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 5 * | $90,000 | 6% | 120 days | ||||
| b. | February 15 * | 21,000 | 4 | 30 days | ||||
| c. | May 19 | 68,000 | 8 | 45 days | ||||
| d. | August 20 | 34,400 | 5 | 90 days | ||||
| e. | October 19 | 50,000 | 7 | 90 days | ||||
* Assume a leap year in which February has 29 days.
Assume 360 days in a year when computing the interest.
| Note | Due Date | Interest |
| (a) | May 4 | $ |
| (b) | Mar. 16 | $ |
| (c) | July 3 | $ |
| (d) | Nov. 18 | $ |
| (e) | Jan. 17 | $ |
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Homework Answers
| Note | Due date | Interest | Explanation |
| a) | May-04 | $ 1,800 | ($ 90,000*6% *120/360) |
| b) | Mar-16 | $ 70 | ($ 21,000*4% *30/360) |
| c) | Jul-03 | $ 680 | ($ 68,000* 8% * 45/360) |
| d) | Nov-18 | $ 430 | ($ 34,400 * 5% * 90/360) |
| e) | Jan-17 | $ 875 | ($ 50,000* 7% * 90/360) |
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Determine Due Date and Interest on Notes
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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...
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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 a. January 10 $40,000 b. March 19 18,000 c. June 5 90,000 d. September 8 36,000 e. November 20 27,000 *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest (a) Apr. 10 Sept. 15 Term of Note 90 days 180...
c. 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 5 $92,000 7% 120 days b. February 15 15,000 5 45 days May 19 65,000 6 45 days d. August 20 36,300 8 90 days e. October 19 52,000 6 90 days * Assume a leap year in which February has 29 days. Assume...
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 1 8,000 8 180 days c. June 5 90,000 30 days d. September 8 36,000 3 90 days e. November 20 27,000 4 60 days *Assume that February has 28 days. in om Assume 360-days in a...
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes. When calculating interest amounts, assume there are 360 days in a year. Round intermediate calculations to 4 decimal places, and round your final answers to the nearest whole dollar. Date of Note Face Amount Interest Rate Term of Note a. January 15 $100,955 7 % 30 days b. April 1 11,345 7 90 days C. June 22...
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2)
3)
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 $40,000 a. January 10* b. March 19 18,000 90 days 180 days 30 days 90 days 90,000 c. June 5 d. September 8 36,000 27,000 e. November 20 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the...
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...
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