Term of a Note Calculate total time in days for the following notes. (Assume there are 28 days in February.) Date of Note Due Date Time in Days May 9 July 17 August 18 October 1 July 7 September 5 December 14 February 5 March 29 May 16 January 8 March 18
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- For each notes receivable determine the interest revenue to be reported on the income statement for the year ended December 31. Use 360 days in your computations. date Face Rate% Term aug. 8. 45000. %7. 45days Oct. 7 62000 5 60 jan 6 28000 4 120 nov 12 43000 6 60Term of a Note Calculate total time in days for the following notes. (Assume there are 28 days in February.) Date of Note Due Date Time in Days May 10 July 17 fill in the blank 1 August 21 October 1 fill in the blank 2 July 12 September 5 fill in the blank 3 December 17 February 5 fill in the blank 4 March 26 May 16 fill in the blank 5 January 9 March 18 fill in the blank 6Compute the maturity date and interest for the following notes.( use 360 days for calculation) Dates of notes Terms Principal Interest Rate a. April 17 45 days 48,000 3% b. August 11 2 months 72,000. 7% Maturity date. Interest a. ? $? b. ? $?
- Use information from EA10. Compute the interest expense due when Barkers honors the note. Show the journal entry to recognize payment of the short-term note on December 4.From the information given below, determine the due date for the following notes: Date Issued Term of the Note Due Date 1. January 1 30 days __________ 2. January 15 30 days __________ 3. March 20 60 days __________ 4. March 20 3 months __________ 5. June 18 90 days __________ Compute the amount of accrued interest on the following notes: Principal InterestRate Time AccruedInterest 6. $7,800 9.0% 75 days __________ 7. 3,600 12.5% 45 days __________ 8. 2,700 9.9% 90 days __________ 9. 4,300 6.2% 6 months __________ 10. 5,500 11.0% 120 days __________ Compute the number of days from the issue date to the maturity date for the following notes: Issue Date Maturity Date Term of the Note 11. March 14, 2020 June 12, 2020 __________ 12. September 27, 2020 December 11, 2020 __________ 13. November 11, 2020 March 14, 2021 __________ 14.…Presented below are the data on three promissory notes. Determine the missing amounts (round answers to 0 decimal places, e.g. 125 Assume length of year = 360 days.)Date ofNote Terms Maturity Principal Annual Interest Total Interest Date RateApril 1 60 days ? $605,200 11% ? July 2 30 days ? 94,530 ? $630March 7 6 months ? 112,550 11% ?
- What is the due date of a $12,000 90-day, 8% note receivable dated August 5?On January 10, 20X2, a promissory note was signed with the principal of One hundred forty-five thousand forty-two and 34/100. This promissory is an interest-bearing note at 7% and shall be paid on September 15, 20X2. Find the final amount at the end of the load period.(Use banker’s rule)What are the total time in days for the following notes. (Assume there are 28 days in February.) Date of Note Due Date Time in Days May 4 July 17 August 17 October 1 July 5 September 5 December 11 February 5 March 24 May 16 January 6 March 18
- Notes receivable due in 90 days appear on what?Calculate the percentage of AR over 90 days: Total accounts receivable over 90 days: $18,105.50 A/R : $67,901 Allowance: ($4,521) 25% 33% 65% 85%67. Jansen Company prepares an account receivable aging schedule with a series of computations as follows: 10% of the total peso balance of accounts from 1-60 days past due, plus 15% of the total peso balance of accounts from 61-120 days past due and so on. How would you describe the total of the amounts determined in this series of computations? Group of answer choices It is the amount of uncollected accounts expense for the year. It is the amount of the desired credit balance of the allowance for uncollectible accounts to be reported in the year-end financial statements. When added to the total of accounts written off during the year, this new sum is the desired credit balance of the allowance account. It is the amount that should be added to the allowance for uncollectible accounts at year-end.