ABC Corp received a 5 month note for $6,900 on April 5th in exchange for an overdue Accounts Receivables. The note has aninterest rate of 8% per annum while the market's rate is at 6%. The note is collected in full at maturity and ABC Corp. does theappropriate journal entry and posting. For simplicity of calculations consider the year has 364 days, 52 weeks and 4 quarters.Required 1: If the note has biweekly compounded interest, the total amount of principal received by ABC Corp at maturity is: $Required 2: If the note has monthly compounded interest, the total amount of interest received by ABC Corp at maturity is: $Required 3: The amount (simple interest plus principal) received by ABD Corp at maturity is: $Required 4: If the note has biweekly compounded interest and it is sold to a third party on May 5th, the total amount of interestaccrued by ABC Corp until the moment of sale is: $Required 5: If the note has monthly compounded interest and it is sold to a third party on May 5th, the total amount of interest accruedby ABC Corp until the moment of sale is: $Instructions: Use 2 decimal places and only type the number without signs except for negative numbers that are preceded by a minussign "-". If the right answer is 1070.39 you type "1070.39", it will not be read as correct if you type "1,070.39", "$1070.39" or any othercombination. If the right answer is negative 1070.39 you type "-1070.39"

Interest Rate - The fee that a lender assesses on a borrower is known as the interest rate, which is…

orp received a 5 month note for $6,900 on April 5th in exchange for an overdue Accounts Receivables. t rate of 8% per annum while the market's rate is at 6%. The note is collected in full at maturity and ABC priate journal entry and posting. For simplicity of calculations consider the year has 364 days, 52 weeks ed 1: If the note has biweekly compounded interest, the total amount of principal received by ABC Corp ed 2: If the note has monthly compounded interest, the total amount of interest received by ABC Corp at ed 3: The amount (simple interest plus principal) received by ABD Corp at maturity is: $ ed 4: If the note has biweekly compounded interest and it is sold to a third party on May 5th, the total an d by ABC Corp until the moment of sale is: $ ed 5: If the note has monthly compounded interest and it is sold to a third party on May 5th, the total am C Corp until the moment of sale is: $| tions: Use 2 decimal places and only type the number without signs except for negative numbers that ar . If the right answer is 1070.39 you type "1070.39", it will not be read as correct if you type "1,070.39", "$1 mation. If the right answer is negative 1070.39 you type "-1070.39"

orp received a 5 month note for $6,900 on April 5th in exchange for an overdue Accounts Receivables. t rate of 8% per annum while the market's rate is at 6%. The note is collected in full at maturity and ABC priate journal entry and posting. For simplicity of calculations consider the year has 364 days, 52 weeks ed 1: If the note has biweekly compounded interest, the total amount of principal received by ABC Corp ed 2: If the note has monthly compounded interest, the total amount of interest received by ABC Corp at ed 3: The amount (simple interest plus principal) received by ABD Corp at maturity is: $ ed 4: If the note has biweekly compounded interest and it is sold to a third party on May 5th, the total an d by ABC Corp until the moment of sale is: $ ed 5: If the note has monthly compounded interest and it is sold to a third party on May 5th, the total am C Corp until the moment of sale is: $| tions: Use 2 decimal places and only type the number without signs except for negative numbers that ar . If the right answer is 1070.39 you type "1070.39", it will not be read as correct if you type "1,070.39", "$1 mation. If the right answer is negative 1070.39 you type "-1070.39"

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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