hort-term notes payable: O Can replace an account payable O Can be issued in return for money borrowed from a O Are negotiable O Are an unconditional promise to pay O All of the above
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- Long-Term Notes Payable Business transactions often involve the exchange of property, goods, or services for notes or similar instruments that may stipulate no interest rate or an interest rate that varies from prevailing rates. Required: 1. When a company exchanges a note for property, goods, or services, what value does it place on the note: a. if it bears interest at a reasonable rate and is issued in a bargained transaction entered into at arms length? Explain. b. if it bears no interest and/or is not issued in a bargained transaction entered into at arms length? Explain. 2. If the recorded value of a note differs from the face value, explain: a. how the company should account for the difference. b. how the company should present this difference in the financial statements.Which of the following is true? Short-term notes payable should be discounted at its present value, more so, if it constitutes a financing transaction and the imputed interest can be measured without undue cost or effort. Transaction costs of issuing financial liabilities are expensed outright. The present value of a serial note's principal is computed by using the PV of 1 as the present value factor. Notes payable are obligations supported by creditor's promissory notes.I need answer ASAP 1.b)Bills payable and promissory notes are negotiable instruments and are used mostly to replace_____Select one:O a. financial meansO b. term loansO c. long-term creditO d. trade creditO e. overdraft facilities
- The net figure for accounts receivable (debtors) after deducting the allowance for uncollectible debts account: Select one: a. overstates the realisable value of debtors. b. is a contra account. c. understates the realisable value of debtors. d. represents the expected cash to be collected. e. None of the above answers is correct.3. which of the following transactions will result in the increase and decrease in liability? a. payment of loan by installmentb. borrowed money from the bankc. issued a promissory note in payment of a liabilityd. request for an extension of the date of paymentCommercial (in contrast to consumer) line of credit is an agreement between a customer and a bank that a. is renewed at the end of the contract period in an evergreen facility. b. gives the customer the right to borrow up to a predetermined amount. c. is usually for one year or longer. d. may not obligate the bank to honour the customer’s request for a loan The APR is a. the average annual percentage cost paid on deposits b. the average rate paid on deposits c. the average rate paid for credit d. the average annual percentage cost paid for credit
- If a note receivable is discounted without recourse a. the contingent liability may be disclosed b. liability for note receivable discounted is credited c. note receivable is credited d. the transaction shall be accounted for as a secured borrowing as opposed to a saleS1: In note discounting treated as a secured borrowing, a contingent liability is recognized on the date of discounting. S2: In note discounting treated as a conditional sale, an accounting liability is recorded an amount equal to the face amount of the note receivable discounted. A) Both statements are correct. B) Both statements are incorrect. C)Only S1 is correct. D) Only S2 is correct7.If a credit marked as "Upon receipt by the beneficiary of notice from the issuing bank that a draft has been . paid under this credit, a sum equal to the amount of such draft again become available under the credit" it is a (n) a. accumulative revolving credit b.non- accumulative revolving credit c.automatically revolving credit in relation to value d. non- automatically revolving credit in relation to value
- Which of the following is not a way in which banks lend short-term unsecured loans? a. Through a guaranteed credit line that has a commitment fee for any unused amount for the year b. Through credits cards lines with a certain credit limit c. By sending the amount earned from trust and investment products offered by the bank d. By lending a single date maturity loan to a debtorIdentify the types of information that can readily be deter-mined from an amortization table for an installment loan. (More than one answer may be correct.)a. Interest expense on this liability for the current year. b. The present value of the future payments under chang-ing market conditions. c. The unpaid balance remaining after each payment.d. The portion of the unpaid balance that is a currentliability.In Promissory note, Maker is the person who. a. Receives the payment b. Makes the sales c. Makes the promise d. Receives the Cash
