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7) The Stero Company is the older of a $100,000 note dated September 24. 2014. It pays interest at the rate of 8% a...
The following selected transactions are from Ohlm Company 2014 Accepted a $10,800, 60-day, 8% note dated...
The following selected transactions are from Ohlm Company 2014 Accepted a $10,800, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past-due account receivable. Dec. 16 31 Made an adjusting entry to record the accrued interest on the Todd note 2015 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16 Mar. 2 Accepted a $6,100, 89, 90-day note dated this day in granting a time extension on the...
The following selected transactions are from Ohlm Company 2014 Accepted a $10.800, 60-day, 8% note dated...
The following selected transactions are from Ohlm Company 2014 Accepted a $10.800, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past-due account receivable. Dec. 16 31 Made an adjusting entry to record the accrued interest on the Todd note 2015 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16 Mar. 2 Accepted a $6,100, 89, 90-day note dated this day in granting a time extension on the...
Use ordinary interest: Principal $70,000 Rate of Interest: 11% Time: 90 days Maturity Value: A Date note made Mar 10 Date note discounted: April 15 discount period: B proceeds: C note to be discounted at 10%
Use ordinary interest: Principal $70,000 Rate of Interest: 11% Time: 90 days Maturity Value: A Date note made Mar 10 Date note discounted: April 15 discount period: B proceeds: C note to be discounted at 10%
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...
40. A note on which no rate of interest is specified is atn) market-rate note interest-bearing...
40. A note on which no rate of interest is specified is atn) market-rate note interest-bearing note. non-interest-bearing note variable note b. d. rses a note and transfers it to a bank, the process is callerd discounting a note receivable. b. cosigning a note receivable. collecting a note receivable dishonoring a note receivable. person who promises to pay a certain amount of money at a definite future time is caliled the b. c. discounter of the note. 42. The maker...
The following selected transactions are from Springer Company. 2014 Accepted a $4,800, 90-day, 8% note dated...
The following selected transactions are from Springer Company. 2014 Accepted a $4,800, 90-day, 8% note dated this day in granting Steve Julian a time extension on his past-due account receivable. Nov. 1 Dec. 31 Made an adjusting entry to record the accrued interest on the Julian note. 2015 Jan. Feb. 30 Received Julian's payment for principal and interest on the note dated November 1. 28 Accepted a $12,600, 30-day, 8% note dated this day in granting a time extension on...
Note Receivable Cube Ice Company received a 120-day, 8% note for $96,000, dated April 9, from...
Note Receivable Cube Ice Company received a 120-day, 8% note for $96,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Company A issues a four-year, $10,000, zero-interest-bearing note to Company B. The implicit rate that equated...
Company A issues a four-year, $10,000, zero-interest-bearing
note to Company B. The implicit rate that equated the total cash to
be paid ($10,000 at maturity) to the present value of the future
cash flows ($7,350.30 cash proceeds at date of issuance) is 8%.
Please fill in all the required blanks in the following table.
(Round numbers to 2 decimal places, e.g. $588.02.)
ABC company issues the following bonds: Issue date – January 1, 2020 Maturity date – January 1, 2024...
Do It! Review 8-3 Sheridan Company accepts from Gates Stores a $9,100, 4-month, 10% note dated...
Do It! Review 8-3 Sheridan Company accepts from Gates Stores a $9,100, 4-month, 10% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. Calculate the interest payable at maturity. (Round answer to o decimal places, e.g. $155.) Interest payable at maturity SHOW LIST OF ACCOUNTS LINK TO TEXT What entry does Sheridan Company make at the maturity date, assuming Gates pays the note and interest in full at that time?...
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...
The following selected transactions are from Ohlm Company 2014 Accepted a $10,800, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past-due account receivable. Dec. 16 31 Made an adjusting entry to record the accrued interest on the Todd note 2015 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16 Mar. 2 Accepted a $6,100, 89, 90-day note dated this day in granting a time extension on the...
The following selected transactions are from Ohlm Company 2014 Accepted a $10.800, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past-due account receivable. Dec. 16 31 Made an adjusting entry to record the accrued interest on the Todd note 2015 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16 Mar. 2 Accepted a $6,100, 89, 90-day note dated this day in granting a time extension on the...
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...
40. A note on which no rate of interest is specified is atn) market-rate note interest-bearing note. non-interest-bearing note variable note b. d. rses a note and transfers it to a bank, the process is callerd discounting a note receivable. b. cosigning a note receivable. collecting a note receivable dishonoring a note receivable. person who promises to pay a certain amount of money at a definite future time is caliled the b. c. discounter of the note. 42. The maker...
The following selected transactions are from Springer Company. 2014 Accepted a $4,800, 90-day, 8% note dated this day in granting Steve Julian a time extension on his past-due account receivable. Nov. 1 Dec. 31 Made an adjusting entry to record the accrued interest on the Julian note. 2015 Jan. Feb. 30 Received Julian's payment for principal and interest on the note dated November 1. 28 Accepted a $12,600, 30-day, 8% note dated this day in granting a time extension on...
Note Receivable Cube Ice Company received a 120-day, 8% note for $96,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Company A issues a four-year, $10,000, zero-interest-bearing
note to Company B. The implicit rate that equated the total cash to
be paid ($10,000 at maturity) to the present value of the future
cash flows ($7,350.30 cash proceeds at date of issuance) is 8%.
Please fill in all the required blanks in the following table.
(Round numbers to 2 decimal places, e.g. $588.02.)
ABC company issues the following bonds: Issue date – January 1, 2020 Maturity date – January 1, 2024...
Do It! Review 8-3 Sheridan Company accepts from Gates Stores a $9,100, 4-month, 10% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. Calculate the interest payable at maturity. (Round answer to o decimal places, e.g. $155.) Interest payable at maturity SHOW LIST OF ACCOUNTS LINK TO TEXT What entry does Sheridan Company make at the maturity date, assuming Gates pays the note and interest in full at that time?...
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...
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