ook Inc. accepts on April 1, 2022 a 120-day 12% note for $8,000 worth of accounts receivable past due.  Calculate t

Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 60-day, 5%, $50,000 note.   1. On what…

A: The note payable is the liability for the business which is to be paid on due date with interest.

Q: Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of…

A: Step 1:Step 2:Step 3:Step 4:

Q: Samco signed a 9-year note payable on January 1, 2025, of $540,000. The note requires annual…

A: Detailed explanation:Face value of the note $ 540,000 ,  interest rate 6% , issued January 1, 2025…

Q: Goldie Corporation takes out a $10,000 cash loan from its bank by signing a 15%, 9-month promissory…

A: A promissory note is a financial instrument that includes a written promise to pay a certain sum of…

Q: Sylvestor Systems borrows $103,000 cash on May 15 by signing a 150-day, 4%, $103,000 note. 1. On…

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

Q: Sylvestor Systems borrows $185,000 cash on May 15 by signing a 150-day, 7%, $185,000 note. 1. On…

A: Journal: Recording of a business transactions in a chronological order.

Q: using 360 days in a year, how much cash did thunder company receive from the bank?

A: Given information is: On september 1 thunder company received an p80,000, 12%, 120-day note from a…

Q: ired 2B rest at turity ure? Required 2B General Journal

A: Answer : Note mature date = 12 October 15 May + 150 days = 12 Oct.  16 Days remaining from May + 30…

Q: Sylvestor Systems borrows $98,000 cash on May 15 by signing a 30-day, 7%, $98,000 note. 1. On what…

A: Notes Payable an instrument issued by the borrower to the lender. This act as a promissory note…

Q: On November 1, 2021, FDN Trading accepted a 90-day, 8% P7,000,000 note from ABC Co. FDN immediately…

A: Maturity value of the note = Face value of the not + Interest on the note = 7000000 +…

Q: User During 2024, Teal Co. borrowed cash from Martinez Company by issuing notes payable as follows:…

A: The journal entry refers to the posting of business transactions in the books of accounts. The…

Q: On December 31, 2022, Company sold land in exchange for a nine-month, 10% note. The note requires…

A: As per the given information: Land sold in exchange for a nine-month,10% note.Payment - $200,000…

Q: Wildhorse Co. issued a five-year interest-bearing note payable for $324000 on January 1, 2019. Each…

A: Balance sheet is the financial statement which involves the total debt, liabilities, assets and…

Q: On 1/1/17, Carl Weathers Corp. purchases an asset and promises to make four annual payments of…

A: The discount to notes payable is the discount which has been occurred at the time when a fixed…

Q: On October 1, 2021, Oberley Corporation loans one of its employees $24,000 and accepts a 12-month,…

A: Using accrual basis accounting, the revenue is earned and recorded in the period it is actually…

Q: Sylvestor Systems borrows $75,000 cash on May 15 by signing a 60-day, 7%, $75,000 note. 1. On what…

A: In most cases, companies issue notes in order get financing. The notes do have a maturity period…

Q: On January 1, 2021, the Merit Group issued to its bank a $41 million, five-year installment note to…

A: Interest Expense = Notes value x rate of interest x period = $41,000,000*7%*1 year = $2,870,000…

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: heridan, Inc. issued a $125,000, 4-year, 9% note at face value to Flint Hills Bank on January 1,…

A: Journal Entry:   Journal entry has two effects for every transaction. The journal entry is passed by…

Q: On May 1, Knack Company signed a $80,000, 240-day, 6% note payable with Central Savings Bank. What…

A: Notes payable is current liabilities if it is due to pay able with one year. Interest is also…

Q: $45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due…

A: Notes receivable are claims for which formal instruments of credit, such as a promissory note, are…

Q: On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $121,800 on December…

A: The promissory note is a kind of security issued by a business entity in order to raise fund. The…

Q: On December 31, 2020, Sheridan Company has $5970000 of short-term notes payable due on February 14,…

A: ANSWER : Correct option is- $840,000.

Q: Sylvestor Systems borrows $183,000 cash on May 15 by signing a 90-day, 6%, $183,000 note. 1. On what…

A: Notes payable are issued to raise the long-term or short-term funds. If the notes payable are to be…

Q: Arvan Patel is a customer of Bank’s Hardware Store. For Mr. Patel’s latest purchase on January 1,…

A: Total interest on Note = face value of note x rate of interest x no. of years = $459,505 x 14% x 2…

Q: Franny Realty loaned money and received the following notes during 2024. (Click the icon to view the…

A: The idea of the time value of money (TVM) holds that a quantity of money is worth more now than it…

Q: On January 1, 2018, the Merit Group issued to its bank a $41 million, five-year installment note to…

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…

Q: a. Borrowed $20,000 cash on July 1, 2018, signing a 10 percent note payable. Interest and the note…

A: Note payable: A promissory note is also called as note payable. It is an agreement between two…

Q: On September 14, 2024 a note signed on February 3, 2024 matures for $8,000. The simple discount rate…

A: Note issue date = 3 February 2024Note maturity date = 14 September 2024Amount = $8000Discount rate =…