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
Homework Answers
Add Answer to:
v
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%...
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%. At maturity date, the note was dishonored and the bank charged a $15 protest fee. The amount that Otay Olive Co. would debit to Notes Receivable Dishonored is a. $5,625.00 b. $5,535.29 c. $5,638.00 d. $5,610.00
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...
SA 90-day, 12% note for S 10,000, dated May 1, is received from a customer on...
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...
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...
A 60-day, 9% discounted note for $26,400 is received from a customer on account on May 1. What are the proceeds from the...
A 60-day, 9% discounted note for $26,400 is received from a customer on account on May 1. What are the proceeds from the note on May 1? Select the correct answer. $396 $26,400 $26,004 $26,796
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
Proceeds from Notes Payable On September 1, Nova Salon Company issued a 60-day note with a...
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
Proceeds from Notes Payable On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $50,400. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 7% b. Determine the proceeds of the note, assuming the note is discounted at 7%.
On August 1, Batson Company issued a 60 day note with a face amount of $55,200...
On August 1, Batson Company issued a 60 day note with a face amount of $55,200 to Jergens Company for merchandise inventory. (Assume a 360-day yea used for interest calculations.) a. Determine the proceeds of the note assuming the note carries an interest rate of 12 b. Determine the proceeds of the note assuming the note is discounted at 12 Previous Next > Email mestructor Save and e 9 A OAM June 1, Davis Inc. issued an 4.200,10%, 120-day not...
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...
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 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%
On August 1, Batson Company issued a 60 day note with a face amount of $55,200 to Jergens Company for merchandise inventory. (Assume a 360-day yea used for interest calculations.) a. Determine the proceeds of the note assuming the note carries an interest rate of 12 b. Determine the proceeds of the note assuming the note is discounted at 12 Previous Next > Email mestructor Save and e 9 A OAM June 1, Davis Inc. issued an 4.200,10%, 120-day not...
Most questions answered within 3 hours.
-
Please answer in Python 3! 16.2** (Maximum increasingly ordered
subsequence) Write a program that prompts the...
asked 22 seconds ago -
Energy is carried by which of the following waves?
(Select all that apply)
a) light wave...
asked 21 seconds ago -
(Part 1) An investor wants to have $1,000,000 when she retires
in 20 years. If she...
asked 1 minute ago -
ESP8266/Arduino UNO and temperature sensor MCP9700A.
Temperature sensor gives incorrect temperature readings in
celsius.
Both ESP8266...
asked 2 minutes ago -
1. Why has Dunkin’ Donuts increased its focus on
coffee?
2. Describe the strategy that Dunkin’...
asked 11 minutes ago -
two lady bugs sit on a rotating disk without slipping. lady bug
1 is half away...
asked 15 minutes ago -
Core Concepts of Accounting Information Systems
Discussion Question #4
Does a company have the right to...
asked 20 minutes ago -
Why does the Solow model cannot explain growth in the long run?
What is the role...
asked 22 minutes ago -
Question 8 Interactive LearningWare 26.2 offers a review of the
concepts that play roles in this...
asked 27 minutes ago -
draw product of cyclohex-2-en-1-one, Sodium methoxide and
hydronium workup
asked 35 minutes ago -
In a certain state, about 65% of drivers who are arrested for
driving while intoxicated (DWI)...
asked 36 minutes ago -
A single NEC SX-9 vector processor unit (VPU) has a peak
arithmetic
performance of 102.4 GFs/s....
asked 54 minutes ago