On March 4 Jay Miller accepted a $5,000 note in granting a time extension of a...
On March 4 Jay Miller accepted a $5,000 note in granting a time extension of a bill for goods purchased by Russ Sullivan. Terms of the note were 9% for 150 days. On June 8 Jay could no longer wait for the money and discounted the note at Ranger Bank at a discount rate of 9 %. Calculate Jay Miller’s proceeds.
Homework Answers
Correct Answer:
Jay millers’ proceeds from banks = $ 4933.42 (rounded off to two decimal places)
Working:
150 days’ note, accepted on March 4, therefore date of maturity of the note will be August 2nd.
Note is discounted on June 8th, days left in maturity will be 54 days (from June 8th to August 2nd)
Therefore, Discounting charge = $ 5000 * 9% * 54/365
Discounting charge = $ 66.58
Millers proceeds = $ 5000 – Discounting charges.
= 5000 – 66.58
= $ 4933.42
End of Answer.
Please give a thumbs-up, it will be highly appreciated.
Thanks
Add Answer to:
On March 4 Jay Miller accepted a $5,000 note in granting a time
extension of a...
On May 7, Ralph Blue accepted a $5,000 note from Dick Shea. Terms of the note...
On May 7, Ralph Blue accepted a $5,000 note from Dick Shea. Terms of the note were 7% for 180 days. On Aug. 19, Ralph could no onger walt for the money and discounted the note at Tover Bank at a discount rate of 8 %. Calculate Ralph's proceeds. Use ordinary interest. (Round your answer to the nearest cent.) Ralph's proceeds
Dec. 13 Accepted a $9,500, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable
Following are transactions of Danica Company. Dec. 13 Accepted a $9,500, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note Exercise 9-13 Notes receivable transactions LO P4 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13 . Mar. 3 Accepted a $ 5,000,10%, 90 -day note in granting a time extension on the past-due account receivable of Tomas Company.17...
Dec. 13 Accepted a $29,000, 45-day, 10% note in granting Miranda Lee a time extension on her past-due account receivable.
Following are transactions of Danica Company. Dec. 13 Accepted a $29,000, 45-day, 10% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 7-13 Notes receivable transactions LO P4 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $23,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. 17 Accepted a...
2016 Dec. 13 Accepted a $20,000, 45-day, 8% note dated December 13 in granting Miranda Lee...
2016 Dec. 13 Accepted a $20,000, 45-day, 8% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 2017 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $14,000, 8%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas Company. 17 Accepted...
Bill Blank signed an $7,540 note at Citizen's Bank. Citizen's charges a 8.2% discount rate. Assume...
Bill Blank signed an $7,540 note at Citizen's Bank. Citizen's charges a 8.2% discount rate. Assume the loan is for 270 days. a. Find the proceeds. (Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.) Proceeds b. Find the effective rate charged by the bank. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.) Effective rate You were offered the opportunity to purchase either...
Following are selected transactions of Danica Company for 2017 and 2018 2017 Dec. 13 Accepted a...
Following are selected transactions of Danica Company for 2017 and 2018 2017 Dec. 13 Accepted a $9,500, 45-day, note dated December 13 in granting Miranda Lee a time extension on her past due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the tee note. 2018 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. Accepted a $5,000, 105, 90-day note dated March 3 in granting a time extension...
Year 1 Dec. 16 Accepted a $16,800, 60-day, 12% note in granting Carolyn Collins a time...
Year 1
Dec.
16
Accepted a $16,800, 60-day, 12% note in granting Carolyn
Collins a time extension on his past-due account receivable.
31
Made an adjusting entry to record the accrued interest on the
Collins note.
Year 2
Feb.
14
Received Collins’s payment of principal and interest on the
note dated December 16.
Mar.
2
Accepted a $8,000, 6%, 90-day note in granting a time extension
on the past-due account receivable from Perry Co.
17
Accepted a $12,600, 30-day, 8%...
8 On October 29, 2019, the Berkeley Company accepted a 60-day, 9 percent note from Devon...
8 On October 29, 2019, the Berkeley Company accepted a 60-day, 9 percent note from Devon Reed in settlement of his past- due account for $22,000. On November 28, Berkeley Company discounted the note at the Security Bank. The bank charged a discount rate of 12 percent. 1. What is the maturity date of the note? 2. What is the maturity value of the note? (Assume 360 days in a year. Do not round Intermediate calculations.) 3. How many days...
2016 Dec. 16 Accepted a $14,500, 60-day, 9% note dated this day in granting Danny Todd...
2016 Dec. 16 Accepted a $14,500, 60-day, 9% note dated this day in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $7,200, 98, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted...
11-8 Ron Prentice bought goods from Shelly Katz. On May 20, Shelly gave Ron a time...
11-8
Ron Prentice bought goods from Shelly Katz. On May 20, Shelly
gave Ron a time extension on his bill by accepting a $4,320, 6%,
175-day note. On Aug. 25, Shelly discounted the note at Roseville
Bank at 8%. (Use Days in a year table.)
What proceeds does Shelly Katz receive? (Use 360 days a
year. Do not round intermediate calculations. Round your answer to
the nearest cent.)
Proceeds received
$
11-9
Hafers, an electrical supply company, sold $3,800 of...
On May 7, Ralph Blue accepted a $5,000 note from Dick Shea. Terms of the note were 7% for 180 days. On Aug. 19, Ralph could no onger walt for the money and discounted the note at Tover Bank at a discount rate of 8 %. Calculate Ralph's proceeds. Use ordinary interest. (Round your answer to the nearest cent.) Ralph's proceeds
Following are transactions of Danica Company. Dec. 13 Accepted a $9,500, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note Exercise 9-13 Notes receivable transactions LO P4 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13 . Mar. 3 Accepted a $ 5,000,10%, 90 -day note in granting a time extension on the past-due account receivable of Tomas Company.17...
Bill Blank signed an $7,540 note at Citizen's Bank. Citizen's charges a 8.2% discount rate. Assume the loan is for 270 days. a. Find the proceeds. (Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.) Proceeds b. Find the effective rate charged by the bank. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.) Effective rate You were offered the opportunity to purchase either...
Following are selected transactions of Danica Company for 2017 and 2018 2017 Dec. 13 Accepted a $9,500, 45-day, note dated December 13 in granting Miranda Lee a time extension on her past due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the tee note. 2018 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. Accepted a $5,000, 105, 90-day note dated March 3 in granting a time extension...
Year 1
Dec.
16
Accepted a $16,800, 60-day, 12% note in granting Carolyn
Collins a time extension on his past-due account receivable.
31
Made an adjusting entry to record the accrued interest on the
Collins note.
Year 2
Feb.
14
Received Collins’s payment of principal and interest on the
note dated December 16.
Mar.
2
Accepted a $8,000, 6%, 90-day note in granting a time extension
on the past-due account receivable from Perry Co.
17
Accepted a $12,600, 30-day, 8%...
8 On October 29, 2019, the Berkeley Company accepted a 60-day, 9 percent note from Devon Reed in settlement of his past- due account for $22,000. On November 28, Berkeley Company discounted the note at the Security Bank. The bank charged a discount rate of 12 percent. 1. What is the maturity date of the note? 2. What is the maturity value of the note? (Assume 360 days in a year. Do not round Intermediate calculations.) 3. How many days...
2016 Dec. 16 Accepted a $14,500, 60-day, 9% note dated this day in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $7,200, 98, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted...
11-8
Ron Prentice bought goods from Shelly Katz. On May 20, Shelly
gave Ron a time extension on his bill by accepting a $4,320, 6%,
175-day note. On Aug. 25, Shelly discounted the note at Roseville
Bank at 8%. (Use Days in a year table.)
What proceeds does Shelly Katz receive? (Use 360 days a
year. Do not round intermediate calculations. Round your answer to
the nearest cent.)
Proceeds received
$
11-9
Hafers, an electrical supply company, sold $3,800 of...
Most questions answered within 3 hours.
-
The x component of the velocity of an object vibrating
along the x-axis obeys the equation...
asked 38 minutes ago -
A junction box contains two trade size 2 raceways on the left
side, and two trade...
asked 1 hour ago -
Atmospheric Mass
Venus and Earth have about the same mass and radius, but the
atmospheric pressure...
asked 1 hour ago -
5. Discuss the use of fault tree analysis (FTA) for risk
assessment (maximum one paragraph).
asked 2 hours ago -
Given that a sample of aluminium oxide has a Young's modulus of
393 GPa and a...
asked 4 hours ago -
At a certain temperature, the equilibrium constant, Kc, for this
reaction is 53.3.
H2(g)+I2(g)−⇀↽−2HI(g)Kc=53.3
At this...
asked 5 hours ago -
Question1 ) The STL provides similiar classes called stack and
queue, both of which gave functions...
asked 6 hours ago -
For Questions 1-4, assume you have 5 bits available:
1. For (positive) integers: What is the...
asked 6 hours ago -
convert grams into vloume with the density of water being at
.997514 g/cm^3 at 23.1 Celsuis...
asked 8 hours ago -
Foreman company obtained a $20,000, 6% loan on May 1, 2018.
Principal and interest will be...
asked 8 hours ago -
5. Problem 11.05 (Discounted Payback)
eBook
Project L costs $60,000, its expected cash inflows are $14,000
per...
asked 9 hours ago -
1. Which of the following is true about politics and health
organizations?
A. Health organizations are...
asked 9 hours ago