Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 8, Problem 8.19EX
Determine due date and interest on notes
Determine the due date and the amount of interest due at maturity on the following notes:
Date of Note | Face Amount | Interest Rate | Term of Note | ||
A. | January 3* | $80,000 | 6% | 120 days | |
B. | February 20* | 27,000 | 4 | 30 days | |
C. | May 24 | 62,500 | 8 | 45 days | |
D. | August 30 | 30,000 | 5 | 90 days | |
E. | October 4 | 40,000 | 7 | 90 days | |
* Assume a leap year in which February has 29 days. |
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Determine due date and interest on notes
Determine the due date and the amount of interest due at maturity on the following notes:
Date of Note
Face Amount
Interest Rate
Term of Note
a. January 5*
$87,000
6%
120 days
b. February 15*
27,000
4
30 days
c. May 19
65,000
8
45 days
d. August 20
32,000
5
90 days
e. October 19 A
48,000
7
90 days
*Assume a non-leap year in which February has 28 days.
Assume 360 days in a year when computing the interest.
Note
a.
b.
C.
d.
e.
Due Date
Interest
Determine the due date and the amount of interest due at maturity on the following notes:
Date of Note
Face Amount
Interest Rate
Term of Note
a.
January 5 *
$90,000
6%
120 days
b.
February 15 *
21,000
4
30 days
c.
May 19
68,000
8
45 days
d.
August 20
34,400
5
90 days
e.
October 19
50,000
7
90 days
* Assume a leap year in which February has 29 days.
Assume 360 days in a year when computing the interest.
Jan. 17
Mar. 16
May 4
July 3
Nov. 18
Note
Due Date
Interest
(a)
$fill in the blank 2
(b)
$fill in the blank 4
(c)
$fill in the blank 6
(d)
$fill in the blank 8
(e)
$fill in the blank 10
Subject : Accounting
Chapter 8 Solutions
Corporate Financial Accounting
Ch. 8 - What are the three classifications of receivables?Ch. 8 - Dans Hardware is a small hardware store in the...Ch. 8 - What kind of an account (asset, liability, etc.)...Ch. 8 - After the accounts are adjusted and closed at the...Ch. 8 - A firm has consistently adjusted its allowance...Ch. 8 - Which of the two methods of estimating...Ch. 8 - Neptune Company issued a note receivable to...Ch. 8 - Prob. 8DQCh. 8 - The maker of a 240,000, 6%, 90-day note receivable...Ch. 8 - Prob. 10DQ
Ch. 8 - Direct write-off method Journalize the following...Ch. 8 - Allowance method Journalize the following...Ch. 8 - Percent of sales method At the end of the current...Ch. 8 - Analysis of receivables method At the end of the...Ch. 8 - Note receivable Prefix Supply Company received a...Ch. 8 - Prob. 8.1EXCh. 8 - Prob. 8.2EXCh. 8 - Entries for uncollectible accounts, using direct...Ch. 8 - Entries for uncollectible receivables, using...Ch. 8 - Entries to write off accounts receivable Creative...Ch. 8 - Providing for doubtful accounts At the end of the...Ch. 8 - Prob. 8.7EXCh. 8 - Aging of receivables schedule The accounts...Ch. 8 - Estimating allowance for doubtful accounts Evers...Ch. 8 - Adjustment for uncollectible accounts Using data...Ch. 8 - Estimating doubtful accounts Outlaw Bike Co. is a...Ch. 8 - Entry for uncollectible accounts Using the data in...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Effect of doubtful accounts on net income During...Ch. 8 - Effect of doubtful accounts on net income Using...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Determine due date and interest on notes Determine...Ch. 8 - Entries for notes receivable Valley Designs Issued...Ch. 8 - Entries for notes receivable The series of five...Ch. 8 - Entries for notes receivable, including year-end...Ch. 8 - Entries for receipt and dishonor of note...Ch. 8 - Entries for receipt and dishonor of notes...Ch. 8 - Receivables on the balance sheet List any errors...Ch. 8 - Allowance method entries The following...Ch. 8 - Aging of receivables; estimating allowance for...Ch. 8 - Compare two methods of accounting for...Ch. 8 - Details of notes receivable and related entries...Ch. 8 - Notes receivable entries The following data relate...Ch. 8 - Sales and notes receivable transactions The...Ch. 8 - Allowance method entries The following...Ch. 8 - Aging of receivables; estimating allowance for...Ch. 8 - Compare two methods of accounting for...Ch. 8 - Details of notes receivable and related entries...Ch. 8 - Prob. 8.5BPRCh. 8 - Sales and notes receivable transactions The...Ch. 8 - Continuing Company AnalysisAmazon: Accounts...Ch. 8 - Ralph Lauren: Accounts receivable turnover and...Ch. 8 - Prob. 8.3ADMCh. 8 - Prob. 8.4ADMCh. 8 - Ethics In Action Bud Lighting Co. is a retailer of...Ch. 8 - Communication On January 1, Xtreme Co. began...
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