If you give me wrong answer I will give you unhelpful rate Rex Corporation accepted a $5,500, 8%, 120-day notedated August 8 from Regis Company in settlement of a pastbill. On October 11, Rex discounted the note at Park Bankat 9%.a. What is the note's maturity value? (Use 360 days a year.Do not round intermediate calculations. Round your finalanswer to the nearest cent.)b. What is the discount period?c. What is the bank discount?d. What proceeds does Rex receive?

Step 1: Define Notes receivableA note receivable can be defined as a written commitment received…

Answered: Rex Corporation accepted a $5,500, 8%,…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 2P

See similar textbooks

Similar questions

Rex Corporation accepted a $3,500, 5%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted the note at Park Bank at 6%. (Use Days in a year table.) a. What is the note's maturity value? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.) Maturity value b. What is the discount period? Discount period days c. What is the bank discount? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.) Bank discount d. What proceeds does Rex receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.) Proceeds received
Rex Corporation accepted a $4,000, 6%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted the note at Park Bank at 7%. (Use Days in a year table.) a. What is the note's maturity value? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Maturity value b. What is the discount period? Discount period c. What is the bank discount? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Bank discount days d. What proceeds does Rex receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Proceeds received
Rex Corporation accepted a $6,500, 10%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11: Rex discounted the note at Park Bank at 11%. (Use Days in a year table.) a. What is the note's maturity value? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Maturity value b. What is the discount period? Discount period days c. What is the bank discount? Note: Use 360 days a year. Do not round intermediate calculations, Round your final answer to the nearest cent. Bank discount
The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) Face Interest Value Rate (6) $1,200 Need Help? Read Date of Note Date of Discount Dec. 7 Term of Note (days) 130 Discount Period (days) Maturity Date Seled Discount Rate (6) LEA Maturity Value (in $) Proceeds (in 5)
the following interest bearing promissory note was discounted at a bank by the oayee before maturity. use the ordinary interest method 360 days to calculate the missing information. round dollars to the nearest cent.
The following interest-bearing.promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.). Face Value: $1,280 Interest Rate : 7.7 Date of Note: Sept 18 Term of Note (days) : 130 Maturity Date : ? Maturity Value (in $) $? Date of Discount : Dec 11 Discount Period (days) : ? Discount Rate (%) : 11.2 Proceeds (in $): $? If you purchase $28,000 in U.S. Treasury Bills with a discount rate of 4.9% for a period of 26 weeks, what is the effective interest rate (as a %)? Round to the nearest hundredth percent.
The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.)FaceValue Interest Rate (%) Date of Note Term of Note (days) Maturity Date Maturity Value (in $)$1,220 7.4 Sept. 18 130 ???? ???? Date of Discount Discount Period (days) Discount Rate (%) Proceeds (in $)Dec. 11 ??? 11.6 ???
The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars t nearest cent.) Face Interest Date of Value Rate (%) Note $350 June 8 Date of Discount Sept. 2 Term of Note (days) 135 Discount Period (days) Maturity Date -Select- Discount Rate (%) 15.5 $ $ Maturity Value (in $) Proceeds (in $)
Anderson Co. issued a $57,329, 60-day, discounted note to National Bank. The discount rate is 9%. At maturity, assuming a 360-day year, the borrower will pay
Note receivable Prefix Supply Company received a 120-day, 6% note for $500,000, dated April 12 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. 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. 88
The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) Maturity Maturity Value Face Interest Date of Term of Value Rate (%) Note Note (days) Date (in $) $1,210 7.7 Sept. 19 130 January 27 $ 1243.64 Date of Discount Discount Proceeds Discount Period (days) Rate (%) (in $) Dec. 12 84 X 11.6 $ 1175.94
Note receivable Prefix Supply Company received a 120-day, 7% note for $84,000, dated April 12 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. $ 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. E

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

SEE MORE TEXTBOOKS