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Note receivable:
Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days.
Due date:
Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest.
Interest on note:
Interest on note is the amount charged on the principal value of note for the privilege of borrowing money. Interest is to be paid by the borrower and to be received by the lender.
The due date and the amount of interest due at maturity for the notes dated in 2016.
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Chapter 8 Solutions
Financial & Managerial Accounting
- Part A: Calculate the interest on the following notes: Part B: Determine the maturity dates on the following notes: Check Figure 1. Interest, 66.92arrow_forwardOn which notes receivable and notes payable is it necessary to record accrued interest at the end of the period?arrow_forwardWhich of the following accounts are used when a short-term note payable with 5% interest is honored (paid)? A. short-term notes payable, cash B. short-term notes payable, cash, interest expense C. interest expense, cash D. short-term notes payable, interest expense, interest payablearrow_forward
- Please help me figure out the notes and general journal for this problem.arrow_forwardHow much is the amount attributable to the principal portion of the note on the payment made on August 1, 2023?arrow_forwardHow do I prepare the rates receivables give that Rates Receivables: Owing at 1 January 2019 $100; Paid during financial year $600; Owing at 31 December 2019 $150arrow_forward
- Determine the maturity date of the loan (not in a leap-year). Loan Date Time of Loan (days) Maturity Date February 8 110 Junearrow_forward* Find the exact interest with the approximate time a 253,000.00 loan at 18%p.a. made on June 3, 2015, to September 11, 2017. * Find the ordinary interest with the approximate time a 253,000.00 loan at 18%p.a. made on June 3, 2015, to September 11, 2017. * Find the exact interest with the exact time a 253,000.00 loan at 18%p.a. made on June 3, 2015, to September 11, 2017. * Find the ordinary interest with the exact time a 253,000.00 loan at 18%p.a. made on June 3, 2015 to September 11, 2017. * what exact time will a 100,000 yield an interest of 15,000 at 12% simple interest? * * Mikay deposited a sum of 16,500 in a bank for five years, compounded quarterly at 7 1/2% per annum. What amount will she get on maturity?arrow_forwardInterest on a note payable can be calculated by multiplying the amount owed by the interest rate by the fraction of year that represents the time elapsed since borrowing. a. True b. Falsearrow_forward
- Determine the maturity date and interest for a notes receivableAmplify Bank establishes a $45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due at its maturity date. After reviewing the information, determine the maturity date of the note and calculate the amount of interest that is due at the maturity date. 1. What is the maturity date of the note (include the month, day and year)? 2. What is the amount of interest that is due at the maturity date (round answer to two decimal places)? 2(a). Show the work for your interest calculationarrow_forwardHow much is the interest expense to be reported by the company for the year ended December 31, 2022? How much is the amount attributable to the principal portion of the note on the payment made on August 1, 2023? How much is the interest expense to be reported by the company for the year ended December 31, 2023?arrow_forwardSuppose the face amount of the notevwas adjusted to include nonbearing interest note andc12% is yhr bank's statedvdiscountvrate prepare the journal entry to record the issuance of the nonbearing note by schilling on November 1, 2012arrow_forward
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