Question
In: Accounting
Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of...
Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of the following notes: (Use 360 days for interest calculation. Round to the nearest dollar.)
| Date of Note |
Principal |
Interest Rate |
Term |
|
|---|---|---|---|---|
| a. | August 5 | $12,000 | 8% | 45 days |
| b. | May 10 | 33,600 | 7% | 75 days |
| c. | October 20 | 48,000 | 9% | 120 days |
| d. | July 06 | 9,000 | 10% | 45 days |
| e. | September 15 | 18,000 | 8% | 90 days |
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of...
Maturity Dates of Notes Receivable Determine
the maturity date and compute the interest for each of the
following notes: (Use 360 days for interest calculation. Round to
the nearest dollar.)
Date of
Note
Principal
Interest
Rate
Term
a.
July 10
$7,200
9%
100 days
b.
April 14
12,000
8%
130 days
c.
May 19
11,200
7.5%
130 days
d.
June 10
5,400
8%
55 days
e.
October 29
30,000
8%
85 days
Maturity Date
Month
Day
Interest
a.
AnswerDecemberNovemberOctoberSeptemberAugustJulyJuneMayAprilMarchFebruaryJanuary
Answer...
Determine the due date and the amount of interest due at maturity on the following notes....
Determine the due date and the amount of interest due at
maturity on the following notes. When calculating interest amounts,
assume there are 350 days in a year. Note Issue Date Amount
Interest Rate Time(Days) 1. Jan. 20 $100,000 6% 30 2.
March 10 $50,000 3% 60 3. May 15 $85,000 4% 45 4. Sept. 21 $90,000
7% 90 5. Dec.1 $75,000 8% 120
Note Due Date Interest on Note Maturity Value Select an answer: a.
Feb. 19,...
Determine the due date and the amount of interest due at maturity on the following notes....
Determine the due date and the amount of interest due at
maturity on the following notes. Assume 360 days per
year.
Date of Note
Face Amount
Interest Rate
Term of Note
(a)
October 1
$21,000
8%
60 days
(b)
August 30
9,000
10
120 days
(c)
May 30
12,000
12
90 days
(d)
March 6
15,000
9
60 days
(e)
May 23
9,000
10
60 days
Due Date
Interest
1.
$
2.
3.
4.
5.
Determine Due Date and Interest on Notes Determine the due date and the amount of interest...
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 10*
$40,000
5%
90 days
b.
March 19
18,000
8
180 days
c.
June 5
90,000
7
30 days
d.
September 8
36,000
3
90 days
e.
November 20
27,000
4
60 days
*Assume that February has 28 days.
Assume 360-days in a year when...
Brief Exercise 8-08 Compute interest and find the maturity date for the following notes. (Round answers...
Brief Exercise 8-08
Compute interest and find the maturity date for the following
notes. (Round answers to 0 decimal places, e.g. 825.
Use 360 days for calculation.)
Date of Note
Principal
Interest Rate (%)
Terms
(a)
June 10
$84,000
8%
60 days
(b)
July 14
$52,400
9%
90 days
(c)
April 27
$12,000
10%
75 days
Interest
Maturity Date
(a)
$enter the amount of interest in dollars rounded to 0 decimal
places
select a maturity date
June 30July 1July 10July...
The following are transactions related to notes receivable. In all cases, interest is due at maturity...
The following are transactions related to notes receivable. In
all cases, interest is due at maturity unless indicated
otherwise.
Jan 1 Loaned $5,000
to the company’s general manager, who signed a 6-month, 10% note
due June 30.
Feb 1 A customer who owed
$6,500 settled his account by signing a 3-month, 5% note.
Mar 31 Recorded accrued interest on
all notes in preparation for issue of quarterly financial
statements.
Apr 30 The customer referred to above
defaulted on the note....
Use the Bond Maturity Dates discussion thread to discuss the advantages of having a maturity date...
Use the Bond Maturity Dates discussion thread to discuss the
advantages of having a maturity date of 50 years or longer.
What companies today offer 50 year bonds? List 3-4 companies and
discuss why they offer these and what their specific advantage is
with having such a lengthy bond maturity date? Is bankruptcy
considered a real threat to those companies that offer 50 year
bonds? Why?
how do i compute the discount on notes receivable
how do i compute the discount on notes receivable
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a...
Notes Receivable Entries
The following data relate to notes receivable and interest for
Owens Co., a financial services company. (All notes are dated as of
the day they are received.) Assume 360 days in a year.
Mar. 8.
Received a $66,000, 9%, 60-day note on account.
31.
Received a $9,600, 8%, 90-day note on account.
May 7.
Received $66,990 on note of March 8.
16.
Received a $61,200, 7%, 90-day note on account.
June 11.
Received a $30,000, 6%, 30-day...
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a...
Notes Receivable Entries
The following data relate to notes receivable and interest for
Owens Co., a financial services company. (All notes are dated as of
the day they are received.) Assume 360 days in a year.
Mar. 8.
Received a $96,000, 8%, 60-day note on account.
31.
Received a $21,600, 9%, 90-day note on account.
May 7.
Received $97,280 on note of March 8.
16.
Received a $58,800, 12%, 90-day note on account.
June 11.
Received a $30,000, 6%, 30-day...
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