You are given the following account summary:Balance Deposit Withdrawal1,0001,0201,110TimeJanuary 1March 160100December 31 1,050The dollar-weighted rate of return is 8.85296, Find the date T.a. July 1O b. August 1C. June 1d. October 1e. September 1

Following is the answer to the given question

You are given the following account summary: Time Balance Deposit Withdrawal 1,000 1,020 1.110 December 31 1,050 January 1 March 1 60 100 The dollar-weighted rate of return is 8.852%, Find the date T. O a. July 1 b. August 1 C. June 1 d. October 1 e. September 1

You are given the following account summary: Time Balance Deposit Withdrawal 1,000 1,020 1.110 December 31 1,050 January 1 March 1 60 100 The dollar-weighted rate of return is 8.852%, Find the date T. O a. July 1 b. August 1 C. June 1 d. October 1 e. September 1

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 3CE

See similar textbooks

Related questions

Q: Calculate Days in Accounts Receivable. Total accounts receivable over 90 days: $18,105.50 A/R :…

A: Days in Accounts receivable is calculated by dividing total Receivables, net of credit by daily…

Q: 6. Consider a bank account with the following transactions for the month of June 2021: No. of Days…

Q: Average Ledger Balance Deposit Float Reserve Requirement Earnings Credit Rate Service Charges for…

A: Average collected balance can be defined as the average balance of collected funds in the bank…

Q: You are given the following information: Receivables at 1 January 20X3 $10,000 Receivables at 31…

A: We have the following information: Receivables at 1 January 20X3: $10,000 Receivables at 31…

Q: Amount Bills Term Discount Rate Date of Bills (OMR) (months) (% p.a.) January 17 275,000 4 12 If the…

A: Rebate on bill discounted is the that amount of discount which is received, but not earned. This is…

Q: A 60-day, 6% note for $26,400, dated May 1, is received from a customer on account. The maturity…

A: Formula: Maturity Value of Note = Face Value of Note + Interest on Note Maturity Value of Note =…

Q: date Face Rate% Term aug. 8. 45000.…

A: Income statement is an important lifeline of accounting as it defines a companies financial position…

Q: and sales. . $3,000,000.00 $2.500,000.00 $2.000,000.00 $1,500.000.00 $1.000.000.00 $500,000.00 Cash…

A: Accounts receivables are the current assets for the firm as this is a situation where the goods are…

Q: percentage rate is 27%. Complete the account activity table for Kathy. (Round your answers to the r…

A: Finance Charge: It refers to the cost of borrowing like interest paid on debt.

Q: Determine the missing information for the following line of credit for the month of March. Date…

Q: iodic Rate (as a %) Finance Charge (in $) Purchases and Cash Advances Payments and

A: Calculate APR as follows: APR = Monthly rate ×12 =114%×12=1.25%×12=15% Thus , APR id 15%

Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 60-day, 5%, $50,000 note. 1. On what…

A: Note payable is one form of liability for the business, which needs to be paid or settled within a…

Q: Analyze the following: A $10,000 60 day interest bearing note was issued for cash on June 30 at a…

Q: Calculate the percentage of AR over 90 days: Total accounts receivable over 90 days: $18,105.50…

A: The percentage is calculated by divide your total accounts receivable by your total accounts…

Q: and/or the Banker date of maturity. The effective date is the date the loan was writ Consumer…

A: Banker's rule consider 360 days in year but while calculating the interest the actual number of days…

Q: 7. Using the following table containing the dates of purchases and payments to determine the average…

A: A credit card is a way of obtaining short term finance by a consumer for fulfilling their purchase…

Q: 1. You have saved $1000 and have decided to deposit it into an account paying 3% APR compounded…

A: Computation of the table below:

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

A: Formula: Annual percentage rate = Monthly rate x 12 Months

Q: Calculate the average daily balance (in $) for October for a revolving credit account with a…

A: Computation:

Q: What is the APR if the monthly rate of interest a credit card company charges on outstanding…

A: Given: Monthly rate = 1.62%

Q: In credit terms of 2/10, n/30 the "2" represents the A. Number of days in the discount period O B.…

A: Note: 2/10, n/30: Here, 2 represents the discount rate if payment is made within ten days. And if…

Q: Compute the due date, amount of interest and total cash received on the maturity date for the…

A: Note receivable refers to a negotiable instrument. It represents the claim amount due on the…

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: I am struggling with these calculations: I uploaded both data need to answer question and answer…

A: The interest on notes receivable is computed on the number of days mentioned on the notes as per the…

Q: Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account.…

A: Given: Number of days to maturity = 120 days Discount rate = 10% Maturity value = $96,000 Date 9th…

Q: Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table):…

A: Discount: It refers to a percentage that is deducted from the normal selling price of a product.…

Q: (a) What is the last day for taking the cash discount? (b) What is the amount due if the invoice is…

A: Credit term refers to a payment term mentioned in the invoice which stated the timing and payment of…

Q: Calculate the average daily balance (in $) for October for a revolving credit account with a…

A: Introduction:- The following formula used Average daily balance =Product(Number of days*balance) /…

Q: Determine the missing information for the following line of credit for the month of March. Date…

A: Given: Positive values Negative value Taking 365 days in a year for calculation of interest amount.…

Q: Compute the missing amounts for each of the following notes. (Use 360 days for calculations.)…

A: Solution a: Principal = $540/9%×360/120 = $18,000

Q: ASSUMPTIONS Average Ledger Balance Deposit Float Reserve Requirement Earnings Credit Rate Service…

A: Average collected balance: It is computed by the banks to check the average balance of the collected…

Q: You have a credit card that charges an interest rate of 14.85% compounded monthly. The table below…

A: A credit card is a debt financing instrument that allows the holder to use funds and pay them back…

Q: Sylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 note. 1. On…

A: Interest on Notes = Face value of Notes x rate of interest x time = $110,000 x 12% x 60/360 = $2,200

Q: Calculate the average daily balance (in $) for October for a revolving credit account with a…

A: Revolving credit facility: A revolving credit facility enables an individual to borrow money…

Q: Previous Balance Annual Percentage Rate (APR Monthly Periodic Rate Finance Charge $35.00 Purchases…

A: Required: Fill in the missing numbers in each row.

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: aoul's credit card statement showed these transactions during May. May 1 May 6 May 10 May 15 May 26…

A: In credit cards bank charges interest based on daily balance during month and interest is charged…

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: Finance charges as per previous balance method = previous balance × periodic rate

Q: The following table describes your bank account balance before and after each time point as well as…

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

Q: 3. Calculate the average billing daily balance for each of the monthly statements for the following…

A: The question is based on the concept of monthly financial charges for billing cycle. Average daily…

Q: The balance in an account on January 1st is $50,000. On April 1st, the balance is $51,000 and a…

A: TWR=[(1+HP1)×(1+HP2)×⋯×(1+HPn )] −1 where: TWR= Time-weighted return n= Number of sub-periodsHP=…

Q: Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table):…

A: Days the note has remained outstanding is 20 days ((30 days-12 days) + 2 days).

Q: A credit card statement showed these transactions during October. October 1 Previous balance $257.28…

A: Average daily balance will be calculated with the arithmetic average formula. Average Daily Balance…

Q: Merchandise costing $539 is sold for 1848 on terms 2/10, n/30. If the buyer pays within the discount…

A: Accounts receivables: It implies to the amount that has been owed by the customers from the…

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 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: You have a credit card that charges an interest rate of 10.95% compounded monthly. The table below…

A: Given: Interest rate 10.95% Date Activity Amount 1-Apr Beginning balance…

Q: Calculating the net costs of checking accounts. Determine the annual net cost of these checking…

A: A checking account is an account that is held in a financial institution or bank in the form of a…

Question

You are given the following account summary:
Balance Deposit Withdrawal
1,000
1,020
1,110
Time
January 1
March 1
60
100
December 31 1,050
The dollar-weighted rate of return is 8.85296, Find the date T.
a. July 1
O b. August 1
C. June 1
d. October 1
e. September 1

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

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 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

A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.
Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
The deposit in transit balance for the previous and current months are P200,000 and P100,000, respectively. If the total deposits acknowledged by the bank is P1,100,000 compute the book’s total deposits.
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:Accounts Debit CreditCash $ 58,700Accounts Receivable 25,000Allowance for Uncollectible Accounts $ 2,200Inventory 36,300Notes Receivable (5%, due in 2 years) 12,000Land 155,000Accounts Payable 14,800Common Stock 220,000Retained Earnings 50,000Totals $ 287,000 $ 287,000During January 2021, the following transactions occur:January 1 Purchase equipment for $19,500. The company estimates a residual value of $1,500…
At the end of 2010, the business calculates 2.750 TL of present value for the notes receivables with maturity value of 3.250 TL. Which entry is made on Dec 31, 2010? a. 2.750 debit to 122-D on N/R and credit to 647-D. Int. Rev b. 500 debit to 122-D on N/R and credit to 647- D. Int. Rev c. 2.750 debit to 657- D. Int. Ex and credit to 122-D on N/R d. 500 debit to 657-D. Int. Ex and credit to 122-D on N/R
The following information relates to Charleston Co.'s accounts receivable for 2021: Accounts receivable balance, 1/1/2021 $ 840,000 Credit sales for 2021 3,300,000 Accounts receivable written off during 2021 70,000 Collections from customers during 2021 3,100,000 Allowance for uncollectible accounts balance, 12/31/2021 210,000 What amount should Halloran report for accounts receivable, before allowances, at December 31, 2021?
Ablema has provided you with the following bank statement and bank account details in respect of the month ended 31 January 2018. Statement date - 31 January, 2018. Account No 1452800 Date Particulars Debit Credit Balance GH¢ GH¢ GH¢ 01-Jan-18 Balance forward 67,580 Cr 06-Jan-18 Cheque 597 120 67,460 Cr 06-Jan-18 Direct debit 2,020 65,440 Cr 12-Jan-18 Credit transfer 4,660 70,100 Cr 13-Jan-18 Cheque 600 1,420 68,680 Cr 14-Jan-18 Cheque 601 12,028 56,652 Cr 16-Jan-18 Lodgement 9,000 65,652 Cr 19-Jan-18 Cheque 599 18,004 47,648 Cr 23-Jan-18 Bank charges for December 2017 422 47,226 Cr 25-Jan-18 Quarterly interest received 62 47,288 Cr 27-Jan-18 Dishonoured cheque 1,600 45,688 Cr 27-Jan-18 Cheque 598 26,090 19,598 Cr 30-Jan-18 Cheque 603 5,048 14,550 Cr 31-Jan-18 Lodgement 14,500 29,050 Cr 31-Jan-18 Standing order: rent first quarter 2018 27,000 2,050 Cr The books and records of Ablema show the followings transactions through the bank account for the month of January 2018: Date Receipts…
At the end of the fiscal year, Accounts Receivable has a balance of R100 000 and allowance for doubtful accounts has a balance of R7 000. The expected net realizable value of the accounts receivable is________. Select one: a. R107 000 b. R7 000 c. R93 000 d. R100 000
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Step 1 In the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. monthly periodic rate = APR 12 By solving this equation for the APR, the known value for the monthly periodic rate can be substituted to calculate the APR. APR = monthly periodic rate ✕ 12 The…
In the credit terms of 3/15, n/45, the "3" represents the a. Number of days when the entire amount is due b. Full amount of the invoice c. Percent of the cash discount d. Number of days in the discount period
Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank f3b771fe205d07f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Accounts Receivable Cash Interest Receivable Interest Revenue Notes Receivable Unearned Interest Aug. 7 fill in the blank 332b64fd401df83_2 fill in the blank 332b64fd401df83_3 fill in the blank 332b64fd401df83_5 fill in the blank 332b64fd401df83_6 fill in the blank 332b64fd401df83_8 fill in the blank 332b64fd401df83_9