Jim Murphy borrowed $30,000 on a 120-day 14% note. Jim paid $5,000 toward the note on day 95. On day 105 he paid an additional $6,000. Using the U.S. Rule, Jim's adjusted balance after the first payment is: Multiple Choice $25,000 $28,891.67 $1,108.33
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Jim Murphy borrowed $30,000 on a 120-day 14% note. Jim paid $5,000 toward the note on day 95. On day 105 he paid an additional $6,000. Using the U.S. Rule, Jim's adjusted balance after the first payment is:
-
$25,000
-
$28,891.67
-
$1,108.33
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- On January 1, 2019, Kunto, a cash basis taxpayer, pays 46,228 for a 24-month certificate. The certificate is priced to yield 4% (the effective interest rate) with interest compounded annually. No interest is paid until maturity, when Kunto receives 50,000. In your computations: a. Compute Kuntos gross income from the certificate for 2019. b. Compute Kuntos gross income from the certificate for 2020. Round any amounts to the nearest dollar.Sally is in the business of purchasing accounts receivable last year Sally purchased an account receivable with a face value of 83,000 for 60,000. During the current year, Sally settled the account, receiving 65,000. Determine the maximum amount of the bad debt deduction for Sally for the current year.Spath Company borrows 75,000 by issuing a 4-year, noninterest-bearing note to a customer on January 1, 2019. In addition, Spath agrees to sell inventory to the customer at reduced prices over a 5-year period. Spaths incremental borrowing rate is 12%. The customer agrees to purchase an equal amount of inventory each year over the 5-year period so that a straight-line method of revenue recognition is appropriate. Required: Prepare the journal entries on Spaths books for 2019 and 2020. (Round answers to 2 decimal places.)
- On January 1, Kilgore Inc. accepts a 20,000 non-interest-bearing, 5-year note from Dieland Company for equipment. Neither the fair value of the note nor the equipment is determinable. Kilgore had originally purchased the equipment for 18,000, and the equipment has a book value of 14,000 on January 1. Kilgore knows Dielands incremental borrowing rate of 9%. Prepare the journal entry for Kilgore to record the sale of the equipment on January 1.Christina Hercher borrowed $50,000 on a 90-day 8% note. Christina paid $3,000 toward the note on day 40. On day 60 she paid an additional $4,000. Using the U.S. Rule, Christina's adjusted balance after the first payment is: Multiple Choice $49,555.56 $444.44 $47,444.44Jonas borrowed $8,000 on a 60-day 10% note. Jonas paid $4,000 toward the note on day 40. On day 50, he paid an additional $3,000. Using the U.S. Rule, Jonas's adjusted balance after the first payment is: Multiple Choice $3,250.22 $4,000 $88.89 $4,088.89 None of these
- Frank Peterson owes $25,000 on a 6%, 180 day note. On day 15, he pays $6300 on the note. On day 50, he pays an additional $12,600. Based on the U.S. Rule, calculate the following. Adjusted balance after the first payment? Adjusted balance after the second payment? Balance at maturity?Aniya borrowed 82,000 0n a 120-day 4% Note. after 50 days, Aniya made an initial payment of 40,000. On day 90, Aniya made an additional payment of 25,000. Assuming the U.S rule , what is the adjusted balance after the second payment? Use exact days.Kent borrowed $6,500 on January 11 at 12.5% exact interest. He made payments of 1,000on February 16, and 1,500 on March 14. Find his payoff amount on April 10 according to the U.S Rule.
- Barry signed a $5,000, 75-day, 15% ordinary simple interest note on March 14. He made a partial payment of $2,500 on April 12. Find his payoff amount on maturity date of the note, according to the U.S. Rule.Shawn Bixby borrowed $17,000 on a 120-day, 12% note. After 65 days, Shawn paid $2,000 on the note. On day 89, Shawn paid an additional $4,000. Use ordinary interest. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent.On May 12, Scott Rinse accepted an $4,500, 11%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 10%. What proceeds does Scott receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.
