#9 Hafers, an electrical supply company, sold $5,800 of equipment to Jim Coates Wiring, Inc. Coates...
#9 Hafers, an electrical supply company, sold $5,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 3.0% interest. The due date was August 10. Short of funds, Hafers contacted Charter One Bank on July 20; the bank agreed to take over the note at a 4.7% discount. (Use Days in a year table.) What proceeds will Hafers receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)
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#9 Hafers, an electrical supply company, sold $5,800 of
equipment to Jim Coates Wiring, Inc. Coates...
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...
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...
on August 15 Sheffield Company discounted at sunshine bank a $8,500 (maturity value), 130- day note...
on August 15 Sheffield Company discounted at sunshine bank a $8,500 (maturity value), 130- day note dated May 13. Sunshine’s discount rate was 10%. (Use days in a year table) what proceeds did Sheffield Company receive? ( use 360 days a year. Do not round immediate calculations)
On May 20, Sheffield Company discounted at Sunshine Bank a $7,290 (maturity value), 139-day note ...
On May 20, Sheffield Company discounted at Sunshine Bank a $7,290 (maturity value), 139-day note dated Feb. 20. Sunshine’s discount rate was 8%. (Use Days in a year table.) What proceeds did Sheffield Company receive? (Use 360 days a year. Do not round intermediate calculations.) Proceeds received :?
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...
On May 16, 2016, Reliable Company received a 90-day, 8 percent, $6,600 interest-bearing note from White...
On May 16, 2016, Reliable Company received a 90-day, 8 percent, $6,600 interest-bearing note from White Company in settlement of White's past-due account. On June 30, Reliable discounted this note at Fargo Bank and Trust. The bank charged a discount rate of 13 percent. On August 15, Reliable received a notice that White had paid the note and the interest on the due date. Prepare the entries in general journal form to record these transactions. (Use 360 days a year....
On May 16, 2019, Safeway Company received a 90-day, 9 percent, $6,000 interest-bearing note from Black...
On May 16, 2019, Safeway Company received a 90-day, 9 percent,
$6,000 interest-bearing note from Black Company in settlement of
Black's past-due account. On June 30, Safeway discounted this note
at Fargo Bank and Trust. The bank charged a discount rate of 14
percent. On August 15, Safeway received a notice that Black had
paid the note and the interest on the due date.
Required: Prepare the entries in general journal form to record
these transactions.
Analyze: If the company...
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card....
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4.0% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately The journal entry to record this sale transaction would be: Multiple Choice O Debit Cash of $580 and credit Accounts Receivable-Regional $580. ) Debit Cash of $580 and credit Sales $580. ooooo Debit Accounts...
Annual sales $9,700,000 Cost of goods sold $7,275,000 Inventory $3,200,000 Accounts receivable $1,800,000 Accounts payable $2,400,000...
Annual sales $9,700,000 Cost of goods sold $7,275,000 Inventory $3,200,000 Accounts receivable $1,800,000 Accounts payable $2,400,000 Blue Ostrich's CFO is interested in determining the length of time funds are tied up in working capital. Use the information in the preceding table to complete the following table. (Note: Use 365 days as the length of a year in all calculations, and round all values to two decimal places.) Value Inventory conversion period Average collection period Payables deferral period Cash conversion cycle...
Problem 3-9 Current and Quick Ratios The Nelson Company has $1,755,000 in current assets and $650,000...
Problem 3-9 Current and Quick Ratios The Nelson Company has $1,755,000 in current assets and $650,000 in current liabilities. Its initial inventory level is $325,000, and it will raise funds as additional notes payable and use them to increase inventory. How much can Nelson's short-term debt (notes payable) increase without pushing its current ratio below 2.1? Round your answer to the nearest cent. What will be the firm's quick ratio after Nelson has raised the maximum amount of short-term funds?...
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...
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...
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...
On May 16, 2019, Safeway Company received a 90-day, 9 percent,
$6,000 interest-bearing note from Black Company in settlement of
Black's past-due account. On June 30, Safeway discounted this note
at Fargo Bank and Trust. The bank charged a discount rate of 14
percent. On August 15, Safeway received a notice that Black had
paid the note and the interest on the due date.
Required: Prepare the entries in general journal form to record
these transactions.
Analyze: If the company...
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4.0% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately The journal entry to record this sale transaction would be: Multiple Choice O Debit Cash of $580 and credit Accounts Receivable-Regional $580. ) Debit Cash of $580 and credit Sales $580. ooooo Debit Accounts...
Annual sales $9,700,000 Cost of goods sold $7,275,000 Inventory $3,200,000 Accounts receivable $1,800,000 Accounts payable $2,400,000 Blue Ostrich's CFO is interested in determining the length of time funds are tied up in working capital. Use the information in the preceding table to complete the following table. (Note: Use 365 days as the length of a year in all calculations, and round all values to two decimal places.) Value Inventory conversion period Average collection period Payables deferral period Cash conversion cycle...
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