Misk, Inc. received from a customer a one-year, $750,000 note bearing annual interest of 9%. After holding the note for six months, Misk discounted the note at National Bank at an effective interest rate of 12%. What amount of cash did Misk receive from the bank?

Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…

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

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: Assuming a 360-day year, proceeds of $45,847 were received from discounting a $46,623, 90-day note…

A: Formula: Discount on bonds = Face value - cash received

Q: Martinez Co. borrowed $71,059 on March 1 of the current year by signing a 60-day, 5%, interest-…

A: Interest = $71,059 x 5% x 60/360 = $592

Q: A 180-day, 12% interest bearing note receivable is sold to a bank without recourse after being held…

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

Q: On May 15, Maynard Co. Borrowed cash from texas bank by issuing a 60 day note with a face amount…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

Q: using 360 days in a year, how much cash did thunder company receive from the bank?

A: Given information is: On september 1 thunder company received an p80,000, 12%, 120-day note from a…

Q: Jacobs Company borrowed $10,000 on a one-year, 8 percent note payable from the local bank onApril 1.…

A: Notes payable:   Notes Payable is a written promise to pay a certain amount on a future date, with…

Q: Martinez Co. borrowed $56,952 on March 1 of the current year by signing a 60-day, 8%,…

A: Interest expense for 60 days  = Amount borrowed×interest rate × 60 days/360 days

Q: rate was 11%. The first payment for interest and principal was made on September 1, Year 2. At…

A: The obligations require the company to pay interest within one year or operating cycle. Accrued…

Q: The following note transactions occurred during the year for Zuber Company: On November 25, Zuber…

A: Counting of days of accrual Porter's note From November 25 to December 31st = 5 +31 = 36 days  Bank…

Q: Swifty owes $ 3.6 million that is due on February 28. The company borrows $ 3000000 on February 25…

A: Since the $3.6 million note is repayable within 12 months from December 31 on the coming February…

Q: Roni Lockard signed a $26,500 simple discount promissory note at a certain bank. The discount rate…

A: Discount note: Selling the note with discount value which means less than the face value.

Q: NYJ, Inc. borrowed $500,000 on November 1, 20X1, and signed a nine-month note bearing interest at…

A: The notes payable require the borrower company to pay interest expense. The interest expense is…

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: Martinez Co. borrowed $69,569 on March 1 of the current year by signing a 60-day, 7%,…

A: From March 1 to April 30 = 60 days Interest is paid on the funds used by the business to generate…

Q: Bruno received a one-year, P 375,000 note bearing annual interest of 8% from a customer. After…

A: Note receivable is stamped note represented as a promise to pay a certain amount at a future date by…

Q: On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received from a customer on September…

A: Discounting of notes receivable is a technique where in a business entity discounts its note…

Q: On July 31, 20A, ABC company discounted at the bank, a customer's 1,200,000, 6-month 10% notes…

A: Notes payable are signed arrangements (promissory notes) between two parties whereby one offered to…

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: On March 20, the Agricultural Bank deducted engineer Valdez a rate of 18% annual simple in a…

A: Simple Interest: The simple interest on a particular amount is calculated as the product of interest…

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: On May 15, FDN Trading signed a P150,000, 12 percent, 150-day note payable with the bank. The note…

A: Notes payable is defined as the liabilities that are usually issued for the long term. It indicates…

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: X Corporation accepted a P400,000 face value, six-month, 10% note dated May 15 from a customer. On…

A: Simple interest = Principal ×Interest rate × Time =P400,000 × 10% × 612=P20,000   Maturity value =…

Q: On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received from a customer on September…

A: Introduction: Accounts payable are a company's liabilities to its suppliers or other third parties.…

Q: On June 1, Vaughn Company borrows $144,000 from First Bank on a 6-month, $144,000, 8% note.

A: Interest is charged on accrual basis

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: 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: Abardeen Corporation borrowed $90,000 from the bank on October 1, Year 1. The note had an 8 percent…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Akbar Associates issued 120-day note for $50,000 to a creditor on a account. The note was discounted…

A: Cash Proceeds from Notes Receivable = Present Value of Notes

Q: On January 1, MM Co. borrows $340,000 cash from a bank and in return signs an 8% installment note…

A: An installment note is an obligation or liability that requires the borrower to repay the principal…

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

A: Working note: Computation of initial recognition value of note payable:

Q: What is the amount shown as Cash on Mickey Mouse’s December 31, 2019 Statement of Financial…

A: The balance as per the bank statement and as per the books is reconciled and adjusted to deduce the…

Q: On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face…

A: Proceeds of the note = Face value value of the note - discount amount

Q: Keesha Co. borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%, $200,000…

A: Hey, since there are multiple requirements posted, we will answer first three requirements. If you…

Q: Holy Ground received from a customer a one-year, P375,000 note bearing annual interest of 8%. After…

A: Maturity value of note = Face value of note + interest = P375000 + (375000*8%*12/12) = P405,000…

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: Abardeen Corporation borrowed $90,000 from the bank on October 1, Year 1. The note had an 8 percent…

A: A. AMOUNT OF CASH PAID : = $0   B. INTEREST EXPENSE : = $90,000 X 8% X 3MONTHS / 12 MONTHS  =…

Q: On June 43, Trade Bank loaned a customer $30,000 on a 60-day, 10% note, temiting the face value less…

A: WORKING : PARTICULARS AMOUNT ($) FACE VALUE OF NOTES RECEIVABLE  $30,000 INTEREST RATE  10%…

Q: On November 16, Bell borrowed $10,000 from Graham and gave a 90-day, 12% note. On December 31, the…

A: As of the end of accounting period, the company that has lent money needs to record interest on a…

Q: five year promissory note with a face value of $5000, bearing interest at 6% compounded…

A: To calculate amount to be paid for promissory note first of all we will calculate future price after…