Using ordinary interest, 360 days, calculate the missing information for thesimple discount note. (Round dollars to the nearest cent.)DiscountDate ofMaturityDateBank DiscountProceedsFaceValueTermRate (%)Note(days)(in $)(in $)$73,0005May 551--Select---2$$

Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) Face Discount Date of Term Maturity Bank Discount Proceeds Value Rate (%) Note (days) Date (in $) (in $) $73,000 May 5 51 -Select--- v $

Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) Face Discount Date of Term Maturity Bank Discount Proceeds Value Rate (%) Note (days) Date (in $) (in $) $73,000 May 5 51 -Select--- v $

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 18E: Computing the Proceeds from the Sale of Notes Receivable Below are several customer notes receivable...

See similar textbooks

Related questions

Q: Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate…

A: Calculate interest amount for 95 days.

Q: In the credit terms of 3/15, n/45, the "3" represents the a. Number of days when the entire amount…

A: Credit terms: Credit terms are the terms of payment offered by the seller to the buyer.

Q: On the last day of October, Wright Company borrows $120,000 on a bank note for 60 days at 11 percent…

A: This question is asking about the Journal entries for 31 October of issue of notes, 30 November of…

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: The bank discount of a 90 - day simple discount note for $ 18,000 with an 8\% discount rate is :

A: The conceptual formula is:

Q: Using ordinary interest, 360 days, calculate the missing information for the simple discount note.…

A: given data face value = $400 discount rate = 12.8% date of note = sept 8 term = 106 days now using…

Q: After being held for 40 days, a 120-day, 12 % interest bearing note receivable was discounted at a…

A: The net proceeds are the amount the seller received at the time of the maturity of the note which is…

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: Formula: Annual percentage rate = Monthly periodic rate x 12 months Multiplying monthly periodic…

Q: Using ordinary interest, 360 days, calculate the missing information for the simple discount note.…

A: Simple discount note is a type of note which is usually issued by government for short term and on…

Q: The following interest-bearing promissory note was discounted at a bank by the payee before…

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

Q: Using ordinary interest, 360 days, calculate the missing information for the simple discount note.…

A: Formula: Bank discount = Face value x Discount rate x Time period Multiplying face value , discount…

Q: Calculate the bank discount and proceeds for the following simple discount notes. Usethe ordinary…

A: Notes are a financial instrument which is used by the borrower to borrow the fund or to purchase…

Q: Find the discount and proceeds on a $3,240 face-value note for six months if the discount rate is…

A: Net Proceeds: It is the amount received by an individual after deducting a discount and expenses.

Q: In credit terms of 3/15, n/45, the "3" represents a. Full amount of the invoice b. Percent of the…

A: The terms of 3/15, n/45 means a discount of 3% if payment is made within 15 days whereas payment…

Q: 3-year, P900,000 receivable due as follows 0. On Jan. 1, 20x1, Parya Co. rece note…

A: Introduction: The present value (PV) of a future sum of money or stream of revenue is its current…

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

A: Req-a Date Account Name Debit Credit Oct. 1 Cash $89,100 Interest Expense ($90,000…

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: Calculate APR as follows: APR = Monthly rate×12=114%×12=1.25%×12=0.15=15% Calculate finance charge…

Q: Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate…

A: Given information, Face value = $20,500 Rate of interest = 11% Length of note = 75 days Date of note…

Q: Maturity Value (in $) Date of Maturity Face Value Term of Note (days) Interest Rate (%) Note Date…

A: Given: Face value = $1280 Days of note = 130 Interest rate = 7.9%

Q: elect the correct answer and explain What is the discount to a promissory note with a face value of…

A: In this we have calculate the discount on note using simple interest rate given.

Q: The simple interest note was discoanted at 15%. Find the discount period in days and the proceeds.…

A: In order to calculate the proceeds of the simple interest note, we are required to calculate the…

Q: The Beta Company made a sale for $340,000 on credit. It accepted a note receivable from the…

A: Solution- = $340000 * 4% = 13600 Interest is calculated by applying Interest rate to the principle…

Q: The following interest-bearing promissory note was discounted at a bank by the payee before…

A: Computation of discount (in $) is as follows: Discount Amount =Maturity value ×Discount…

Q: State Bank made a loan at 12% interest for 360 days. If the amount of interest was $935.40, use the…

A: Interest = $935.40 Interest Rate = 12% Time Period = 360 Days

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

A: Effective interest rate is calculated after considering all the compounding effect.

Q: A bank charges a simple discount at 11% interest rate on short term loans. Find the sum received by…

A: Answer

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: Annual percentage rate (APR) refers to the annual cost of funds borrowed. The APR is usually…

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: The annual interest rate that is charged by the lenders or at which the investors earn additional…

Q: The following interest-bearing promissory note was discounted at a bank by the payee before…

A: A promissory note (PN) is a financial instrument that is used to make business payments after the…

Q: The following interest-bearing promissory note was discounted at a bank by the payee before…

A: An interest-bearing note is a debt security that shows an amount of money loaned by one lender to a…

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: APR = 12 * Monthly periodic rate

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: Formula: Annual percentage rate ( APR ) = Monthly periodic rate x 12 months Multiplying monthly…

Q: Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate…

A: Time value of money is the concept that is widely used by the management to determine the actual…

Q: Assuming a 360-day year, proceeds of $45,552 were received from discounting a $46,830, 90-day note…

A: Time value of money: The value of money changes over a period time. The value of money depends on…

Q: Mobile Co. issued a $59,421, 60-day, discounted note to Guarantee Bank. The discount rate is 11%. At…

A: Discounting: It is the process where the bill is given to a bank to get the bill discounted before…

Q: In credit terms of 3/15, n/45, the "3" represents the Oa. number of days in the discount period Ob.…

A: Credit terms: Credit terms are terms between a seller and buyer. These terms state the time and…

Q: calculate the missing information.

A: A promissory note is a type of instrument issued between two parties in a written form for some…

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: The annual percentage rate is the rate at which the finance charges or interest expenses are…

Q: NEEDED IN 10 MINUTES 22. On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received…

Q: Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate…

A: The note receivable is the assets for the business, which is a promissory note for the payment due…

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: Formula: Annual Percentage rate = Monthly periodic rate x 12 Months

Q: Determine the proceeds from each of the following discounted customer notes: a. An P8,000, 60-day,…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Using ordinary interest, 360 days, calculate the missing information for the simple discount note.…

Q: Calculate the bank discount and proceeds (in $) for the simple discount note. Use the ordinary…

A: Given: Face value = $85,000 Discount rate = 9.85% Term = 11 months or 330 days(11*30)

Q: On July 31, 20A, ABC Company discounted at the bank, a customer's P1.2 million, 6-month 10% notes…

A: Recognized Gain or loss:- It is the profit one makes from selling an asset if the sale value is more…

Q: Using ordinary interest, 360 days, calculate the missing information for the simple discount note.…

A: BANK DISCOUNT =FACE VALUE ×DISCOUNT RATE ×TIME PROCEEDS=FACE VALUE - BANK DISCOUNT

Q: Calculate the bank discount and proceeds (in $) for the simple discount note. Use the ordinary…

A: Answer

Question

Using ordinary interest, 360 days, calculate the missing information for the
simple discount note. (Round dollars to the nearest cent.)
Discount
Date of
Maturity
Date
Bank Discount
Proceeds
Face
Value
Term
Rate (%)
Note
(days)
(in $)
(in $)
$73,000
5
May 5
51
--Select---
2$
$

Expert Solution

Step 1

Note means an instrument acknowledging as debt due from one party to another party.

It carry defined rate of interest and repayable after certain period of time.

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

Computing the Proceeds from the Sale of Notes Receivable Below are several customer notes receivable that were sold without recourse. 1. An 8,000, 60-day, non-interest-bearing note sold after 15 days at 12%. 2. A 9,000, 12%, 60-day note sold alter 30 days at 14% 3. A 6,000, 10%, 90-day note sold after 30 days at 12% 4. A 10,000, 12%, 120-day note sold after 45 days at 15% Determine the proceeds from each of the preceding sales of customer notes receivable. (Assume a 360-day year.)
Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) FaceValue DiscountRate (%) Date ofNote Term(days) MaturityDate Bank Discount(in $) Proceeds(in $) $700 12.2 Sept. 4 107 $ $
Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) FaceValue DiscountRate (%) Date ofNote Term(days) MaturityDate Bank Discount(in $) Proceeds(in $) $71,000 5 May 3 51 $ $
Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) FaceValue DiscountRate (%) Date ofNote Term(days) MaturityDate Bank Discount(in $) Proceeds(in $) $19,200 10 June 7 80 ---Select--- January February March April May June July August September October November December $ $
A $7,000, 4%, 120-day note dated March 20 is discounted on July 15. Assuming a 3% discount rate, the bank discount is: Multiple Choice $1.74 $1.77 $93.33 $70.00
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) PreviousBalance AnnualPercentageRate (APR)(as a %) MonthlyPeriodicRate FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $2,430.00 % 1 1/4% $ $1,334.98 $400.00 $
Using ordinary interest, 360 days, calculate the bank discount (in $), proceeds (in $), and effective rate (as a %) for the simple discount note. Round dollars to the nearest cent and round effective rate to the nearest hundredth of a percent. FaceValue DiscountRate (%) Term(days) BankDiscount Proceeds EffectiveRate (%) $6,905 10.49 74
Simmons Corporation can borrow from its bank at 21 percent to take a cash discount. The terms of the cash discount are 2.5/14, net 50. Compute the cost of not taking the cash discount. Note: Use a 360-day year. Do not round intermediate calculations. Input your final answer as a percent rounded to 2 decimal places.
Select the correct answer and explain What is the discount to a promissory note with a face value of $ 27,350? Consider that it is negotiated with the 6.25% annual simple discount, five months before expiring. a. $ 701.25 b. $ 721.66 c. $ 680.00 d. $ 712.21
30. On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received from a customer on September 15, 20x1, with a bank at 16% on a with recourse basis. The bank used 365 days a year in computing the discounts. If the discounting is treated as a secured borrowing, interest expense would be The correct answer is: 5,270 REQUIRED: Provide a step-by-step solution.
The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) FaceValue InterestRate (%) Date ofNote Term ofNote (days) MaturityDate MaturityValue(in $) $1,210 7.1 Sept. 15 130 ---Select--- January February March April May June July August September October November December $ Date ofDiscount DiscountPeriod (days) DiscountRate (%) Proceeds(in $) Dec. 8 11.9
Valley Designs issued a 90-day, 10% note for $48,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note.$___ Question Content Area c1. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. notes receivable - Select - 0 accounts receivable - valley designs 0 - Select - Question Content Area c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. cash - Select - 0 notes receivable 0 - Select - interest revenue 0 - Select -