Maturity value = Amount of note+Interest
1) Maturity value = 31000+(31000*6%*120/360) = 31620
2) Maturity value = 5800+(5800*9%*6/12) = 6061
Find the maturity value of each of the following notes payable: 1. A 120-day note, dated...
hy nie laturity value of notes payable. LO 16-3 Find the maturity value of each of the following notes payable: 1. A 60-day note, dated February 15, 2019, with a face value of $15,000, bearing interest at 8 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 $7,400, bearing interest at 11 percent. Maturity value
Exercise 16.2 Determining the maturity value of notes. Compute the maturity value for each of the following notes: A note payable with a face amount of $25,000, dated June 15, 2019, due in three months, bearing interest at 7 percent. A note payable with a face amount of $22,000, dated May 5, 2019, due in 45 days, bearing interest at 8 percent.
On November 1, Alan Company signed a 120-day, 9% note payable, with a face value of $25,200. What is the maturity value (principal plus interest) of the note on March 1? (Use 360 days a year.) Multiple Choice $25,956 $25,704 $25,200 $25,452
Exercise 9-4 Interest-bearing notes payable with year-end adjustments LO P Keesha Co. borrows $160,000 cash on November 1, 2017, by signing a 120-day, 8% note with a face value of $160,000. 1. On what date does this note mature? (Assume that February has 28 days) March 27, 2018. March 28, 2018. March 29, 2018. March 30, 2018. *March 01, 2018 2.& 3. What is the amount of Interest expense in 2017 and 2018 from this note? (Use 360 days a year. Round-final answers to the nearest whole...
A six month promissory note dated March 31/2019 and bearing an interest rate of 5% has a maturity value of $2500. find the face value of the note
On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. What is the maturity value (principal plus interest) of the note on March 1?
On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $12,600. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.)
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...
On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $22,500. What is the adjusting entry for the accrued Interest at December 31 on the note? (Use 360 days a year.)
Entries for Discounted Note Payable A business issued a 120-day note for $39,000 to a creditor on account. The note was discounted at 8%. Assume a 360-day year. a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank. If necessary, round to one decimal place. b. Journalize the entry to record the payment of the note Accounts Payable Cash Interest Payable b. Jo...