Problem Requirements 1. Calculate Interest income for periods indicated below, using the terms listed. Note Receivable...
Problem Requirements 1. Calculate Interest income for periods indicated below, using the terms listed.
Note Receivable Terms
Issue Date January 1, 2019
Maturity Date (6 Months) June 30, 2019
Principal $ 12,000
Interest Rate - Annual Percentage Rate (APR) 8.0%
Calculate Interest Income for Questions 1 - 3 (Show calculations)
1. First three months of 2019
2. January 2019 (One Month)
3. Total Interest Income to Maturity in 2019
4. Indicate below the total amount of cash the company will collect from the Note Receivable in 2019, including interest and principal.
Homework Answers
1) Interest for first three months = => $12000*8%*3/12=$240.
2)Interest for January Month = $12000*8%*1/12 = $80.
3)Total amount of cash = Principal + Interest.
=> $12,000 + ($12,000 * 8% * 6/12) = $12000+$480
=> $12,480.
IF YOU HAVE ANY DOUBTS PLEASE COMMENT ON THE ISSUE.
Add Answer to:
Problem Requirements 1. Calculate Interest income for periods
indicated below, using the terms listed.
Note Receivable...
Problem 8-11A Notes receivable LO4 CHECK FIGURES:d. Interest income = $454.93 e. Cash = $90,499.32 Vauxall...
Problem 8-11A Notes receivable LO4 CHECK FIGURES:d. Interest income = $454.93 e. Cash = $90,499.32 Vauxall Holdings showed the following information regarding its notes receivable: Date of Note Interest Rate Maturity Date ACE In Dec 31 2020 Accrued Interest at Dec. 31 2020- Note Principal Term Nov. 1/19 $240.000 4.0% 2 Jan. 5/20 100,000 5.0% Nov. 20/20 90.000 4.5% 4 Dec. 10/20 120,000 5.5% "Round calculations to the newest whole cont. 180 days 90 days 45 days 30 days Required...
Complete the table to calculate the interest amounts and use those calculated values to prepare your...
Complete the table to calculate the interest amounts and use
those calculated values to prepare your journal entries.
I already filled out the other
charts. It still says "not complete" so I must be missing a tab in
the journals.
I need help filling this chart out. I typed 0 as place
keepers.
Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. Dec. 13 Accepted a $18,000, 45-day, 8% note in granting...
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable....
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mattel builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mattel's sales are on credit. As a result, Mattel often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mattel borrowed $6 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The...
I can not get the correct answers for these. Part 1 - Notes Receivable = -...
I can not get the correct answers for these.
Part 1 - Notes Receivable = - Required (Complete the table): 1) Determine the maturity date for each note 2) For each note, calculate the total amount of accrued interest from the note date throught December 31, 2017 (the Company's year end). 3) What is the amount that would be collected for each note, assuming that both interest and principal are collected at maturity? Note Date Face Value Note Term Maturity...
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable....
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $8.4 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The...
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable....
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $8.1 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The...
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable....
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $8.0 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The...
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable...
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $8.0 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The...
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable....
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers A large portion of Mi's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas Assume on November 1, 2018 Mitt borrowed $6 8 m on cash from Metropolitan Bank and signed a promissory note that matures in six...
Date Issued Term of the Note Due Date 1. January 1 30 days __________ 2. January...
Date Issued Term of the Note Due Date 1. January 1 30 days __________ 2. January 15 30 days __________ 3. March 20 60 days __________ 4. March 20 3 months __________ 5. June 18 90 days __________ Compute the amount of accrued interest on the following notes: Principal Interest Rate Time Accrued Interest 6. $7,800 9.0% 75 days __________ 7. 3,600 12.5% 45 days __________ 8. 2,700 9.9% 90 days __________ 9. 4,300 6.2% 6 months...
Problem 8-11A Notes receivable LO4 CHECK FIGURES:d. Interest income = $454.93 e. Cash = $90,499.32 Vauxall Holdings showed the following information regarding its notes receivable: Date of Note Interest Rate Maturity Date ACE In Dec 31 2020 Accrued Interest at Dec. 31 2020- Note Principal Term Nov. 1/19 $240.000 4.0% 2 Jan. 5/20 100,000 5.0% Nov. 20/20 90.000 4.5% 4 Dec. 10/20 120,000 5.5% "Round calculations to the newest whole cont. 180 days 90 days 45 days 30 days Required...
Complete the table to calculate the interest amounts and use
those calculated values to prepare your journal entries.
I already filled out the other
charts. It still says "not complete" so I must be missing a tab in
the journals.
I need help filling this chart out. I typed 0 as place
keepers.
Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. Dec. 13 Accepted a $18,000, 45-day, 8% note in granting...
I can not get the correct answers for these.
Part 1 - Notes Receivable = - Required (Complete the table): 1) Determine the maturity date for each note 2) For each note, calculate the total amount of accrued interest from the note date throught December 31, 2017 (the Company's year end). 3) What is the amount that would be collected for each note, assuming that both interest and principal are collected at maturity? Note Date Face Value Note Term Maturity...
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $8.4 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The...
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $8.1 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The...
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $8.0 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The...
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $8.0 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The...
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers A large portion of Mi's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas Assume on November 1, 2018 Mitt borrowed $6 8 m on cash from Metropolitan Bank and signed a promissory note that matures in six...
Most questions answered within 3 hours.
-
Which of the following is a provision of
NAFTA?
A.
Common accounting rules
B.
Adding new...
asked 9 minutes ago -
Need to do in Python? Can do in Javascript but not in Python
Write a function...
asked 24 minutes ago -
Industry: Telecommunications in India
Here, you need to discuss the sources of the growth pattern
and...
asked 1 hour ago -
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 3 hours ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 5 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 6 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 7 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 8 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 7 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 8 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 8 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 9 hours ago