Exercise 16.2 Determining the maturity value of notes. Compute the maturity value for each of the...
Exercise 16.2 Determining the maturity value of notes.
Compute the maturity value for each of the following notes:
- A note payable with a face amount of $25,000, dated June 15, 2019, due in three months, bearing interest at 7 percent.
- A note payable with a face amount of $22,000, dated May 5, 2019, due in 45 days, bearing interest at 8 percent.
Homework Answers
|
Maturity value = Principal + Interest = 25,000 + (25,000*7%*3/12) = 25,000 + 437.50 = 25,437.50 |
|
|
Maturity value = 22,000 + (22,000*8%*45/360) = 22,000 + 220 = 22,220 |
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Exercise 16.2 Determining the maturity value of notes.
Compute the maturity value for each of the...
hy nie laturity value of notes payable. LO 16-3 Find the maturity value of each of...
hy nie laturity value of notes payable. LO 16-3 Find the maturity value of each of the following notes payable: 1. A 60-day note, dated February 15, 2019, with a face value of $15,000, bearing interest at 8 percent. (Use 360 days a year. Round your answers to 2 decimal places.) 2. A six-month note, dated March 10, 2019, with a face value of $7,400, bearing interest at 11 percent. Maturity value
Find the maturity value of each of the following notes payable: 1. A 120-day note, dated...
Find the maturity value of each of the following notes payable: 1. A 120-day note, dated February 15, 2019, with a face value of $31,000, bearing interest at 6 percent. (Use 360 days a year. Round your answers to 2 decimal places.) 2. A six-month note, dated March 10, 2019, with a face value of $5,800, bearing interest at 9 percent Maturity value
Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of...
Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of the following notes: (Round to the nearest dollar.) Date of Interest Principal Rate Note Term 90 days $7,200 а. July 10 9% 5% 120 days b. April 25 12,000 7% 120 days C. May 19 11,200 45 days d. June 10 5,400 11% 75 days e. October 29 30,000 6%
Problem 11-1A Part 1 Required: 1. Determine the maturity date for each of the three notes...
Problem 11-1A Part 1
Required:
1. Determine the maturity date for each of the
three notes described.
Problem 11-1A Part 2
2. Determine the interest due at maturity for
each of the three notes. (Do not round your intermediate
calculations. Use 360 days a year.)
Problem 11-1A Part 3
3. Determine the interest expense to be
recorded in the adjusting entry at the end of 2016. (Do not
round your intermediate calculations. Use 360 days
a year.)
Problem 11-1A Part...
Compute the maturity value on each of the following notes. Fill in the missing entries for time or maturity date. (Use...
Compute the maturity value on each of the following notes. Fill in the missing entries for time or maturity date. (Use a 360-day year.) Round your answers to two decimal places, if necessary Time Face Value Date Maturity Date Rate Maturity Value Sept. 10, 2012 $25,000 May 10, 2012 5.6% days a. Select b. 75 days $11,350 Mar. 11, 2009
** VOUC. LU 102 The following notes were received by Miller Company during 2019: Note No....
** VOUC. LU 102 The following notes were received by Miller Company during 2019: Note No. 21 Interest Rate Date Jan. 5 June 3 Sept. 28 Face Amount $50, eee 14,000 8,000 Period 3 months 90 days 3 months 10% 98 Required: Compute the maturity value of each note. Analyze: What is the total interest expense on these notes for the year? Complete this question by entering your answers in the tabs below. Maturity Value Analyze Compute the maturity value...
Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of...
Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of the following notes: (Round to the nearest dollar.) Date of Interest Note Principal Rate Term a. July 10 $7,200 94 90 days b. April 25 12,000 5 120 days May 19 11,200 7% 120 days d June 10 5.400 1145 days e. October 29 30,000 6% 75 days Maturity Date Month Day Interest Check Previous Save Answers
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the follo...
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note $90,000 120 days a. January 5* b. February 15 * C. May 19 30 days 21,000 68,000 45 days d. August 20 34,400 90 days e. October 19 50,000 90 days * Assume a leap year in which February has 29 days. Assume 360 days in a...
Problem 11-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the...
Problem 11-1A Short-term notes payable transactions and
entries LO P1
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017.
2016
Apr.
20
Purchased $35,500 of merchandise on credit from Locust, terms
n/30. Tyrell uses the perpetual inventory system.
May
19
Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
The notes receivable held by the Tuttle Company on August 3, 2019, are summarized below. On...
The notes receivable held by the Tuttle Company on August 3, 2019, are summarized below. On August 4, 2019, Tuttle discounted all of these notes at Community Bank and Trust at a discount rate of 12 percent. Note No. Date Face Amount Period Interest Rate 31 Apr. 4, 2019 $ 33,000 6 months 10 % 32 June 11, 2019 17,100 120 days 7 % 33 July 31, 2019 14,800 60 days 12 % Required: Compute the net proceeds received from...
hy nie laturity value of notes payable. LO 16-3 Find the maturity value of each of the following notes payable: 1. A 60-day note, dated February 15, 2019, with a face value of $15,000, bearing interest at 8 percent. (Use 360 days a year. Round your answers to 2 decimal places.) 2. A six-month note, dated March 10, 2019, with a face value of $7,400, bearing interest at 11 percent. Maturity value
Find the maturity value of each of the following notes payable: 1. A 120-day note, dated February 15, 2019, with a face value of $31,000, bearing interest at 6 percent. (Use 360 days a year. Round your answers to 2 decimal places.) 2. A six-month note, dated March 10, 2019, with a face value of $5,800, bearing interest at 9 percent Maturity value
Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of the following notes: (Round to the nearest dollar.) Date of Interest Principal Rate Note Term 90 days $7,200 а. July 10 9% 5% 120 days b. April 25 12,000 7% 120 days C. May 19 11,200 45 days d. June 10 5,400 11% 75 days e. October 29 30,000 6%
Problem 11-1A Part 1
Required:
1. Determine the maturity date for each of the
three notes described.
Problem 11-1A Part 2
2. Determine the interest due at maturity for
each of the three notes. (Do not round your intermediate
calculations. Use 360 days a year.)
Problem 11-1A Part 3
3. Determine the interest expense to be
recorded in the adjusting entry at the end of 2016. (Do not
round your intermediate calculations. Use 360 days
a year.)
Problem 11-1A Part...
Compute the maturity value on each of the following notes. Fill in the missing entries for time or maturity date. (Use a 360-day year.) Round your answers to two decimal places, if necessary Time Face Value Date Maturity Date Rate Maturity Value Sept. 10, 2012 $25,000 May 10, 2012 5.6% days a. Select b. 75 days $11,350 Mar. 11, 2009
** VOUC. LU 102 The following notes were received by Miller Company during 2019: Note No. 21 Interest Rate Date Jan. 5 June 3 Sept. 28 Face Amount $50, eee 14,000 8,000 Period 3 months 90 days 3 months 10% 98 Required: Compute the maturity value of each note. Analyze: What is the total interest expense on these notes for the year? Complete this question by entering your answers in the tabs below. Maturity Value Analyze Compute the maturity value...
Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of the following notes: (Round to the nearest dollar.) Date of Interest Note Principal Rate Term a. July 10 $7,200 94 90 days b. April 25 12,000 5 120 days May 19 11,200 7% 120 days d June 10 5.400 1145 days e. October 29 30,000 6% 75 days Maturity Date Month Day Interest Check Previous Save Answers
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note $90,000 120 days a. January 5* b. February 15 * C. May 19 30 days 21,000 68,000 45 days d. August 20 34,400 90 days e. October 19 50,000 90 days * Assume a leap year in which February has 29 days. Assume 360 days in a...
Problem 11-1A Short-term notes payable transactions and
entries LO P1
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017.
2016
Apr.
20
Purchased $35,500 of merchandise on credit from Locust, terms
n/30. Tyrell uses the perpetual inventory system.
May
19
Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
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