On June 8, Williams Company issued an $85,200, 9%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? Round your answer to the nearest whole dollar. a.$85,200 b.$7,668 c.$87,756 d.$92,868

Q: On October 1, 2011, Coast Financial loaned Barr Corporation$300,000, receiving in exchange a…

A: Maturity date of Notes = October 1, 2011 + 9 months = July 1, 2012 No. of Months from January 1,…

Q: TORR, Inc. issues a $600,000, 9%, five-year note payable on January 1, 20X5. If the monthly payment…

A: Interest for first month = face value of the note payable x interest rate  x no. of months/12 =…

Q: 2. On January 1, 20x1, J&J Co. issues a noninterest-bearing note of P3,000,000 in exchange for…

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Q: On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that…

A:

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: On August 1, Batson Company issued a 60-day note with a face amount of $47,400 to Jergens Company…

A: SOLUTION- BOND AND NOTES PAYABLE- BONDS AND NOTE PAYABLE ARE BOTH TYPE OF LOAN . BONDS ARE USUALLY…

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 August 1, Batson Company issued a 60-day note with a face amount of $96,000 to Jergens Company…

A: Proceeds of the note (when note is discounted) = Face value of the Note - Discount amount where,…

Q: A 100-day note with a face amount of $54,000 and interest rate of 9% is issued on June 1. Required:…

A: 1.

Q: A 60-day, 6% note for $24,000, dated May 1, is received from a customer on account. The maturity…

A: The maturity value of note is calculated as sum of principal value and interest amount.

Q: On June 8, Williams Company issued an $73,207, 7%, 120-day note payable to Brown Industries.…

A: Formula: Interest amount = Principal amount x Interest rate x Time period.

Q: The maturity value of a $348,000, 4%, 45-day note receivable dated July 3, assuming a 360-day year,…

A: Interest on Note receivable = Note receivable x rate of interest x days/360

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

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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…

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Q: On January 1, Year 1, Bryson Company obtained a $22,000, four-year, 12% installment note from…

A: Workings: Calculation of Interest: Year 1: 22000 x 12 % = 2640 Decrease in Notes payable = Notes…

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Q: On January 1, 20X1, the company received a $10,000 three-year note bearing interest at 10% annually.…

A: Journal entry is a primary entry that records initially the financial transactions of the company.

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

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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: BBY Company loaned $66,116 to Orwell, Inc, accepting Orwell's 2-year, $80,000, zero-interest-bearing…

A: Discount on Notes receivable = Face value - Issue price = $80,000 - $66,116 = $13,884

Q: A business issued a 45-day, 6% note for $210,000 to a creditor. Principal and interest are payable…

A: Notes are short term financial intrument with a fixed maturity period and usually short term…

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: Life.com issued $10 million of commercial paper on April 1 on a nine-month note. Interest was…

A: Discount on notes payable = face value of notes x discount rate x Note period = $10,000,000 x 6% x…

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: TORR, Inc. issues a $600,000, 9%, five-year note payable on January 1, 20X1. If the monthly payment…

A: Carrying value of note payable Liability note payable =$600000 on January 1 Add Finance cost…

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 nov, 1. Alan co. signed a 120 day, 12% note payable, with a fac valus of 9,900. what is the…

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

Q: On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank.  The discount rate was…

A: Part-A Amount which will be Discounted by Bank  = $ 90,000 x 6% x 60360…

Q: Chang, Inc. issued a 120-day note in the amount of $360,000 on 12/16/17 with an annual rate of 5%.…

A: Accrued interest is $739.73. Computation of accrued interest: Excel spread sheet:

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: Anderson Co. issued a $48,947, 60-day, discounted note to National Bank. The discount rate is 7%. At…

A: The question is related to bills discounting. The company has issued a $48947 , 60 days bill @ 7%.

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

Q: A 180-day note was signed on June 11 for $24, 700. The note has a rate of 9.5%, compounded annually.…

A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

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

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A: Given Purchase cost = 15000 The present value of an ordinary annuity of $1 at 5% for 10 periods…

Q: At year-end, Roth Company issued a P1,000,000 face value note payable to Wake Company in exchange…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

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 Jan 1, 20X1, ABC Corp received a P300,000 3-year note from a customer. The principal and interest…

A:

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…

Q: On December 1, Victoria Company signed a 90-day, 6% note payable, with a face value of $15,000. What…

A: Interest accrued = Note payable x Interest rate x 30/360 = $15000 x 6% x 1/12 = $75

Q: A Company discounted a customer's 10%, 120-day note for P300,000 dated September 20, 2021 with BPI…

A: Solution: In case of discounting of note, proceeds received will be maturity value which is deducted…