Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the...
Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes:
| Date | Face Amount | Interest Rate | Term | ||||
| 1. | Apr. 10 | $84,000 | 4% | 60 | days | ||
| 2. | June 24 | 13,200 | 6 | 30 | days | ||
| 3. | July 1 | 72,000 | 6 | 120 | days | ||
| 4. | Oct. 31 | 72,000 | 5 | 60 | days | ||
| 5. | Nov. 15 | 54,000 | 6 | 60 | days | ||
| 6. | Dec. 27 | 108,000 | 4 | 30 | days | ||
Required:
Assume 360 days in a year.
1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number.
Homework Answers
| No. | Due Date | Interest |
| 1 | June 9 | 84000*4%*60/360 = $560 |
| 2 | July 24 | 13200*6%*30/360 = 66 |
| 3 | October 29 | 72000*6%*120/360 = 1440 |
| 4 | December 30 | 72000*5%*60/360 = 600 |
| 5 | January 14 | 54000*6%*60/360 = 540 |
| 6 | January 26 | 108000*4%*30/360 = 360 |
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Replaced the April 20 account payable to Locust with a 90-day,
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July
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Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10%
interest-bearing note with a face value of $54,000.
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short-term liabilities in 2017 and 2018.
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Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10%
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