Assume that on 15th January 2019 Mustafa and Sons LLC sold OMR 15000 goods to Ibri traders on credit. As the amount is too large, the company asked Ibri traders to give Promissory note and Ibri traders accepted to give 90 days’ promissory note by mentioning 10% annual interest. Compute maturity date and maturity value of the notes receivables. ( Assume 28 days for the month of February and 360 days in a year) a. maturity date April 17th and Cr maturity value OMR 15375 b. Maturity date April 17 and Maturity value OMR 15000 c. Maturity date May 15th and Maturity value OMR 15000 d. Maturity date April 15 and Maturity value OMR 15375

Q: 1. Costco Wholesale Corporation borrows $640,000 on September 1, 2021. Costco signs a nine- month,…

A: Formula: Interest amount = Notes payable amount x Time period x Interest rate.

Q: 18. On December 31, 2010, Chelsea Co. provides a service for its customer Villas Boas Co. inexchange…

A: First step is to compute the Amount of note receivable to be recorded on 31.12.10 through present…

Q: 2. On January 1, 20x1, J&J Co. issues a noninterest-bearing note of P3,000,000 in exchange for…

A: Non-interest bearing note: P300,000 Effective interest rate: 18% Present value of annuity factor:…

Q: On January 1, 2021, CPA Corporation sold goods to IntAcc1 Company. IntAcc1 signed a…

A: Solution: Carrying amount of note receivable is based on the present value of annual payments based…

Q: 14. On August 31, 2020, a company lent money to a customer for P30,000. The customer signed a note…

A: Given, Principal amount, P = P 30,000 Interest rate, i = 9% No. of years, n =1

Q: amount of interest income corresponding to the current period

A: Interest income = Amount of deposit * Annual interest rate * Number of months till maturity/Number…

Q: On 1st Sept 2020 Sun LLC has accepted a note receivable for RO 1000 from one of the accounts…

A: Days outstanding  from 1st step to 31 dec   =  122 Maturity period is less than it so total interest…

Q: On January 1, 20x1, Drive Co. paid cash of P200,000 and issued a noninterest-bearing note P2,000,000…

A: Working note: Computation of present value of interest bearing note on January 1, 20x1:

Q: On October 31, 2022, BB Company discounted at the bank a customer’s P600,000 interest-bearing note,…

A: A credit sale by company, leads to creation of credit note which is interest bearing. Whnever the…

Q: on June 8th Alton Co issued an $70620 11% 120 Day note payable to seller Co. Assuming a 360 day year…

A: Interest on Note = Face value of Note x rate of interest x No. of days /360 days =…

Q: 12. On November 1, 20x1, Forgive Co. discounted a P1,000,000, 90-day, 12% note, dated September 15,…

A: The amount owing to a corporation for goods or services delivered or used but not yet paid for by…

Q: On November 1, 2021, FDN Trading accepted a 90-day, 8% P10,000,000 note from ABC Co. FDN immediately…

A: Maturity value of the note = Face value + interest = P10,000,000 +P10,000,000 *8%*90/360 = P10200000

Q: 22- On 01.10.2019, the enterprise opened a time deposit account at Ziraat Bank with a maturity of 9…

A: Interest means the income earned on the amount invested by investor.  Even if the interest is not…

Q: First National Bank agrees to lend $100,000 on September 1, 2014, if Cole Williams Co. signs a…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: On January 1, 20x1, Next Co. obtains a P4,000,000 bank loan due on December 31, 20x4. Interest of…

A:

Q: 2. On July 1, 2019, XYZ Co. borrowed P2,000,000 and İssued a one-year promissory note. The lender…

A: The notes payable is an agreement where the borrower promises to pay interest and principal at…

Q: 9. On January 1, 2013, Savage Company sold goods to another entity. The buyer signed a…

A: According to the accrual basis of accounting, all the revenues and expenses should be recorded in…

Q: Problem 13  On January 1, 2020, Magbaril Company sold equipment with a carrying amount of P800,000…

A: Answer carrying amount of equipment = P800,000 Sale Value of equipment = P1,200,000 Calculation of…

Q: 14.On August 31, 2014, Rognak Company discounted with recourse a customer's note at its bank at…

A: Loans are the amounts that are borrowed by individual from bank or from any other party. Interest…

Q: At year end, Rei company issued a P2,000,000 face amount note payable in exchange for services…

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A: Accrued Interest Payable: Accrued interest due is the amount of interest that has been recognized as…

Q: CPA Company discounted a customer’s 10%, 120-day note for P300,000 dated September 20, 2021 with BPI…

A: No. of days from  September 20, 2021 to November 4, 2021 = 10 days of September + 31 days of October…

Q: on August 1, 2018, Turner manufacturing lands cash and excepts a $11,000 note receivable that offers…

A: >Year end adjustments are required to adjust various accounting adjustment which can be…

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A: Let's understand some basics  Notes are usually discounted with recourse, when it is discounted with…

Q: Consider the following independent scenarios: On 9/1, company accepts a P10,000, 5%, 8-month note…

A: Notes receivable are asset accounts linked to an underlying promissory note, which specifies the…

Q: 17. Walnut company received from a customer an 1-year, P200,000 note bearing annual interest of 8%.…

A: The maturity value of note is calculated as sum of principal value of note and interest earned.

Q: On July 8, Action Co. issued an $80,000, 6%, 90-day note payable to Scanlon Co. Assuming a 360-day…

A: The note is the liability on which a specific percentage of interest has to be paid over the…

Q: . FDN Trading received the following promissory notes from various customers during 2020 in the…

A: Answer: As per Q/A guideline, first question has been answered. Please repost remaining questions.…

Q: Suppose, on September1, 2019 Fido Corporation borrows $30,000 from its bank for a period of 8 months…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Vaughn Manufacturing lends Pina Colada industries $51600 on August 1, 2022, accepting a 9-month, 12%…

A: Note Interest means, with respect to any Investor at any time, the undivided interest in the Note…

Q: 1. On December 31, 2018, Conchita Martinez Company signed a P1,000,000 noninterest bearing note to…

A: Amortization:-Amortization means when the value of any asset gets distributed among its useful life.…

Q: On June 8, Williams Company issued an $91,200, 11%, 120-day note payable to Brown Industries.…

A: Notes are instrument issued by company acknowledging the debt raised by company . It is a liability…

Q: 13. On June 1, 2013, Yonder Company loaned P500,000 on a 12% note, payable in five annual…

A: Interest receivable is the amount which the individual or any monetary institution will obtain if it…

Q: On April 12 Hong co. agrees to accept a 60 day, 6% 6,900 note from indigo co to extend the due date…

A: Introduction: Journals: Recording of a business transaction in a chronological order. First step in…

Q: On Dec 30, 2020 Fox purchased a machine from Grisley Corp in exchange for a zero-interest bearing…

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Q: On September 12, 2021, an entity received a 120-day, 9% note for P50,000 for an overdue account from…

A: Total interest on the note = face value of the note x rate of interest x no. of days/360 =…

Q: 1. On November 1, 2021, FDN Trading accepted a 90-day, 8% P10,000,000 note from ABC Co. FDN…

A: We shall answer the first question since the exact question wasn't specified. Please resubmit a new…

Q: 1. On January 1, 20x1, Bark, Inc. issues a noninterest-bearing note of P2,000,000 in exchange for…

A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

Q: 48. An Entity sold 10 units of goods with a unit list price of P2,000 on Jan. 1, 2021. The Entity…

A: Solution: List price = P2,000 Trade price = List price - Trade discount = P2,000 - (P2,000*5%) =…