v On June 11, Nathan, Inc. accepted a $8,000, 7%, 60-day note from a customer. On...
v
On June 11, Nathan, Inc. accepted a $8,000, 7%, 60-day note from a customer. On June 26, the company discounted the note at the bank at 10%. The proceeds amounted to
$8,093.33
$8,000.00
$7,992.16
$8,101.17
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On June 11, Nathan, Inc. accepted a $8,000, 7%, 60-day note from
a customer. On...
Please show your work and thank you for your help! Freeman Corporation estimates uncollectible accounts using...
Please show your work and thank
you for your help!
Freeman Corporation estimates uncollectible accounts using a percentage of outstanding accounts receivable. After the year-end adjustment for bad debt expense was made, the company's records reflected the following information: $ 1,600 300 1,700 Accounts written off Collection on accounts previously written off Allowance for uncollectible accounts at January 1 Accounts receivable at December 31 Credit sales Bad debt percentage 100,000 900,000 1.5% The bad debt expense for the year was...
On May 17, Otay Olive Co. accepted a $5,500, 8%, 90-day note from a customer. On June 11, the note was discounted at 10%...
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O'Martin & Lowry, Inc. accepted a $150,000,8%, 90-day note receivable for services rendered to a client....
O'Martin & Lowry, Inc. accepted a $150,000,8%, 90-day note receivable for services rendered to a client. Thirty days later, O'Martin & Lowry discounted the note at a bank at 10%. Assume interest has not been recognized for the first month. (Info for #23 and #24) 23. The entry to record the proceeds from the sale of the note would include a a. debit to Notes Receivable for $150,000 b. debit to Cash for $145,000. c. credit to Interest Receivable for...
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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...
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On May 7, Ralph Blue accepted a $5,000 note from Dick Shea. Terms of the note...
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Proceeds from Notes Payable On September 1, Nova Salon Company issued a 60-day note with a face amount of $38,400 to Motlocks Hair Products Company for merchandise inventory. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 10% b. Determine the proceeds of the note, assuming the note is discounted at 10%
On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $50,400
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Please show your work and thank
you for your help!
Freeman Corporation estimates uncollectible accounts using a percentage of outstanding accounts receivable. After the year-end adjustment for bad debt expense was made, the company's records reflected the following information: $ 1,600 300 1,700 Accounts written off Collection on accounts previously written off Allowance for uncollectible accounts at January 1 Accounts receivable at December 31 Credit sales Bad debt percentage 100,000 900,000 1.5% The bad debt expense for the year was...
O'Martin & Lowry, Inc. accepted a $150,000,8%, 90-day note receivable for services rendered to a client. Thirty days later, O'Martin & Lowry discounted the note at a bank at 10%. Assume interest has not been recognized for the first month. (Info for #23 and #24) 23. The entry to record the proceeds from the sale of the note would include a a. debit to Notes Receivable for $150,000 b. debit to Cash for $145,000. c. credit to Interest Receivable for...
SA 90-day, 12% note for S 10,000, dated May 1, is received from a customer on account. The maturity value of the note is a. $10,000 $10,300 c. $450 d. $9,550 6.A 60-day, 12% note for $10,000, dated May 1, is received from a customer on account. If the note is discounted on May 21 at 15%, the proceeds are a. $170 b. $9,830 c. $10,000 d. $10,030 7.A 60-day, 12% note received from a customer for $50,000, dated May...
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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
Proceeds from Notes Payable On September 1, Nova Salon Company issued a 60-day note with a face amount of $38,400 to Motlocks Hair Products Company for merchandise inventory. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 10% b. Determine the proceeds of the note, assuming the note is discounted at 10%
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