On March 15, 2024, Atlas Corp. sold merchandise worth $150,000 to Zenith Inc. Zenith issued a 90-day note with an interest rate of 12% to cover the purchase. Calculate the maturity value of the note.
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- On December 30, 2021, JALINON Company sold a machine to GONZALES Company in exchange for a non-interest bearing note requiring ten annual payments of P10,000. GONZALES made the first payment on December 30, 2021. The market interest rate for similar notes at date of issuance was 8%. Information on present value factors is as follows: Period Present value of 1 at 8% Present value of ordinary annuity of 1 at 8% 9 0.50 6.25 10 0.46 6.71 38. In its December 31, 2021 statement of financial position, what amount should JALINON report as non-current portion of the note receivable?On January 1, 2022, Cat Corporation sold goods to Rat Company. Rat Company signed a non-interest-bearing note requiring payment of P600,000 annually for seven years. The first paymentwas made on January 1, 2022. The prevailing rate of interest for this type of note at date ofissuance was 10%. PV of an ordinary annuity of 1 at 10% for 6 periods 4.36PV of an ordinary annuity of 1 at 10% for 7 periods 4.871. What is the amount of Sales Revenue credited on January 1, 2022?2. What is the carrying amount of note receivable on December 31, 2022?On April 1, 2023, DMH Inc, signed a $111,000, zero-interest-bearing, six-month promissory note. The note's present value is $105,714 based on the bank's discount rate of 10%. The company's year-end is September 30,2023 and the note is repayable on October 1, 2023. (a). Prepare the journal entry on the books of DMH inc. to record the issue of the note. (Credit occount tities are outomatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts.)
- On April 1, 2023, DMH Inc. signed a $111,000, zero-interest-bearing, six-month promissory note. The note's present value is $105,714 based on the bank's discount rate of 10%. The company's year-end is September 30, 2023 and the note is repayable on October 1, 2023. (a). Prepare the journal entry on the books of DMH Inc. to record the issue of the note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation April 1 eTextbook and Media Debit CreditFDN Company received a 60-day 10% promissory note as settlement for goods sold on March 1, 2022 for P25,500. How much should be debited to Cash upon collection of the note on maturity date?On June 30, 2020, GHI Company discounted at the bank a customer P6,000,000, 6-month, 10% note receivable dated April 30,2020. The bank discounted the note at 12%. What amount should be reported as net proceeds from the discounted note receivable?
- On 1 January 2022, Rodney Inc. provided services to Smith Co. in exchange for Smith’s $300,000, 2-year 8% note with interest compounded semi-annually on July 1 and January 1. The current market rate of similar notes is 12%. Rodney Inc. financial year ends December 31. REQUIRED: 1. Provide the following input values from your financial calculator: N = I/Y = PMT = FV = 2. The note was issued at = 3. The present value of the note is =On July 1, 2020, Jolly Company sold goods in exchange for P2,000,000, 8-month, noninterest-bearing note receivable. At the time of the sale, the note's market rate of interest was 12%. The note was discounted at 10% on September 1, 2020. 1. What amount was received from the note receivable discounting? a. 1,940,000 b. 1,938,000 c. 1,900,000 d. 1,880,000 2. What is the loss on note receivable discounting? a. 100,000 b. 125,000 c. 25,000 d. 0On Dec 30, 2020 Fox purchased a machine from Grisley Corp in exchange for a zero-interest bearing note requiring eight payments. A down payment was made on Dec 30, 2020 and the note's rents are due annually beg 12/30/2021 Note: the down payment IS the first payment of the notes rents At date of issuance the prevailing rate of interest for this type of note was 11% Present value factor are as follows: If the note balance to Grisley Corp net of the down payment is $376,960 on 12/30/2020 then what is the value of each payment? My answer is $47,120 is that correct thank you Brenda
- On June 8, Williams Company issued an $74,400, 7%, 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.January 1, 2018, Cursor Company sold goods to Matrix Company. Matrix signed a non-interest bearing note requiring payment of P60,000 annually every December 31 for seven years. The prevailing rate of interest for this type of note at the date of issuance was 10%. Information on present value factors is as follows: Periods Present Value of 1 at 10% PV of ordinary Annuity of 1 at 10% 6 0.56447 4.35526 7 0.51315 4.86842 What should be the amortized cost of the receivable on December 31, 2018?At year-end, Jovial Company received two P1,000,000 notes receivable from customers in exchange for services rendered. On both note, interest is calculated on the outstanding principal balance at the annual rate of 3% and payable at maturity. The note from Zeta Company, made under customary trade terms, is due in nine months and the note from Yola Company is due in five years. The market interest rate for similar notes was 8%. The present value of 1 due in nine months is .944 and the present value of 1 due in five years is .68. At what amount should the note receivable from Zeta Company be reported at year- end? A.1,000,000 B.944,000 C.965,200 O D.972,320
