Can you help me solve this general accounting question using the correct accounting procedures? Summit National Bank lends Maple Manufacturing $75,000 onMarch 15. Maple Manufacturing signs a $75,000, 6%, 6-month note.The total cash paid at maturity of the note is:A. $75,000B. $79,500C. $77,250D. $78,000

Step 1: Definition of Total Cash Paid at Maturity (Note Payable with Interest)The total cash paid at…

Answered: Summit National Bank lends Maple…

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 3P

See similar textbooks

Similar questions

On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
Please give me answer
hi expert please help me?
Illinois bank lends isle furniture company 70,000 on December 1. Isle furniture company signs as $70,000, 7% 4 month note. The total cash paid at maturity of the note is -70,000 -72,450 -71,633 -74,900
Rakesh
Global Inc. assigns $3,000,000 of its accounts receivables as collateral for a $2,000,000, 8%, loan with a bank. Global Inc. also pays a finance charge of 3% of the account receivable. What would be the journal entry to record the transaction? 1,940,000 60,000 а. Cash Finance Charge Notes Payable 2,000,000 b. Cash 1,910,000 90,000 Finance Charge Accounts Receivable 2,000,000 с. Cash 1,910,000 90,000 Finance Charge Notes Payable 2,000,000 d. Cash 1,940,000 30,000 30,000 Finance Charge Due from Bank Notes Payable 2,000,000
The total cash paid at maturity is?
Ans please
General accounting
Please answer step by step
On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note had a 12 percent discount rate and a one-year term. 8. The amount of cash Halo received on April 1, Year 1, was a. $5,000. b. $4,250. c. $4,400. d. $5,500. 9. The total carrying value of Halo’s liabilities on December 31, Year 1, would be a. $5,600. b. $5,000. c. $5,450. d. $4,850. 10. If Halo Co. earned $2,000 of revenue in Year 1, the amount of net income would be a. $2,000. b. $1,550. c. $1,400. d. $1,850.

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, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

Summit National Bank lends Maple Manufacturing $75,000 on March 15. Maple Manufacturing signs a $75,000, 6%, 6-month note. The total cash paid at maturity of the note is: A. $75,000 B. $79,500 C. $77,250 D. $78,000