College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
TERM OF A NOTE Calculate total time in days for the following notes. (Assume there are 28 days in February.)
Calculate total time in days for the following notes.
Term of the note:
The term of the note number of months or days from the issue date of notes to its maturity date and this is used to compute time, that is the term of the note identified as a fraction of year.
Calculate total time in days for the following notes as shown below:
| Date of Notes | Due Date | Time in Days |
| May 4 | July 17 | 74 |
| August 17 | October 1 | 45 |
| July 5 | September 5 | 62 |
| December 11 | February 5 | 56 |
| March 24 | May 16 | 53 |
| January 6 | March 18 | 71 |
Table (1)
Working notes:
(1) Calculate total time in days for the month of May 4.
| Days in May | 31 |
| Less: Issue Date of note, May 4 | 4 |
| Days remaining in May | 27 |
| Add: Days in June | 30 |
| Maturity Date, July 17 | 17 |
| Time in Days | 74 |
Table (2)
(2) Calculate total time in days for the month of August 17.
| Days in August | 31 |
| Less: Issue Date of note, May 17 | 17 |
| Days remaining in August | 14 |
| Add: Days in September | 30 |
| Maturity Date, October 1 | 1 |
| Time in Days | 45 |
Table (3)
(3) Calculate total time in days for the month of July 5...
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