Homework Answers
1.) A 60 day note payable :
Face value = $15,000
Interest rate = 8%
Maturity value = Face value + interest
= $15,000 + $15,000 * 8% * 60/360
=$ 15000 + $200
= $15,200
2.) Six month note :
Face value =$7,400
Interest rate = 11%
Maturity value = face value + interest amount
= $ 7400 + $7400* 11% 6/12
= $7400 + $ 407
=$ 7807
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hy nie laturity value of notes payable. LO 16-3 Find the maturity value of each of...
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Problem 11-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the...
Problem 11-1A Short-term notes payable transactions and
entries LO P1
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017.
2016
Apr.
20
Purchased $35,500 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 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
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Problem 11-1A Part 1 Required: 1. Determine the maturity date for each of the three notes...
Problem 11-1A Part 1
Required:
1. Determine the maturity date for each of the
three notes described.
Problem 11-1A Part 2
2. Determine the interest due at maturity for
each of the three notes. (Do not round your intermediate
calculations. Use 360 days a year.)
Problem 11-1A Part 3
3. Determine the interest expense to be
recorded in the adjusting entry at the end of 2016. (Do not
round your intermediate calculations. Use 360 days
a year.)
Problem 11-1A Part...
Problem 11-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the...
Problem 11-1A Short-term notes payable transactions and entries
LO P1
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017.
2016
Apr.
20
Purchased $35,500 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 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
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Problem 11-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the...
Problem 11-1A Short-term notes payable transactions and
entries LO P1
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017.
2016
Apr.
20
Purchased $35,500 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 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
On November 1, Alan Company signed a 120-day, 9% note payable, with a face value of...
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Find the maturity value of each of the following notes payable: 1. A 120-day note, dated February 15, 2019, with a face value of $31,000, bearing interest at 6 percent. (Use 360 days a year. Round your answers to 2 decimal places.) 2. A six-month note, dated March 10, 2019, with a face value of $5,800, bearing interest at 9 percent Maturity value
Problem 11-1A Short-term notes payable transactions and
entries LO P1
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017.
2016
Apr.
20
Purchased $35,500 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 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
Problem 9-1A Short-term notes payable transactions and entries LO P1 Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $40,250 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 10% annual interest along with paying $5,250 in cash. 150 X 60 July 8 Borrowed $80,000 cash from NBR Bank by...
Problem 11-1A Part 1
Required:
1. Determine the maturity date for each of the
three notes described.
Problem 11-1A Part 2
2. Determine the interest due at maturity for
each of the three notes. (Do not round your intermediate
calculations. Use 360 days a year.)
Problem 11-1A Part 3
3. Determine the interest expense to be
recorded in the adjusting entry at the end of 2016. (Do not
round your intermediate calculations. Use 360 days
a year.)
Problem 11-1A Part...
Problem 11-1A Short-term notes payable transactions and entries
LO P1
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017.
2016
Apr.
20
Purchased $35,500 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 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
Problem 11-1A Short-term notes payable transactions and
entries LO P1
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017.
2016
Apr.
20
Purchased $35,500 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 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
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