on June 8th Alton Co issued an $70620 11% 120 Day note payable to seller Co. 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.

on June 8th Alton Co issued an $70620 11% 120 Day note payable to seller Co. 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.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 26E

See similar textbooks

Related questions

Q: On January 1, 2020, MP's customer issued a 3 year 8% note, PHP 3,000,000 for services billed to be…

A: Carrying amount is also known as carrying value or book value. The carrying amount of a note issued…

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: A company receives a 10%, 90-day note for $5,700. The total interest due on the maturity date is:…

A: Notes Receivables (also known as promissory notes) are a promise in writing to receive a certain…

Q: MCM Company issued a note receivable to a customer on September 1, 2020. The face value of the note…

A: Note receivable is considered as a negotiable instrument. It represents the claim amount due on the…

Q: Florenda Quino Forwarders borrowed P600,000 from the bank on Sept. 1, 2019. The note carried an 8%…

A: Solution: The interest rate is missing, so I looked for similar questions and found that it is 8%:…

Q: Alaska Inc. borrowed $16,000 by signing a one-year note payable on November 1, 2020. The note bears…

A: Formula: Interest expense = Notes amount x Interest rate x Time period

Q: On January 1, 2020, Company A issued 10% bearing note payable in ten semi-annual instalments every…

A: 1. Present value of the bonds = Present value of principal + Present value of interest payments =…

Q: Sydney limited draws a promissory note with a face value of $50 000 and a maturity of 181 days. The…

A: Interest rate can be calculated as: = Discount amount / Present value * 365/ Days to maturity * 100

Q: Assume that on 15th January 2019 Mustafa and Sons LLC sold OMR 15000 goods to Ibri traders on…

A: The maturity value is the amount to be paid at the time of maturity of note note receivable by the…

Q: January 1, 2018, Cursor Company sold goods to Matrix Company. Matrix signed a non-interest bearing…

A: Amortized cost: It is the accumulated cost in which expenses have been adjusted.

Q: What is the face value of a three-month promissory note dated June 18, 2018, with interest at 4.5…

A: The maturity value of the note will be equal to the face value (FV) plus the interest payments.

Q: On January 1, 2020, Company A issued 18% bearing note payable in ten semi-annual instalments every…

A: Data given: Issue at 01/01/2020 Interest rate = 18% (semi-annually ) = 18%/2= 9% Face value =…

Q: Andrews Inc. issues a $497,000, 10% 3-year mortgage note on January 1. The note will be paid in…

A: Solution: Principle repayment in year 1 = annual installment - interest expense for Year 1 = 200000…

Q: A ten-year note for $2220.00 bearing interest at 6.6% compounded monthly is discounted at 8.92%…

A: Future value is the future worth of a current cash flow at a certain rate of interest and time…

Q: Assuming a 360-day year, when a $17,100, 90-day, 8% interest-bearing note payable matures, total…

A: The note payable is issued to creditor as a promise to pay in future.

Q: A ten-year note for $2220.00 bearing interest at 6.6% compounded monthly is discounted at 8.92%…

A: Note Payable: Notes payable is a financial instrument which borrowers use to borrow money. The…

Q: On January 1, 2020, MP's customer issued a 3 year 8% note, PHP 3,000,000 for services billed to be…

A: Carrying amount: It is the original cost of the asset that is reflected or shown in the balance…

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: on June 8th Alton Co issued in 62700 8% 120 Day note payable to seller Co. Assume that the fiscal…

A: Notes payable is a negotiable instrument issued by a promisor that includes a promise to pay a…

Q: Following are the current note receivables of Monsoon, Inc. as of December 31, 2020. All notes have…

A: Journal: Recording of a business transactions in a chronological order.

Q: /1/2018, Jambo Group makes a loa to Marie Co. and receives in exchange a five-year, $50,000 note…

A: Interest revenue that will be recognized can be computed as follows:

Q: On July 1, 2020 Trolley & Train World borrowed money from First Friendly National Bank by issuing a…

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

Q: Determine the maturity date, interest at maturity, and maturity value for a 90-day, 10 percent,…

A: Given: Note value : $36000 Interest rate = 10% Bill date : 15 Feb Due date = 90 days

Q: a seven-year note for $2800.00 issued on october 1,2015, with interest at 5.7% compounded annually…

A: Given that, Present Value of the note(PV)=$2800 Rate of interest(i)=5.7% or 0.057 Duration of the…

Q: on August 1, 2018, Turner manufacturing lands cash and excepts a $11,000 note receivable that offers…

A: >Year end adjustments are required to adjust various accounting adjustment which can be…

Q: PINK Company reported a 10% note payable of ₱3,600,000 on June 30, 2021. The note is dated October…

A: Given that, Notes payable = ₱3600000 Rate of interest = 10% it is said that the Principle is repaid…

Q: On March 15, 2021, a six-month promissory note for $1,175 with interest at 4% was issued. Compute…

A: Present value of the note = Present value of principal + Present value of interest payments

Q: 7-year, $5,000 promissory note bearing interest at j12-7.20% was sold to a buyer after 2 years. The…

A: Maturity value: It is the amount paid to the investor when the time period of debt ends.

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: In 2018, Bare company began selling a new calculator that carried a two-year warranty against…

A: The estimated liability for warranties include the amount of estimated warranty Expenses that is not…

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 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: suming a 360-day year, when a $12,600, 90-day, 11% interest-bearing note payable matures, total…

A: Maturity Value of Note Payable = Face Value + Interest Maturity value = Face Value + (Face Value x…

Q: Vaughn Manufacturing lends Pina Colada industries $51600 on August 1, 2022, accepting a 9-month, 12%…

A: Note Interest means, with respect to any Investor at any time, the undivided interest in the Note…

Q: Chang, Inc. issued a 3-month note in the amount of $360,000 on 12/01/17 with an annual rate of 5%.…

A: Accrued interest is $1,500. Computation of accrued interest: Excel spread sheet:

Q: On March 31, 2020, Company A issued 18% bearing note payable in ten semi-annual instalments every…

A: It is pertinent to note that the carrying value of the note is the present value of all the cash…

Q: The interest on a $3,000, 10%, 180-day note receivable is (assume 360 days per year} $150 $3,300…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: The face value of a ten-month, 7.3% note dated February 28, 2006, is $1419 85 Determine each of the…

A: Note:-It is a written document where the writer has to pay the agreed amount to the bearer of the…

Q: On January 1, 2020 Plumbus Inc. is issued a notes payable for $29,200. The note has an interest rate…

Q: On Dec 30, 2020 Fox purchased a machine from Grisley Corp in exchange for a zero-interest bearing…

A: Number of Payments= 8 Down payment date= Dec 30, 2020 (Ist payment date) Rate of Interest= 11%…

Q: Determine the due date and amount of interest due at maturity on the following notes. Assume 360…

A: Given: On March 15: Face value $8,000 Term note = 60 days Interest = 9%…

Q: Assuming a 360-day year, when a $11,392, 90-day, 10% interest-bearing note payable matures, total…

A: Interest expense for 90 day period = issue price × Interest rate × 90/360

Q: On January 1, 2021, Nees Manufacturing lends $10,000 to Roberson Supply using a 9% note due in eight…

A: Simple Interest: When at the time of returning the loan to the bank, we have to pay back an amount…

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

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…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Working:

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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?
A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
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
Entries for installment note transactions On January 1, 20Y2, Hebron Company issued a 175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of 43,830, beginning on December 31, 20Y2. Journalize the entries to record the following:
On January 1 a company issues a $75,000 bond that pays interest semi-annually. The first interest payment of $1,875 is paid on July 1. What is the stated annual interest rate on the bond? A. 5.00% B. 2.50% C. 1.25% D. 10.00%
Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight years. What is the amount of the current portion of the noncurrent note payable due in the second year? A. $800 B. $1,000 C. $500 D. nothing, since this is a noncurrent note payable
On July 1, a company sells 8-year $250,000 bonds with a stated interest rate of 6%. If interest payments are paid annually, each interest payment will be ________. A. $120,000 B. $60,000 C. $7,500 D. $15,000
On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)