menu
bartleby
search
close search
Hit Return to see all results
close solutoin list

Proceeds from notes payable On January 26 , Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a fact amount of $150,000. a. Determine the proceeds of the note, assuming that the note carries an interest rate of 10%. b. Determine the proceeds of the note, assuming that the note is discounted at 10%

BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615

Solutions

Chapter
Section
BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615
Chapter 11, Problem 11.1BPE
Textbook Problem
47 views

Proceeds from notes payable

On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a fact amount of $150,000.

  1. a. Determine the proceeds of the note, assuming that the note carries an interest rate of 10%.
  2. b. Determine the proceeds of the note, assuming that the note is discounted at 10%

A.

To determine

Notes Payable: Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.

To Determine: The proceeds amount of the note

Explanation of Solution

In this case, the note is not discounted...

B.

To determine
The proceeds amount of the note

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Chapter 11 Solutions

Accounting (Text Only)
Show all chapter solutions
add
Ch. 11 - Proceeds from notes payable On October 12,...Ch. 11 - Proceeds from notes payable On January 26, Nyree...Ch. 11 - Federal income tax withholding Lily Flowers weekly...Ch. 11 - Federal income tax withholding Marsha Mellows...Ch. 11 - Employee net pay Lily Flowers weekly gross...Ch. 11 - Employee net pay Marsha Mellow's weekly gross...Ch. 11 - Journalize period payroll The payroll register of...Ch. 11 - Journalize period payroll The payroll register of...Ch. 11 - Journalize payroll tax The payroll register of...Ch. 11 - Journalize payroll tax The payroll register of...Ch. 11 - Vacation pay and pension benefits Fukushima...Ch. 11 - Vacation pay and pension benefits Regling Company...Ch. 11 - Estimated warranty liability Chloe Co. sold...Ch. 11 - Estimated warranty liability Quantas Industries...Ch. 11 - Quick ratio Nabors Company reported the following...Ch. 11 - Quick ratio Adieu Company reported the following...Ch. 11 - Current liabilities Bon Nebo Co. sold 25,000...Ch. 11 - Entries for discounting notes payable Griffin...Ch. 11 - Evaluating alternative notes A borrower has two...Ch. 11 - Entries for notes payable A business issued a...Ch. 11 - Entries for discounted note payable A business...Ch. 11 - Fixed asset purchases with note On June 30,...Ch. 11 - Current portion of long-term debt PepsiCo, Inc.,...Ch. 11 - Calculate payroll An employee earns 32 per hour...Ch. 11 - Calculate payroll Diego Company has three...Ch. 11 - Summary payroll data In the following summary of...Ch. 11 - Payroll tax entries According to a summary of the...Ch. 11 - Payroll entries The payroll register for Proctor...Ch. 11 - Payroll entries Widmer Company had gross wages of...Ch. 11 - Payroll internal control procedures Big Howies Hot...Ch. 11 - Internal control procedures Dave's Scooters is a...Ch. 11 - Accrued vacation pay A business provides its...Ch. 11 - Pension plan entries Yuri Co. operates a chain of...Ch. 11 - Defined benefit pension plan terms In a recent...Ch. 11 - Accrued product warranty Lowe Manufacturing Co....Ch. 11 - Accrued product warranty General Motors...Ch. 11 - Contingent liabilities Several months ago, Ayers...Ch. 11 - Quick ratio Gmeiner Co. had the following current...Ch. 11 - Quick ratio The current assets and current...Ch. 11 - Liability transactions The following items were...Ch. 11 - Entries for payroll and payroll taxes The...Ch. 11 - Wage and tax statement data on employer FICA tax...Ch. 11 - Payroll register The following data for Throwback...Ch. 11 - Payroll accounts and year-end entries The...Ch. 11 - Liability transactions The following items were...Ch. 11 - Entries for payroll and payroll taxes The...Ch. 11 - Wage and tax statement data and employer FICA tax...Ch. 11 - Payroll register The following data for Flexco...Ch. 11 - Payroll accounts and year-end entries The...Ch. 11 - Selected transactions completed by Kornett Company...Ch. 11 - Ethics and professional conduct in business Tonya...Ch. 11 - Recognizing pension expense The annual examination...Ch. 11 - Ethics in Action Marvin Turner was discussing...Ch. 11 - Contingent liabilities Altria Group, Inc., has...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions add
What three steps are involved in delegation? Explain each.

Foundations of Business (MindTap Course List)

Explain how costs are assigned to activities.

Managerial Accounting: The Cornerstone of Business Decision-Making

Explain the deposit requirement for federal unemployment tax.

College Accounting (Book Only): A Career Approach

What is a loan amortization schedule, and what are some ways these schedules are used?

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

What is the quantity theory of money? Is the theory valid?

Economics: Private and Public Choice (MindTap Course List)