A $5,000 note payable was signed on February 1, 2016 and is due July 31, 2017....
A $5,000 note payable was signed on February 1, 2016 and is due July 31, 2017. Interest is charged at 5% per year and is payable upon maturity. What is the total amount to be paid when the note matures?
Select one:
a. $5,750
b. $5,250
c. $5,375
d. $5,000
Homework Answers
c.$5,375.
amount to be paid on maturity = face amount + interest
here,
face amount = $5,000
interest = face amount * interest rate * number of months / 12
$5,000 * 5%*18 months /12
=>$375.
total amount to be paid on maturity of the note on july 31 2018
=>$5,375.
Add Answer to:
A $5,000 note payable was signed on February 1, 2016 and is due
July 31, 2017....
Jane's Donut Co. borrowed $200,000 on January 1, 2016, and signed a one-year note bearing interest...
Jane's Donut Co. borrowed $200,000 on January 1, 2016, and signed a one-year note bearing interest at 12% in payable in full at maturity on october 31, 2017. write journal entry for the following dates: Nov 1, 2016 (borrowed), December 31, 2016 (accured interest), and october 21. 2017 ( due date)?
On July 1, 2016, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000. Assuming...
On July 1, 2016, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000. Assuming that Donna Equipment maintains its books on a calendar year basis, how much interest expense should be reported in the 2017 income statement? A. $1,000. B. $2,000. C. $3,000. D. $4,000
STIOV #5 8 Long Term Note Equipment on July 1 Note Payable in the amount of...
STIOV #5 8 Long Term Note Equipment on July 1 Note Payable in the amount of $800,000 was signed when Extra Const al 19. 2016. The entire note will be repaid in 3 years, but Interest will be issuance of the Long Term Note and the issue ad the Adjusting Entry on December 31st, 2016 for 6 months interest. If the Long Term Note Payable was to be repaid in 5 years, as stated above, in what section of the...
STIOV #5 8 Long Term Note Equipment on July 1 Note Payable in the amount of...
STIOV #5 8 Long Term Note Equipment on July 1 Note Payable in the amount of $800,000 was signed when Extra Const al 19. 2016. The entire note will be repaid in 3 years, but Interest will be issuance of the Long Term Note and the issue ad the Adjusting Entry on December 31st, 2016 for 6 months interest. If the Long Term Note Payable was to be repaid in 5 years, as stated above, in what section of the...
A $75,000 note payable is signed on July 8 and is due in 60 days. The...
A $75,000 note payable is signed on July 8 and is due in 60 days. The interest rate on the note is 4.5%. What is the maturity date of this note and what journal entry would be made to pay the note off on the maturity date? (Round your answers to the nearest whole cent.) Credit Date Account Titles Sept7 Notes Payable Interest Expense Cash Debit 75,000.00 562.50 75,562.50 The maturity date is September 7th. Account Titles Debit Credit Date...
At December 31, 2017, Tina Corporation owes $512,300 on a note payable due February 15, 2018. 1....
At December 31, 2017, Tina Corporation owes $512,300 on a note payable due February 15, 2018. 1. If Tina refinances the obligation by issuing a long-term note on February 14 and using the proceeds to pay off the note due February 15, how much of the $512,300 should be reported as a current liability at December 31, 2017? 2. If Tina pays off the note on February 15, 2018, and then borrows $1,024,600 on a long-term basis on March 1, how...
To pay for an order of supplies, a firm signed a note on February 19, maturing...
To pay for an order of supplies, a firm signed a note on February 19, maturing on May 31. The face value of the note was $114,500, with interest of 7%. The firm made a partial payment of $31,000 on March 5 and a second partial payment of $25,900 on April 26. Using the United States Rule, find the amount due on the maturity date of the note and the amount of interest paid on the note, The amount due...
On 9/1/18, signed a note payable of $5,000, with interest rate of 6%. Interest only payment...
On 9/1/18, signed a note payable of $5,000, with interest rate
of 6%. Interest only payment is due on 12/31. FYE is 10/31.
On 9/1/18, signed a note payable of $5,000, with interest rate of 6%. Interest only payment is due on 12/31. FYE is 10/31. Date 9/1/18 10/31/18 12/31/18
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017.
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased S40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 108 annual interest along with paying $5,250 in cash. July 8 Borroved S80,000 cash from NBR Bank by signing a 120-day, 98 interest-bearing note with a face value of $80,000. Paid the amount due on the...
Dedmon Co. , whose fiscal year ends December 31, borrowed $20,400 on September 1, 2016, issuing...
Dedmon Co. , whose fiscal year ends December 31, borrowed $20,400 on September 1, 2016, issuing a 10%, ten-month note payable with interest due at maturity. When the note matures on June 30, 2017, Dedmon will write a journal entry that includes a debit to interest payable of $___________
STIOV #5 8 Long Term Note Equipment on July 1 Note Payable in the amount of $800,000 was signed when Extra Const al 19. 2016. The entire note will be repaid in 3 years, but Interest will be issuance of the Long Term Note and the issue ad the Adjusting Entry on December 31st, 2016 for 6 months interest. If the Long Term Note Payable was to be repaid in 5 years, as stated above, in what section of the...
STIOV #5 8 Long Term Note Equipment on July 1 Note Payable in the amount of $800,000 was signed when Extra Const al 19. 2016. The entire note will be repaid in 3 years, but Interest will be issuance of the Long Term Note and the issue ad the Adjusting Entry on December 31st, 2016 for 6 months interest. If the Long Term Note Payable was to be repaid in 5 years, as stated above, in what section of the...
A $75,000 note payable is signed on July 8 and is due in 60 days. The interest rate on the note is 4.5%. What is the maturity date of this note and what journal entry would be made to pay the note off on the maturity date? (Round your answers to the nearest whole cent.) Credit Date Account Titles Sept7 Notes Payable Interest Expense Cash Debit 75,000.00 562.50 75,562.50 The maturity date is September 7th. Account Titles Debit Credit Date...
To pay for an order of supplies, a firm signed a note on February 19, maturing on May 31. The face value of the note was $114,500, with interest of 7%. The firm made a partial payment of $31,000 on March 5 and a second partial payment of $25,900 on April 26. Using the United States Rule, find the amount due on the maturity date of the note and the amount of interest paid on the note, The amount due...
On 9/1/18, signed a note payable of $5,000, with interest rate
of 6%. Interest only payment is due on 12/31. FYE is 10/31.
On 9/1/18, signed a note payable of $5,000, with interest rate of 6%. Interest only payment is due on 12/31. FYE is 10/31. Date 9/1/18 10/31/18 12/31/18
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased S40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 108 annual interest along with paying $5,250 in cash. July 8 Borroved S80,000 cash from NBR Bank by signing a 120-day, 98 interest-bearing note with a face value of $80,000. Paid the amount due on the...
Most questions answered within 3 hours.
-
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 1 hour ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 2 hours ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 4 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 4 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 5 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 6 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 6 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 8 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 8 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 9 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 10 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 10 hours ago