This image contains a table representing a conversion from a standard calendar to day-of-year numbering, which is often referred to as a Julian calendar. Each number in the table corresponds to the sequential day of the year for each given month and day. The table is organized with the following structure:- **Columns**: Each column is labeled with a month and the last day in that month (e.g., "31 Jan.", "28 Feb.", "31 Mar.", etc.), indicating the sequence of days in those months.- **Rows**: Each row represents the days of the month, numbered from 1 to 31.### Explanation of the Table:1. **First Column ("Day of month")**: This column lists the days of the month sequentially from 1 to 31.2. **Subsequent Columns**: Each of these columns shows the day of the year for the corresponding day of the month: - For example, January 1st is day 1, January 31st is day 31. - February 1st (in a non-leap year) is day 32, and so forth. - The table accounts for varying month lengths throughout the year, which is why the last column number for February is 59, assuming a common year. 3. **End of Year**: The table proceeds until December 31, which is day 365.4. **Note**: There is a footnote indicating that the table is "Often referred to as a Julian calendar."The table provides a clear and organized way to determine what day of the year corresponds to any given date within the standard 12-month calendar, assuming a non-leap year (365 days). This can be particularly useful for calculations in fields like astronomy, agriculture, or project management, where day-of-year might be a more useful metric than the standard calendar date. **Text Transcription for Educational Website:**---**Scenario:**Ron Prentice bought goods from Shelly Katz. On August 15, Shelly gave Ron a time extension on his bill by accepting a $3,200, 9%, 165-day note. On November 2, Shelly discounted the note at Roseville Bank at 8%. **Objective:**Calculate the proceeds Shelly Katz receives. Use 360 days per year for interest calculations. Do not round intermediate calculations. Round your final answer to the nearest cent.**Interactive Component:**There is a text box labeled "Proceeds received" where users can input their calculated answer.**Instructions:**- Understand the terms and interest rates applied to both the note and the discount.- Calculate the maturity value of the note.- Determine the discount amount and calculate the proceeds received based on the discount rate.--->No graphs or diagrams are present in the image.

Formula: Maturity value = Principle value + Interest value.Note period = 165 days Aug 15 to Nov 02 is 79 Days. Number of days left = 165 - 79 = 86 days. = ( 3200 x 9 % x 165 / 360 ) = 288 x ( 165 / 360 ) = $ 132 Maturity value = Principle value + Interest value. = 3200 + 132 = $ 3332 ON Nov 2 discounted the note to bank with 8 % = 3332 x 8% x ( 86 / 360 ) = 266.56 x ( 86 / 360 ) = 63.678 Proceeds does shally katz receive : = Maturity value - discounted with bank on Nov 02 = 3332 - 63.678 = $ 3268.322

Business

Accounting

Ron Prentice bought goods from Shelly Katz. On Aug. 15, Shelly gave Ron a time extension on his bill by accepting a $3,200, 9%, 165-day note. On Nov. 2, Shelly discounted the note at Roseville Bank at 8%. (Use Days in a year table.) What proceeds does Shelly Katz receive? (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Proceeds received

Ron Prentice bought goods from Shelly Katz. On Aug. 15, Shelly gave Ron a time extension on his bill by accepting a $3,200, 9%, 165-day note. On Nov. 2, Shelly discounted the note at Roseville Bank at 8%. (Use Days in a year table.) What proceeds does Shelly Katz receive? (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Proceeds received

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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James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $20,000 from the bank on a note payable for the business. Terms of the note are 8 percent interest for 45 days. 11 A 90-day $18,000 note payable to the bank is discounted at a rate of 10 percent. 22 Sold a car to Darnell Jones for $30,000 on a 75-day note receivable, bearing interest at 10 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 12 percent. 25 Sold a car for $30,000 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 10 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 12…
James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $20,000 from the bank on a note payable for the business. Terms of the note are 8 percent interest for 45 days. 11 A 90-day $18,000 note payable to the bank is discounted at a rate of 10 percent. 22 Sold a car to Darnell Jones for $30,000 on a 75-day note receivable, bearing interest at 10 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 12 percent. 25 Sold a car for $30,000 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 10 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 12…
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