Question

Part 1 - Notes Receivable = - Required (Complete the table): 1) Determine the maturity date for each note 2) For each note, calculate the total amount of accrued interest from the note date throught December 31, 2017 (the Company's year end). 3) What is the amount that would be collected for each note, assuming that both interest and principal are collected at maturity? Note Date Face Value Note Term Maturity Date Annual Interest Rate Accrued Interest as of 12/31/2017 Total Collection $ Amount (principle and interest) 6/30/17 1/1/17 1/15/17 6/21/17 12/1/17 260,000 180 Days 180,000 3 Months 40,000 45 Days 60,000 4 Months
I can not get the correct answers for these.

Answer 1

Note Date	Face Value	Note Term	Annual Interest Rate	Maturity Date	Accrued interest as on 12/31/2017	Total Collection $ Amount (Prinicipal & Interest)
01/01/17	$                      2,60,000	180 Days	4%	60/30/17	$                              -	$                                        2,65,200
01/15/17	$                      1,80,000	3 Months	5%	04/15/17	$                              -	$                                        1,82,250
06/21/17	$                          40,000	45 Days	6%	08/05/17	$                              -	$                                           40,300
12/01/17	$                          60,000	4 Months	7%	03/31/18	$                          350	$                                           61,400
Working Notes : 1)
Note Date	01.01.2017	Balance in Jan 17	30
		Feb - 17	28
		March - 17	31
		April - 17	30
		May - 17	31
		June - 17	30
		Total	180	Days
Total Interest = $ 260,000 X 4% X 180/360 Days =			$                    5,200
Working Notes : 2)
Total Interest = $ 180,000 X 5% X 3Month/12 Months =			$                    2,250
Working Notes : 3)
Note Date	21st june 17	Balance days in june	9	Days
		Days in July	31	Days
		Days required in aug	5	Days
		Total	45
Total Interest = $ 40,000 X 6% X 45 Days / 360 Days   =			$                        300
Working Notes : 4)
Accrued interest as on 31st December =
Accrued interest = $ 60,000 X 7% /12 Months =			$                        350
Total Interest = $ 60,000 X 7% X 4 Month/12 Months =			$                    1,400