QS 7-12 (Algo) Computing note interest and maturity date LO C2Determine the maturity date and compute interest for each note.Note: Use 360 days a year. Do not round intermediate calculations.NoteContract Date1.March 3Principal$ 12,000InterestRatePeriod ofNote (Term)6%60 days2.May 173.October 2217,00010,0008490 days45 daysContract DateMaturity MonthInterestMaturity DateExpense1. March 3May172. May 17August3. October 22December

Contract dateMaturity MonthMaturity DateInterest expenseMarch 3 + 60 (term) May 212000 * 0.06 *…

Answered: QS 7-12 (Algo) Computing note interest…

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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QS 7-12 (Algo) Computing note interest and maturity date LO C2 Determine the maturity date and compute interest for each note. (Use 360 days a year. Do not round intermediate calculations.) Note Contract Date Principal Interest Rate Period of Note (Term) 1. March 5 $ 15,000 7% 60 days 2. May 19 20,000 9 90 days 3. October 24 12,000 5 45 days
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Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 10* $40,000 5% 90 days b. March 19 18,000 8. 180 days C. June 5 90,000 7 30 days d. September 8 36,000 3 90 days November 20 27,000 60 days е. *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. С. d. е. II b.
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A B E 2 Determine the maturity date and compute interest for each note. 3 Days to be used per year 360 days 4 Note Contract Date Principal Interest Rate Period of Note (Term) 6. 1 1-Mar $10,000 6% 60 days 7 2 15-May 15,000 8% 90 days 8 3 20-Oct 8,000 4% 45 days 9. 10 Required: 11 12 (Use cells A5 to F8 from the given information to complete this question.) 13 14 Note Contract Date Maturity Date Interest Expense 15 16 17 3 18
Determine due date and interest on notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 5* $87,000 6% 120 days b. February 15* 27,000 4 30 days c. May 19 65,000 8 45 days d. August 20 32,000 5 90 days e. October 19 A 48,000 7 90 days *Assume a non-leap year in which February has 28 days. Assume 360 days in a year when computing the interest. Note a. b. C. d. e. Due Date Interest
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 10* $40,000 5% 90 days b. March 19 18,000 8 180 days c. June 5 90,000 7 30 days d. September 8 36,000 3 90 days e. November 20 27,000 4 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. Apr. 10 $ b. Sept. 15 c. July 5 d. Dec. 7 e. Jan. 19
Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 6% note for $30,000, dated April 13 to Zebra Furniture Company on account. Assume a 360-day year when calculating interest. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 9a5f4f073f8df8f_2 Question Content Area c1. Journalize the entry to record the receipt of the note by Zebra Furniture. If an amount box does not require an entry, leave it blank. blank Notes Receivable Notes Receivable Accounts Receivable-Autumn Designs Decorators Accounts Receivable-Autumn Designs Decorators Question Content Area c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select -
Receivables 0 E EX 8-19 Determine due date and interest on notes Obi Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note 120 days January 5* 30 days February 15* 45 days May 19 90 days 90 days $90,000 21,000 C. 68,000 d. 34,400 e. 50,000 * Assume a leap year in which February has 29 days. a. b. August 20 October 19 6% 4 8 57 Obi.6
Compute interest and find the maturity date for the following notes. (Round answers to O decimal places, eg 825. Use 360 days for calculation) Date of Note Principal Interest Rate (%) Terms (a) June 10 $87,900 8% 60 days (b) July 14 $55,600 9% 90 days (c) April 27 $12,240 10% 75 days Interest Maturity Date (a) $ (b) $ (c) %24 %24

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