Proceeds from Notes Payable On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 60-day note with a face amount of $74,400. Assume a 360-day year. Required: a.  Determine the proceeds of the note, assuming the note carries an interest rate of 5%.$ b.  Determine the proceeds of the note, assuming the note is discounted at 5%.$

Q: On February 1, Electronic Warehouse Co. issued a 45-day note with a face amount of $80,000 to Yamura…

A: Notes are issued by the organisation for receivables and payables that are to be received or paid in…

Q: Computing Accrued Interest  Compute the interest accrued on each of the following notes receivable…

A: Note receivables means the instrument in which the outsider agree to pay certain sum with or without…

Q: On June 8, Williams Company issued an $70,538, 11%, 120-day note payable to Brown Industries.…

A: The note payable is reported as liabilities in the balance sheet. The maturity value of note is…

Q: Determine due date and interest on notes Determine the due date and the amount of interest due at…

A: The promissory notes can be defined as a legal lending document that consists of the promise made by…

Q: Computing Accrued Interest Compute the interest accrued on each of the following notes receivable…

A: NOTES RECEIVABLENotes Receivable are reported under the current assets section of the balance…

Q: Accounting for Current Liabilities A note payable is issued for a face value of $100,000. The…

A: Note payable refers to the written agreement made between two parties in which the cash is paid by…

Q: Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day,…

A: Notes payable is a financial instrument used to raise funds for financial obligations. Interest is…

Q: Autumn Designs & Decorators issued a 120-day, 6% note for $30,000, dated April 13 to Zebra Furniture…

A: Notes receivable is an asset which is a kind of promise from a another party that it will receive…

Q: Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a…

A: Lets understand the basics.Proceeds from note is equal to all the cash received initially from…

Q: Proceeds from Notes Payable On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a…

A: The cost of borrowing money over a given time period is expressed as interest, which is often stated…

Q: Entries for Discounted Note Payable A business issued a 30-day note for $48,000 to a creditor on…

A: Introduction: A note payable is a promissory note in writing. Under this agreement, a borrower…

Q: Analyze the following: A $10,000 60 day interest bearing note was issued for cash on June 30 at a…

A:

Q: Issued, on January 01, 2010, a four-year note to ABC Bank. Face value of note is $40,000. It is a 5%…

A: A Note payable is a benefit to both the borrower and the lender, as long as both parties understand…

Q: Mobile Co. issued a $47,563, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At…

A: Note: Discounted notes are issued at discount. The amount to be paid by the borrower at the time of…

Q: On June 8, Williams Company issued an $85,200, 9%, 120-day note payable to Brown Industries.…

A: Note payable is issued by the debtor as a. Promise note that he would make the payment on time with…

Q: A 100-day note with a face amount of $54,000 and interest rate of 9% is issued on June 1. Required:…

A: 1.

Q: Recording Entries for Long-Term Note Receivable: Effective Interest Method On January 1 of Year 1.…

A: A note receivable is a written agreement to pay a certain sum of money to another party on one or…

Q: Using ordinary interest, calculate the missing information for the following simple discount notes.…

A: Ordinary is a method in which the interest is calculated assuming there is 360 days in a year.…

Q: Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the rate was 4%…

A: The question is based on the concept of Financial Accounting. When the loan is taken then the…

Q: Maker Maple Wyman. Nahn. Date of Note 11/21 12/13 12/24 Principal $20,000 14,000 21,000 Interest…

A: Accrued interest on notes receivable is the amount of interest that has been earned by not yet paid.…

Q: The following interest-bearing promissory note was discounted at a bank by the payee before…

A: What is the ordinary interest method? The ordinary interest method is a method to calculate the…

Q: Mobile Co. issued a $58,116, 60-day, discounted note to Guarantee Bank. The discount rate is 7%. At…

A: Note are form of loan taken or issued by the company. They can be discounted from the bank.

Q: A business issued a 90-day note for $57,000 to a bank. The note was discounted at 6%. Assume a…

A: Interest expense = Face value of Notes x rate of discount x No. of days /360 =57000*6%*90/360 = $855

Q: On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount…

A: The net cash inflow or outflow from a long-term borrowing supported by a written promise to pay an…

Q: Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of…

A: Amount of interest can be computed using following formula :

Q: Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a…

A: Notes is an instrument issued by the borrower to the ledgers. It acts like a promissory note issued…

Q: Proceeds from Notes Payable On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a…

A: The net cash inflow or outflow from a long-term borrowing supported by a written promise to pay an…

Q: Computing Accrued Interest Compute the interest accrued on each of the following notes receivable…

A: Accrued interest is amount of interest that is due till date based on the interest rate , period and…

Q: Abe Corporation discounted a 120-day note with a maturity value of $8,000 dated June 8 at the…

A: ORDINARY INTEREST   ordinary interest is Finance interest based on a period of 360 days, rather…

Q: Mobile Co. issued a $43,384, 60-day, discounted note to Guarantee Bank. The discount rate is 11%. At…

A: Discounting of note means when note is transferred from company to bank and bank will deduct…

Q: Proceeds from Notes Payable On May 15, Franklin Co. borrowed cash from Dakota Bank by issuing a…

A: Introduction: A note payable is a promissory note in writing. Under this agreement, a borrower…

Q: Borrowed $5,000 cash from the bank, giving a 60-day non-interest-bearing note. T July 15 note is…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Computing Accrued Interest Compute the interest accrued on each of the following notes receivable…

A: Interest accrued on the notes receivable means the amount of interest which is earned by the lender…

Q: Determine the due date and the amount of interest due at maturity on the following notes: Date of…

A: Formulas: Due Date (Maturity Date) = Date of Note + term on the note (in days) Interest on Note =…

Q: Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a…

A: a. Proceeds of the Note of $94,800.00 b. Proceeds of the Note of $93,378.00

Q: 4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Accrued Interest Payable Com

A: Accrued Interest: Accrued Interest is the amount of loan interest that has already occurred,but not…

Q: Assuming a 360-day year, the interest charged by the bank, at the rate of 6%, on a 90-day,…

A: Interest charged by the bank = Amount of notes payable x rate of interest x no. of days / 360

Q: Proceeds

A: Notes Payable is a financial instrument used for borrowing money from Bank or any other Financial…

Q: Calculate the due date, interest due, and maturity value of the following notes:…

A: The interest receivable is the interest earned but not received yet.  The maturity value is…