On June 8, Williams Company issued an $73,207, 7%, 120-day note payable to Brown Industries. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar

Q: On January 1, 2022, Easy Company sold merchandise for 500,000 by accepting a note for 6 months with…

A:

Q: The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000…

A: Notes receivable refers to the promissory note issued by the debtor for the credit purchase made by…

Q: On January 1, 20x1, SAUCY BOLD Co. acquired a machine by issuing a 3-year, 3%, P4,800,000 note…

A: All amount are (P).

Q: On June 8, Williams Company issued an $80,400, 7%, 120-day note payable to Brown Industries.…

A: Interest on note = Face value of notes x rate of interest x no. of days / 360 days = $80,400 x 7% x…

Q: Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture…

A: Answer a) Due date =August 11 17+31+30+31+11

Q: On May 1, 2014, Nico Company sold merchandise to Customer Francis and received a P26,400 (face…

A: Present value of note receivable on May 1, 2014 = Face value of note x present value factor (10%, 1…

Q: Mr. Potts issued a 90-day, 7% note for $200,000, dated February 3 to Valley Co. on account. (Assume…

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

Q: On June 8, Williams Company issued an $85,200, 9%, 120-day note payable to Brown Industries.…

A: Note payable is issued by the debtor as a. Promise note that he would make the payment on time with…

Q: The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000…

A: Interest income on the non-interest-bearing note is calculated by applying the market interest rate…

Q: on June 8th Alton Co issued an $70620 11% 120 Day note payable to seller Co. Assuming a 360 day year…

A: Interest on Note = Face value of Note x rate of interest x No. of days /360 days =…

Q: Autumn Designs & Decorators issued a 120-day, 8% note for $78,000, dated April 13 to Zebra Furniture…

A: The note receivable is an asset for the business which is issued by the debtors of the business.

Q: b. Determine the proceeds of the note assuming th

A: Merchandise inventory refers to products purchased from suppliers by a distributor, wholesaler, or…

Q: ne 8, Alton Co. issued an $79,432, 10%, 120-day note payable to Seller Co. Assuming a 360-day year…

A: Solution: Maturity value of the note is amount that is arrived by adding total amount of interest…

Q: At year end, Rei company issued a P2,000,000 face amount note payable in exchange for services…

A: Note payable ::::P2,000,000.... Interest expenses::2000000*3%*9/12 months=P45,000...... The compound…

Q: If the company accepted a Notes Receivable on Oct 1, X1 for $60,000 at 8%, due in one year, what is…

A: Maturity value is the total amount including the interest on the Notes Receivable till it's maturity…

Q: On December 31, 2019 an entity received two P2,000,000 notes receivable from customers. On both…

A: Notes receivable are promissory notes which are received from the account receivables for…

Q: On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 60-day note with a face amount of…

A:

Q: On January 1, 2021, Mahogany Company issued a note with a face amount of P2,000,000. The note…

A: Issue price of the Notes = Present value of principal + Present value of interest payments = face…

Q: On January 1, 2021, Mahogany Company issued a note with a face amount of P2,000,000. The note…

A: Notes Payables: A liability account for notes payable is where a borrower records a written…

Q: TORR, Inc. issues a $500,000, 6%, six-year note on January 1, 20X1. If the monthly payment is…

A: A note is one of the debt instruments that is issued by companies in order to raise funds. Note…

Q: . Potts issued a 90-day, 7% note for $200,000, dated February 3 to Valley Co. on account.…

A: The person who promised to pay the specified amount by signing a note is treated as notes payable as…

Q: On January 1, 2021, Mahogany Company issued a note with a face amount of P2,000,000. The note…

A: Bond Value  2000000   coupon rate 10%   Market rate 12.50% Coupon payable every year end for…

Q: On August 1, Batson Company issued a 60-day note with a face amount of $140,000 to Jergens Company…

A: Discount on notes  = Face value of note x rate of discount = $140000 x 6% = $8400

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: The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000…

A: Carrying value of the non-interest bearing promissory note is calculated by discounting the face…

Q: On July 8, Action Co. issued an $80,000, 6%, 90-day note payable to Scanlon Co. Assuming a 360-day…

A: The note is the liability on which a specific percentage of interest has to be paid over the…

Q: n April 12, Hong Company agrees to accept a 60-day, 8%, $7,800 note from Indigo Company to extend…

A: Notes payable is debited by $7,800 since notes payable is a liability and a decrease in liability is…

Q: On January 1, 20X1, MWB, Inc. borrowed cash by issuing a $600,000, 6-year note that specified 6%…

A: Interest Rate - It is the percentage of amount charges by the lender for uses of the money given to…

Q: On August 1, Batson Company issued a 60-day note with a face amount of $91,800 to Jergens Company…

A: Answer: Note are issued at the face value or the discounted value. When price of the note is the…

Q: On October 18, Blue Ridge Corporation accepted a $300,000 non-interest-bearing note from Long…

A: Maturity value is the amount due and/ or payable to the holder of a financial obligation as on the…

Q: The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000…

A: Notes receivable is the financial instrument issued by the debtor for the item or goods purchased on…

Q: On October 1, Dalton Corp. borrows $100,000 fromNational Bank, signing a six-month note payable for…

A: Interest amount: Interest charged on the borrowed principal amount. Interest is charged…

Q: On December 31, 2021, Roth Company issued a P1,000,000 face value note payable to Wake Company in…

A: Note payable -  A promissory note or a written agreement is what a note payable is. The creator of…

Q: On June 8, Williams Company issued an $80,400, 7%, 120-day note payable to Brown Industries.…

A: Given: Face value = $80,400 Interest rate = 7% Days = 120

Q: On January 1, 2020, Magbaril Company sold equipment with a carrying amount of P800,000 to Macud…

A: On 01.01.2020, Magbaril company sold equipment to Macud company. Carrying value of equipment =…

Q: On December 31, 2021, MATARLO Company received two P1,000,000 notes receivable from customers in…

A: Interest rate = 3% Notes receivables = P 1000000 Interest = receivable at maturity  Terms = 9 months…

Q: The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000…

A: The carrying value of the notes receivable is the sum of the notes receivable initially recognized…

Q: On June 8, Williams Company issued an $91,200, 11%, 120-day note payable to Brown Industries.…

A: Notes are instrument issued by company acknowledging the debt raised by company . It is a liability…

Q: the monthly payment is $5,800, what is the note's carrying value after the first month's payment is…

A: The original cost of an asset, as recorded in the books or balance sheet of a corporation, less the…

Q: On June 8, Williams Company issued an $92,400, 11%, 120-day note payable to Brown Industries.…

A: Solution: Maturity value of note is computed as principal amount of note plus interest amount till…

Q: On June 8, Williams Company issued an $80,000, 5%, 120-day note payable to Brown Industries.…

A: maturity value of the note = issue price + Interest accrued

Q: Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account.a. If the…

A: a. Prepare the journal entry to record if the note is issued with a 45-days term

Q: On December 31, 2020, LILY Company received two ₱2,000,000 notes receivable from customers. On both…

A: Present value of first note = Present value of principal + Present value of interest payments = face…

Q: Valley Designs issued a 120-day, 10% note for $90,200, dated April 20 to Bork Furniture Company on…

A: Maturity Value = Note Value + Interest

Q: 60-day, 9% note for $10,000, dated May 1, is received from a customer on account.  Use 30 day months…

A: The  note is type of exchange in which they are is promised to pay the specified amount within a…

Q: Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Required:…

A: a.  Following are the journal entry when note is issued with a 45-day term:

Q: On June 8, Williams Company issued an $74,400, 7%, 120-day note payable to Brown Industries.…

A:

Q: On June 8, Alton Co. issued an $75,537, 7%, 120-day note payable to Seller Co. Assuming a 360-day…

A: Maturity value of the note = Principal + Interest = $75537+1763 = $77300

Q: On December 12, Lowell Corporation accepted a $160,000, 120-day, non-interest-bearing note from…

A: Maturity value is the total sum of money which the payee will receive on maturity date. formula:…

Q: On June 8, Alton Co. issued an $73,184, 9%, 120-day note payable to Seller Co. Assuming a 360-day…

A: It is the total sum that the note holder has to pay on the maturity date. The sum includes interest…