On May 15, 201X, Reed Co. gave Fuligin Co. a 180-day, $9,000, 8% note. On July 14, Fuligin Co.…

A: Notes receivable is a category of debt instrument issued by corporations or big entities to raise…

Q: On June 3, 20X1, Georgia State Company received a $10,400, 45-day, 10 percent note from Sampson…

A: Notes receivable are a balance sheet item that records the value of promissory notes that a business…

Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $1,200 note receivable that offers 6%…

A: Interest revenue for the period from September 1, 2021 to December 31, 2021 will be recognized in…

Q: On May 16, 20X1, Safeway Company received a 90-day, 10 percent, $7,000 interest-bearing note from…

A: Bills Receivable:These are the note or a document that given by the debtor formally agree for the…

Q: )Determine the due date of the note. b)Determine the maturity value of the note. Assume 360 days in…

A: Given information is: Lundquist Company received a 60-day, 9% note for $21,500, dated July 23, from…

Q: On October 1 of year 1, a company borrowed $492,613 for six months with an interest rate of 8%. The…

A: Interest Expense = Principal x Interest rate x (Remaining number months / Total number of Months)

Q: b. Determine the proceeds of the note assuming th

A: Merchandise inventory refers to products purchased from suppliers by a distributor, wholesaler, or…

Q: Martinez Co. borrowed $62,310 on March 1 of the current year by signing a 60-day, 8%,…

A: The journal recorded at the time payment is : Interest expense A/c    Dr         831          -…

Q: On January 1, Year 1, Wedekind Company issued a $213,000, five-year, 4% installment note to Shannon…

A: Journal entries are made to record the transactions as the first process in the books of accounts…

Q: ne 8, Alton Co. issued an $79,432, 10%, 120-day note payable to Seller Co. Assuming a 360-day year…

A: Solution: Maturity value of the note is amount that is arrived by adding total amount of interest…

Q: The Texas Department of Transportation (TxDOT) is considering two designs for crash barriers along a…

A: MARR stands for "Minimum Acceptable Rate of Return." It is a financial term used in capital…

Q: On August 1, Batson Company issued a 60-day note with a face amount of $80,400 to Jergens Company…

A: Merchandise inventory refers to products purchased from suppliers by a distributor, wholesaler, or…

Q: Mobile Co. issued a $58,116, 60-day, discounted note to Guarantee Bank. The discount rate is 7%. At…

A: Note are form of loan taken or issued by the company. They can be discounted from the bank.

Q: On November 1, Kotler Company accepted a 3-month note receivable as payment for services provided to…

A: From November 1 to December 31 = 2 months Interest accrued on December 31 = $9,000 x 6% x 2/12 = $90…

Q: On January 1, a company borrowed cash by issuing a $430,000, 4%, installment note to be paid in…

A: Amortiazation table:An amortization table is a financial tool that breaks down principle and…

Q: Mobilee Oil Company accepted a $10,000, 120 day note dated March 3 at 8 1/2% to settle a past due…

A: The note receivables is a promise from the creditor to pay the amount with interest on the due date.…

Q: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.…

A: Note: We’ll answer the first two questions since the exact one wasn’t specified. Please submit a new…

Q: On July 18, Aui accepted a $15,000, 7¾%, 180-day note from Ryan. On October 5, Aui discounted the…

A: Interest is the fee a business pays a borrower (creditor) for a loan. Although there are many…

Completing the Accounting cycle

An accounting cycle is a multiple-step process that analyzes, verify, record and summarize the entities financial data. The accounting cycle starts when the transaction occurs between two parties and ends when the transaction is completed. The accounting cycle changes the entity's financial position as it involves identifying, verifying, and recording the financial transaction in chronological order. Financial position is the summary of business transactions that occurred throughout the particular accounting period. The accounting cycle recurs at the beginning of each financial year.