Asked Mar 22, 2020

 A 100-day note with a face amount of $54,000 and interest rate of 9% is issued on June 1.


1.Compute the following using a 360-day year:  a. Maturity value of the note


 b. Maturity date


 c. Interest


2.The note is discounted on July 1. The bank discount rate is 12%. Compute the following: a. Number of days in the discount period


 b. Discount amount


 c. Proceeds



Expert Answer

Step 1


Accounting homework question answer, step 1, image 1


Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A

Q: Andrea Kremer purchased a computer for $8,000 on July 1, 2020. She intends to depreciate it over 4 y...

A: Click to see the answer


Q: How does a partnership prepare financial reporting?

A: In a partnership, two or more parties agree to operate and manage a business and share the profits o...


Q: Which of the following is not a primary function of the management accountant?a. Communicates financ...

A: Management accounting: Management accounting measures, analyzes and reports both financial and non-f...


Q: Every annual report of a public company includes an extensive discussion and analysis provided by th...

A: Definition:   Annual report: Annual report is a comprehensive financial report which shows all the ...


Q: Chapter 4     Pg. 318 Facility, Product, Batch and Unit Levels.Would you please explain in great det...

A: The Facility, Product, Batch and Unit Levels are concerned with Activity based costing system which ...


Q: What are the two main characteristics of intangible assets?

A: Intangible assets: These are the long-term assets which are not physical in nature, but possess valu...


Q: Rodriguez Corporation includes the following items in its liabilities at December 31, 2020. 1.    No...

A: 1. If Rodriguez Corporation intends to refinance the liability of $25,000,000, it can exclude this f...


Q: The stockholders’ equity section of the balance sheet for Mann Equipment Co. at December 31, 2018, i...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...


Q: Under what conditions should a provision be recorded?

A: Provision:   A provision is an account that records a liability of an organization. The liability is...