How much cash is the company expected to receive on maturi
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Q: How much cash did Thunder Company receive from the bank? *
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A:
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Today, the company sold merchandise for ₱45,094 receiving ₱10,000 down payment and the balance supported by a 10% three-month note. How much cash is the company expected to receive on maturity date of the note?
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- Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.Can the 10,000 note be repaid on May 1? Explain.Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?
- The company sells on terms 2/10, net 30. Total sales for the year are P1,000,000, of which P100,000 are on cash basis. Half of the customers pay on the tenth day and take discounts on average, 40 days after their purchases. What is the average amount of receivables?On December 31, 2021, MATARLO Company received two P1,000,000 notes receivable from customers in exchange for services rendered. On both notes, interest is calculated on the outstanding principal balance at the annual rate of 3% and payable at maturity. The note from MAGLINTE Company, made under customary trade terms, is due in nine months and the note from MADERSE Company is due in five years. The market interest rate for similar notes on December 31, 2021 was 8%. The compound interest factors to convert future value into present value at 8% follow: Present value of 1 due in nine months, 0.944 and the present value of 1 due in five years is 0.680. 33. What is the total carrying amount of the notes receivable to be presented at the 2021 statement of financial position?On December 31, 2020, LILY Company received two ₱2,000,000 notes receivable from customers. On both notes, interest is calculated on the outstanding principal balance at the annual rate of 3% and payable at maturity. The first note, made under customary trade terms, is due in nine months and the second note is due in five years. The market interest rate for similar notes on December 31, 2020 was 8%. The PV of 1 at 8% due in nine months is 0.944, and the PV of 1 at 8% due in 5 years is 0.68. On December 31, 2020, what total carrying amount should be reported for the two notes receivable?
- Al Havier Manufacturing received a Php 350,000 promissory note at 11% simple interest for 96 days from one of its customers. After 70 days Al Havier discounted the note at the Short West Bank at a discount rate of 15%. The note was made on September 12. a. What is the maturity date of the note? b.What is the maturity value of the note? c. What is the discount date of the note? d. What proceeds will Al Havier receive after discounting the note? e. How much Al Havier Manufacturing will receive from its customer after 70 days? f. How much Al Havier Manufacturing will receive from Short West Bank? g. How much Short West Bank will receive from the customers of Al Havier manufacturing?On February 1, Electronic Warehouse Co. issued a 45-day note with a face amount of $80,000 to Yamura Products Co. for cash. a. Determine the proceeds of the note, assuming the note carries an interest rate of 10%. b. Determine the proceeds of the note, assuming the note is discounted at 10%.At year-end, GHI Co. received two P1,000,000 notes receivable from customers in exchange for services rendered. On both notes, interest is calculated on the outstanding principal balance at the annual rate of 3% and payable at maturity. The note from XXX Corp., made under customary trade terms, is due in nine months and the note from UUU Company is due in five years. The market interest rate for similar notes was 8%. The present value of 1 due in nine months is 0.944 and the present value of 1 due in five years is 0.68. The present value of annuity of 1 at 8% for five year is 3.9927. At what amount should be the note receivable from UUU Company be reported at year-end?
