Vauxall Holdings showed the following information regarding its notes receivable: Note Date of Note Principal Interest Rate Term Maturity Date Days of Accrued Interest at Dec. 31, 2023 Accrued Interest at Dec. 31, 2023* 1 Nov. 1/22 $ 340,000 4.0 % 180 days 2 Jan. 5/23 140,000 5.0% 90 days 3 Nov. 20/23 130,000 4.5% 45 days 4 Dec. 10/23 170,000 5.5% 30 days *Round calculations to the nearest whole cent. Required: For each of Vauxall Holdings note receivable given below: (Do not round intermediate calculations. Round the "Amount of Accrued Interest at Dec. 31, 2023" answers to 2 decimal places.) Determine the maturity date. Calculate the days of accrued interest, if any, at December 31, 2023 (Vauxall Holdings' year-end). Calculate the amount of accrued interest, if any, at December 31, 2023. For Note 3: d. Prepare the entry to record the accrued interest at December 31, 2023. (Do not round intermediate calculations. Round your answers to 2 decimal places.) e. Prepare the entry to record the collection on the maturity date. Assume that both interest and principal are collected at maturity. (Do not round intermediate calculations. Round your answers to 2 decimal places.)
Vauxall Holdings showed the following information regarding its notes receivable: Note Date of Note Principal Interest Rate Term Maturity Date Days of Accrued Interest at Dec. 31, 2023 Accrued Interest at Dec. 31, 2023* 1 Nov. 1/22 $ 340,000 4.0 % 180 days 2 Jan. 5/23 140,000 5.0% 90 days 3 Nov. 20/23 130,000 4.5% 45 days 4 Dec. 10/23 170,000 5.5% 30 days *Round calculations to the nearest whole cent. Required: For each of Vauxall Holdings note receivable given below: (Do not round intermediate calculations. Round the "Amount of Accrued Interest at Dec. 31, 2023" answers to 2 decimal places.) Determine the maturity date. Calculate the days of accrued interest, if any, at December 31, 2023 (Vauxall Holdings' year-end). Calculate the amount of accrued interest, if any, at December 31, 2023. For Note 3: d. Prepare the entry to record the accrued interest at December 31, 2023. (Do not round intermediate calculations. Round your answers to 2 decimal places.) e. Prepare the entry to record the collection on the maturity date. Assume that both interest and principal are collected at maturity. (Do not round intermediate calculations. Round your answers to 2 decimal places.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Vauxall Holdings showed the following information regarding its notes receivable: Note Date of Note Principal Interest
Rate Term Maturity Date Days of Accrued Interest at Dec. 31, 2023 Accrued Interest at Dec. 31, 2023* 1 Nov. 1/22 $
340,000 4.0 % 180 days 2 Jan. 5/23 140,000 5.0% 90 days 3 Nov. 20/23 130,000 4.5% 45 days 4 Dec.
10/23 170,000 5.5% 30 days *Round calculations to the nearest whole cent. Required: For each of Vauxall Holdings note
receivable given below: (Do not round intermediate calculations. Round the "Amount of Accrued Interest at Dec.
31, 2023" answers to 2 decimal places.) Determine the maturity date. Calculate the days of accrued interest, if any, at
December 31, 2023 (Vauxall Holdings' year-end). Calculate the amount of accrued interest, if any, at December
31, 2023. For Note 3: d. Prepare the entry to record the accrued interest at December 31, 2023. (Do not round
intermediate calculations. Round your answers to 2 decimal places.) e. Prepare the entry to record the collection on the
maturity date. Assume that both interest and principal are collected at maturity. (Do not round intermediate calculations.
Round your answers to 2 decimal places.)
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