hang Co. issued a $50,000, 120-day, discounted note to Guarantee Bank.  The discount rate is 6%.  Assuming a 360-day year, the cash proceeds to Chang Co. are: Question 29 options:   $49,750   $47,000   $49,000   $51,000

Q: Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts…

A: Discount on notes  = Face value of note x rate of discount x no. of days/360 days = $700,000 x 8% x…

Q: Big Bang Company accepted a P400,000 face value, six-month, 10% note dated May 15 from a customer.…

A: Maturity value of the note = Face value of note + interest = P400000 + (400000*10%*6/12) = P420,000

Q: et income did Mickey Mouse earn on the note

A: Interest on note receivable = Face value of note receivable * Rate of interest * Number of months…

Q: Chang Co. issued a $40,073, 120-day, discounted note to Guarantee Bank. The discount rate is 8%.…

A: THE CASH PROCEED TO CHANG CO WILL BE CALCULATED BY DEDUCTING THE DISCOUNT AMOUNT FROM THE ISSUED…

Q: TORR, Inc. issues a $600,000, 9%, five-year note payable on January 1, 20X5. If the monthly payment…

A: Interest for first month = face value of the note payable x interest rate  x no. of months/12 =…

Q: arla Vista Co. receives a $60,400, 6-year note bearing interest of 7% (paid annually) from a…

A: Computation Present value of the note receivable by carla vista [Amount received * interest *…

Q: Bibimbap Company received from a customer a on-year, P500,000 note bearing annual interest of 8%.…

A: Maturity value of Note = Face value of note + Interest on note = P500,000 + (P500,000 x 8% x 1…

Q: Morton Company had the following select transactions. 1, 2021 Accepted Remington Company's 1-year,…

A: Journal entries by far are one of the most crucial skills to develop in an accounting profession.…

Q: Chang Co. issued a $54,691, 120-day, discounted note to Guarantee Bank. The discount rate is 10%.…

A: Cash Proceeds from issuing a discounted note = Face Value of the note - Discount

Q: Anderson Co. issued a $42,646, 60-day, discounted note to National Bank. The discount rate is 11%.…

A: Amount paid = Note amount - Discount on note

Q: ABS-CBN COMPANY received from a customer a one-year, $500,000 note bearing annual interest of 8%.…

A: Discounting seems to be the act of transferring or surrendering a customer's notes receivable to a…

Q: Mobile Co. issued a $47,563, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At…

A: Note: Discounted notes are issued at discount. The amount to be paid by the borrower at the time of…

Q: The notes receivable account of Caimito, Inc. consisted of the following:    1. 60-day note of…

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

Q: ABC Company accepted from a customer ₱600,000 face amount, 9-month, 8% note dated June 15, 20x2. On…

A: Discount on note @12% =  Face value of note x rate of discount x no. of months/12 = ₱600,000 x 12% x…

Q: Anderson Co. issued a $50,932, 60-day, discounted note to National Bank. The discount rate is 1196.…

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: Cornbip Company received from a customer a on-year, $500,000 note bearing annual interest of 8%.…

A: The interest amount to be received by the company shall be considered while calculating the amount…

Q: LISA Corp. received from MIK Corp. a one-year, $375,000 note bearing annual interest of 8%. After…

A: Maturity value of Note = Face value of note + interest = $375000 + 375000*8%*12/12 = $405,000

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: oremost Company received from a customer a one-year, P500,000 note bearing annual interest of 8%.…

A: Step 1 The bank discount rate is based on the instrument's par value and the amount of the notes…

Q: On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount…

A: a. Note issued is at face value of $150,000. The issued note is not discounted. Hence, the proceeds…

Q: On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note…

A: Formula: Discount amount = Face value amount x Discount rate

Q: Mickey Mouse Corporation held a P1,500,000, 3-month, 15 percent note. One month before maturity,…

A: Mickey Mouse Corporate held a P 1,500,000 3 month, 15% note. The same was discounted with Bank 1…

Q: Fifo Company purchased a machine with a cash price of P350,000.       Fifo gave the following as…

A: Discount on notes payable to be recorded on the date of purchase = Fair value of shares issued +…

Q: Anderson Co. issued a $57,329, 60-day, discounted note to National Bank. The discount rate is 9%. At…

A: A discounted amount is received by the borrower at the time of the issue of notes But at the time of…

Q: Chang Co. issued a $59,741, 120-day, discounted note to Guarantee Bank. The discount rate is 8%.…

A: Discounting of note means receiving payments from a note from the bank after deduction of bank…

Q: On January 1, 20X1, the company received a $10,000 three-year note bearing interest at 10% annually.…

A: Journal entry is a primary entry that records initially the financial transactions of the company.

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: BBY Company loaned $66,116 to Orwell, Inc, accepting Orwell's 2-year, $80,000, zero-interest-bearing…

A: Discount on Notes receivable = Face value - Issue price = $80,000 - $66,116 = $13,884

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: ABC Company accepted a P400,000 face value, 6-month, 10 percent note dated May 15 from a customer.…

A: The discounted note receivable is getting money from bank against customers' note receivable.

Q: On August 31, 2022, Prestige Co. discounted at a bank a customer's P1,200,000, 9-month, 10% note…

A: The discount of note receivable is a way to get money from bank against note receivable before due…

Q: The notes receivable account of Kilo, Inc. consisted of the following:    1. 60-day note of P10,000…

A: The note receivable is an asset for the business, which is due for payment from customers on future…

Q: Chang Co. issued a $51,600, 120-day, discounted note to Guarantee Bank. The discount rate is 10%.…

A: Cash Proceeds = Issue Value - Discount Discount = Issue Value x Discount Rate x (120)(360)

Q: n December 1, 2020, P Company assigned specific accounts receivable totaling P200,000 as collateral…

A: In the given situation, P Company takes a note payable of P150,000 by assigning collateral of…

Q: SLEX Company purchased a machine with a cash price of P350,000. SLEX gave the following as payment:…

A: Discount on notes payable to be recorded on the date of purchase = Fair value of shares issued +…

Q: Chang Co. issued a $42,940, 120-day, discounted note to Guarantee Bank. The discount rate is 9%.…

A: Discount on note = 42,940 x 9% x 120/360 = 1,288

Q: EX.06.144 On April 7, Wilhelm, Inc. sold goods for $50,000 and accepted a 10%, 60-day note. On…

A: solution part A : calculation of interest revenue note receivable               =$50000 interest…

Q: Mobile Co. issued a $49,712, 60-day, discounted note to Guarantee Bank. The discount rate is 12%. At…

A: Issue Price of Note $49712 Discount rate 12% Assuming 360 days in a year Thus, interest = Issue…

Q: On June 04, FDN Company sold merchandise to ABC Company and accepted a 90-day, 12% P90,000 note.…

A: calculation of cash received upon discounting are as follows

Q: BAYAN Company had a 60-day note of P10,000 dated May 15 with a 9% interest rate, discounted at the…

A: The note receivable is a current assets, which is issued by the debtors of the business. Discounting…

Q: NEEDED IN 10 MINUTES 22. On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received…

A:

Q: On December 1, 2021, Wonder Company assigned P400,000 of accounts receivable to Woman Company as a…

A: Accounts receivable (AR) is the amount of cash yet to be received by a firm for products or services…

Q: A company issued a P3 million three-year non-interest-bearing note on January 1, 2021, for a piece…

A: Solution: Amount of note = P3,000,000 Cash price of Land = P2,401,800 Annual installment of note =…

Q: Chang Co. issued a $45,750, 120-day, discounted note to Guarantee Bank. The discount rate is 11%.…

A: Discount on note =Value of 120 day note × discount rate × 120 days365 days=$45,750 × 11% ×…

Q: Foremost Company received from a customer a one-year, P500,000 note bearing annual interest of 8%.…

A: Foremost company's Received note bearing annual interest of 8% = P500000 Maturity = 1 year Maturity…

Q: C company discounted its own 250,000 one year note at a bank, at a discount rate of 12% when the…

A: Company discounting its notes means, the company is presenting its notes receivable from the…