Pickett Company received a 90 day, six percent note receivable for $20,000 on November 1. How much interest income should be accrued on December 31? $100 $200 O$300 O$400
Q: Company K borrowed $10,000 on November 1. The note has an interest rate of 8% and a term of 120…
A: Notes are a form of debt or loan for the business, on which it has to make regular interest…
Q: On September 1, Purifier Company borrowed $12,000 on a 6-month, 4%, short-term note payable. How…
A: Interest expense recorded on December 3 = Amount borrowed x rate of interest x No. of months / 12…
Q: On August 1, Batson Company issued a 60-day note with a face amount of $140,000 to Jergens Company…
A: Notes in accounting, also known as promissory notes, are written promises to pay a specific amount…
Q: On November 16, Bell borrowed $10,000 from Graham and gave a 90-day. 12% note. On December 31 the…
A: Step 1:Days from november 16 to december 31 = 15+31 = 46Total days in the loan term : 90 daysStep 2:…
Q: A 60-day, 6% note for $26,400, dated May 1, is received from a customer on account. The maturity…
A: Formula: Maturity Value of Note = Face Value of Note + Interest on Note Maturity Value of Note =…
Q: . At December 31, Black should record interest revenue of
A: Given information is: Value of note = $18600 Interest rate = 8% Issue date = October 1
Q: Shady Tree Company issued a note receivable to a customer. The face value of the note was $12,000 at…
A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…
Q: Print Item On June 1, Davis Inc. issued an $80,400, 6%, 120-day note payable to Garcia Company.…
A: Adjusting journal entry: At the year-end when the company finalizes its accounts then any…
Q: A 60-day, 5% note for $10,200, dated April 15, is received from a customer on account. The face…
A: The face value of the note is $10200
Q: On June 6, Nova Inc. accepts a $21,500 note from a customer in payment of an overdue account. The…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: FDN Company received a four-month note receivable in the amount of P93,000,000 on September 1. The…
A: The accrued revenue is the revenue earned but not received yet. It is recorded as an asset in the…
Q: On October 1, Black Company receives a 8% interest-bearing note from Reese Company to settle a…
A: Lets understand the basics. For calculating interest revenue needs to record, we need to use below…
Q: The ABC Company accepted a 60 days note receivable from McDonald's that has now come due.
A: The amount of money a borrower pays a lender in exchange for using their funds for a predetermined…
Q: company issued a 60 day 11% note for $17,000. What is the principal amount of the note? Round your…
A: The calculations of principal amount is it important thing on the two understand and complete…
Q: FDN Company received a four-month note receivable in the amount of PHP41,000,000 on September 1. The…
A: Accrued Income : Accrued Incomes are those incomes which have been earned during the accounting…
Q: On June 8, Williams Company issued an $85,200, 9%, 120-day note payable to Brown Industries.…
A: Note payable is issued by the debtor as a. Promise note that he would make the payment on time with…
Q: ABC Company received a four-month note receivable in the amount of P74,000,000 on September 1. The…
A: Introduction: As per accrual concept any income or expenses shall be recognized only when they are…
Q: On November 1, Alan Company signed a 120-day, 11% note payable, with a face value of $23,400. What…
A: The time value of money (TVM) is a fundamental concept in finance that reflects the idea that a…
Q: A 100-day note with a face amount of $54,000 and interest rate of 9% is issued on June 1. Required:…
A: 1.
Q: on June 8th Alton Co issued an $70620 11% 120 Day note payable to seller Co. Assuming a 360 day year…
A: Interest on Note = Face value of Note x rate of interest x No. of days /360 days =…
Q: On November 1, Koala Kare Bear signed a $50,000, 10-month, 10% interest-bearing note payable. The…
A: From November 1 to December 31 = 2 months According to accrual concept of accounting, expenses are…
Q: Lacoste Inc. receives a 90 day 6% note receivable from a client for the repair of 5 sets of…
A: Note receivable amount (P) = P 25,000 Period = 90 days Period from 31 October to 31 December (D) =…
Q: On October 1, Black Company receives a 4% interest-bearing note from Reese Company to settle a…
A:
Q: A 90-day, 5% note for $9,600, dated May 1, is received from a customer on account. The maturity…
A: The maturity value of note will include the face value of note and Interest accrued thereon.…
Q: On December 1, Victoria Company signed a 90-day, 4% note payable, with a face value of $12,600. What…
A: Given, Face value of the note = 12,600 Interest rate = 4%
Q: Note Receivable Cube Ice Company received a 120-day, 7% note for $60,000, dated April 9 from a…
A: DUE DATE : = APRIL 9 + 120 DAYS = AUGUST 7
Q: A company needs to record six months of accrued interest on a four-year, 12%, $12,000 promissory…
A: Interest expense accrued = Promissory note payable x rate of interest x months/12
Q: On September 1, Purifier Company borrowed $12,000 on a 6-month, 4%, short-term note payable. How…
A: Interest will be paid on March 1 = Amount borrowed x rate of interest x no. of months / 12 months
Q: On June 1, Davis Inc. issued an $68,700, 8%, 120-day note payable to Garcia Company Assume that the…
A: Solution We are provided with the following information Interest rate = 8% Amount of note payable =…
Q: Sunshine Service Center received a $40,000, 120-day, 6% note, dated April 12, from a customer on…
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A: Interest on 45 days note for 30 days 115000*12%*30/360=$150
Q: On april 12 hong company agrees to accept a 60 day, 10% note from Indigo to extend the overdue…
A: Increase in liabilities should be credited and decrease in liabilities should be debited.
Q: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $27,000. What…
A: Given the following data,Face Value or Principal = $27,000Interest Rate = 10% or 0.10Time = ( Using…
Q: Calculating Accrued Interest Likert Company received a 90 day, six percent note receivable for…
A: Calculation of the accrued interest on December 31:Note: Number of days interest accrued from…
Q: Calculating Accrued Interest Likert Company received a 90 day, six percent note receivable for…
A: Calculate accured interest amount:
Q: On June 5 Glover Co. issued a $60,000, 6%, 120-day note payable to Jones Co. How much will Glover…
A: Step 1: Formula Interest = Principal x interest rate x yearMaturity value = Principal + Interest…
Q: A company has a $5,000, 6%, 3-month note ceivable on its books that was issued May 1. ne amount of…
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A: A note is one of the debt instruments that is issued by companies in order to raise funds. Note…
Q: A nine months, 15% note for $9000 dated April 15 is reciebed for a customer. The maturity value of…
A: Maturity value=Principal×1+Interest rate×Period
Q: need answer
A: Consider,June = 30 days, given June 8 = 30-8= 22 daysThen,In June month remaining days = 22 daysJuly…
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A: Notes are short term financial intrument with a fixed maturity period and usually short term…
Q: On July 8, Action Co. issued an $80,000, 6%, 90-day note payable to Scanlon Co. Assuming a 360-day…
A: The note is the liability on which a specific percentage of interest has to be paid over the…
Q: Copperfield and Company issued a 90-day, 6.00% note for $200,000 to a creditor on account. The…
A: Notes Payable - Notes are instruments that are issued by the payer to the collector. It is a…
Q: FDN Company received a four-month note receivable in the amount of P68,000,000 on September 1. The…
A: Accrued interest income will be calculated in proportion of time for an amount at a specified rate.…
Q: on november 1, 2018, Downtown Jewelers accepted a 3-month, 15% note for $6,000 in sttlement of an…
A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period, as…
Q: TORR, Inc. issues a $600,000, 9%, five-year note payable on January 1, 20X1. If the monthly payment…
A: Carrying value of note payable Liability note payable =$600000 on January 1 Add Finance cost…
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A: journal entry are the act od recording the transactions for double entry book keeping in accounting.…
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- on nov, 1. Alan co. signed a 120 day, 12% note payable, with a fac valus of 9,900. what is the maturity value of the note on march 1? use 360 days a yearOn July 1, 20X1, ABC Corp received a P450,000 10% 3-year note from a customer. The principal and interest of the note is collectible in 3 equal payments every June 30, starting June 30, 20X2. How much is the Interest Receivable at Dec 31, 20X1? 22,500 45,000 135,000 0TORR, Inc. issues a $300,000, 6%, five-year note payable on January 1, 20X1. If the monthly payment is $5,800, what is the note's carrying value after the first month's payment is made on January 31, 20X1? Select one: a. $294,200 b. $300,000 c. $298,500 d. $295,700 e. $298,214
- On June 8, Williams Company issued an $92,400, 11%, 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.Al Reem Co. signed an $18,000 six-month note payable on September 1 that bears intérest at a rate of 5%. How much is the total interest to be accrued on this note at December 31? O a. $300. O b. $900. O c. $75. O d. $450.On June 8, Williams Company issued an $80,000, 5%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? When required, round your answer to the nearest dollar. a. $82,600 b. $84,000 c. $81,333 d. $88,200
- Gray Inc. lends White Ltd. $60,000 on April 1, accepting a 6-month, 4.5% interest note. Interest is due the first of each month, commencing May 1. Gray Inc. has an April 30 year-end. What adjusting entry should be made before the financial statements can be prepared? Cash 225 Interest Revenue. 225 Note Receivable. Cash. 60,000 60,000 Interest Receivable. Interest Revenue. 1,350 1350 Interest Receivable.. Interest Revenue. 225 225Note Receivable Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. $ Feedback Check My Work The due date is the date the note is to be paid. Assume a 360 day year. The maturity value is the amount that must be paid at the due date of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 Feedback Check My Work At the due date, the company records the receipt of payment on the note.A 60-day, 9% note for $10,000, dated May 1, is received from a customer on account. Use 30 day months and 360 day years in calculations of interest. The maturity value of the note is:
- On October 1, Black Company receives a 4% interest bearing note from Reese Company to settle a $19,400 account receivable. The note is due in six months. At December 31, Black should record interest revenue of the value listed below. Select the correct answer. a-$201 b-$194 c-$204 d-$191On June 8, Williams Company issued an $72,000, 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. a. $5,040 b. $73,680 c. $77,040 Od. $72,000Entity O signed a five-month note payable in the amount of $18,000 on November 1 with principal and interest payable at maturity. The note requires interest at an annual rate of 8%. The amount of interest expense Entity O must recognize at December 31 is: $120 $240 $600 $1,400 O O