What price did the finance company pay for the promissory note?  What rate of interest did the original owner of the note get?

Q: On 1 January, Laja Bhd owes the Arbor Bank Bhd RM350,000 which is due on December 31. Since Laja…

A: Notes payable is the liability on the company now it depends upon the time regarding to determine…

Q: Blue Spruce Corp. lends Dobson industries $ 60000 on August 1, 2017, accepting a 9-month, 6%…

A: Interest receivable on December 31, 2017 = 60,000 x 6/100 x 5/12 = $1,500  Interest revenue from…

Q: zero-interest-bearing note

A: A note is a promise to pay a particular amount at some date in the future. It is also known as…

Q: On May 20, 2021, Gordon Company discounted with recourse a P75,000, 90-day, 8% note that was…

A: Maturity value of the note = Face value of note + interest = P75,000 + (P75,000*8%*90/360) = P75,000…

Q: On February 1, Electronic Warehouse Co. issued a 45-day note with a face amount of $80,000 to Yamura…

A: Notes are issued by the organisation for receivables and payables that are to be received or paid in…

Q: SAOD Company sold merchandise for $300,000 to RELANSE Company on January 1, 2021 and received a…

A: As per the term of restructuring on Dec 31, 2021, the Relanse Company will pay 210000 at the end of…

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

A:

Q: Mystic Magic issued a $120,000 note on January 1, 2018 to a customer, Amy Arnold, in exchange for…

A: 1. 01-Jan-18     Notes Receivable... Dr   120,000                           To accounts receivable…

Q: At January 1, 2016, Brainard Industries, Inc., owed Second BancCorp $12 million under a 10% note due…

A:

Q: On Jan 1, 2021, XYZ Co. sold a machine in exchange for a P1500,000, non-interest-bearing note…

A: Carrying amount of the Note = face value of the non-interest-bearing note x Present value factor…

Q: On December 31,2020, Sheridan Company signed a $1,228,500 note to Skysong Bank. The market interest…

A: A loan is a contractual relationship in which a creditor lends money to another company in exchange…

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: A promissory note with a face value of $12,300 is written on February 22, 2015 and is due on June…

A: 1) Compound interest =P(1 + r/n) (nt) Here p= 12300 R=11.5% N=7.25 yrs             Compound interest…

Q: On july 1, 2017 LA company sold equipment to NA company for 1,000,000. LA accepted a 10% note…

A: Discounting a note receivable refers to the selling of the notes receivable in the future for a…

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: ystic Magic issued a $120,000 note on January 1, 2018 to a customer, Amy Arnold, in exchange for…

A: A journal entry is a form of accounting entry that is used to document a financial transaction in a…

Q: Al Havier Manufacturing received a Php 350,000 promissory note at 11% simple interest for 96 days…

A: Asper the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Q: On April 1, 2014, Somers Company assigns $200,000 of its accounts receivable to Third National Bank…

A: Working note: Computation of finance charges: Finance charges=Accounts receivable assigned×Rate of…

Q: On December 1, 2021, Boxer Company assigned P 400,000 of accounts receivable to Karate Company as a…

A: The amount owed to a company for goods or services delivered or used but not yet paid for by…

Q: Tri State Bank was the payee of a $60,000 note dated August 16. The note was made for 120 days and…

A: Since, note is a discount note( not interest bearing), the value of loan = discounted present Value…

Q: 9. On January 1, 2013, Savage Company sold goods to another entity. The buyer signed a…

A: According to the accrual basis of accounting, all the revenues and expenses should be recorded in…

Q: On December 31, 2020, Iva Majoli Company borrowed $62,092 from Paris Bank, signing a 5-year,…

A:

Q: On January 1, 2021, NOBLE Company sold goods in exchange for a P5,000,000, 1- year,…

A: Discount on notes = Face value of note x market rate of interest x no. of months/12 = P5000000 x 12%…

Q: A note of P 55,000 dated January 1, 2015 is due in 5 years and 6 months with interest at 9%…

A: First, we will calculate the compound interest amount for the whole period, and then we will be…

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

A:

Q: Solar Co. sold a machine in exchange for a P00.000, 4-year, 5% note, interest is payable annually.…

A: The question is based on the concept of Financial Management.

Q: How much cash did Thunder Company receive from the bank? *

A: Given information is: On September 1, 2020, Thunder Company received an P80,000, 12%, 120-day note…

Q: On July 1, 2020, Jolly Company sold goods in exchange for P2,000,000, 8-month, noninterest-bearing…

A: The notes receivable is an account in the balance sheet generally under the current assets if the…

Q: Keesha Co. borrows $200,000 cash on November 1, 2017, by signing a 90-day, 9% note with a face value…

A: Notes are a form of debt taken by the company, on which business has to pay interest payments. This…

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: 6. On December 31, 2010, Chelsea Co. provides a service for its customer Villas Boas Co. inexchange…

A: First step is to compute the amount of notes receivable to be recorded in the beginning of the…

Q: Lathrop has a 5%, $40,000 note receivable from the sale of merchandise on January 1, 2020. The note…

A: The collectibility of  note = $15000 which is after end of 4th year from December 31,2020

Q: How much is the noncurrent portion of the note on December 31, 2018?

A: The determination of non current portion of the note receivable is shown hereunder : Apple company…

Q: Pangasinan Company is a dealer in equipment. On December 31, 2017, the entity sold an equipment in…

A: The note requires an annual payment of P500,000 for five years. The first payment is coming after 1…

Q: Hermes Inc. received on January 1, 2017, a $22,800 4-year zero-interest bearing note for lending…

A: Note represents the liabilities on which a percentage of interest has to be paid.

Q: On December 30, 2005, Bart, Inc. purchased a machine from Fell Corp. in exchange for a non-interest…

A: Present Value of Note = Annual Payment * The present value of the annuity in advance of 1 at 11% (…

Q: On January 1, 2018, Apple Company sold delivery equipment costing P1,000,000 with accumulated…

A: The current portion of a note receivable represents the amount that is due for receipt within the 12…

Q: On December 1, 2021, Wonder Company assigned P400,000 of accounts receivable to Woman Company as a…

A: Accounts receivable (AR) is the amount of cash yet to be received by a firm for products or services…

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: At January 1, 2018, NCI Industries, Inc., was indebted to First Federal Bank under a $240,000, 10%…

A: 1 ) Calculation of Present value of debt = ( $240,000 + ( $240,000 x 10 % ) )…

Q: On December 31, 2020, Sweet Company signed a $1,278,400 note to Pharoah Bank. The market interest…

A: Calculation of  Amount of cash Pharaoh received from the loan on December 31, 2020. Particulars…

Q: Max Corp. sold goods for $36,000 on July 17, 2020, and accepted a 12%, 90-day note. On August 1, the…

A: Meaning of Journal Entries:                   Journal entries are the record of business…

Q: Sheffield Corporation issued a 3-year, $66,000, 6% note to Oriole Company on January 1, 2017, and…

A: Bonds are used for raising finance for the company. It is considered a cheaper source of finance as…

Q: On January 1, 2020, Billy Company sold equipment that originally cost $5,000,000 to Selecta Company.…

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 31, 2010, Chelsea Co. provides a service for its customer Villas Boas Co. inexchange for…

A: First step is to compute the amount of liability of Note payable to be recorded o Dec31, 2010.This…