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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 6, Problem 18E
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Computing the Proceeds from the Sale of Notes Receivable Below are several customer notes receivable that were sold without recourse.

  1. 1. An $8,000, 60-day, non-interest-bearing note sold after 15 days at 12%.
  2. 2. A $9,000, 12%, 60-day note sold alter 30 days at 14%
  3. 3. A $6,000, 10%, 90-day note sold after 30 days at 12%
  4. 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.)

To determine

Calculate the preceding sales of customer notes receivable by assuming that there are 360 days in a year.

Explanation

Calculate the preceding sales of customer notes receivable by assuming that there are 360 days in a year.

ParticularsTransaction  1Transaction  2Transaction 3Transaction  4
Face value of note$8,000.00$9,000.00$6,000.00$10,000.00
Interest to maturity$0.00(2) $180.00(4) $150.00(6) $400.00
Maturity value $ 8,000.00 $9,180.00 $6,150.00 $ 10,400.00
Discount(1)  $ (120.00) (3) $(107.10) (5) $ (123.00)(7)  $(325.00)
Proceeds $   7,880.00 $  9,072.90 $  6,027.00 $ 10,075.00

(Table 1)

Working note:

(1) Calculate the discount value for the transaction 1:

Discount = (Accounts receivable × Interest rate on sale of note)×(Time period−Note being sold after )360=$8,000×12%×60−15360=$8,000×12%×45360=$120

(2) Calculate the interest on maturity for the transaction 2:

Interest  on maturity  =Accounts receivable ×Interest percentage×Time period=$9,000×12%×60360=$180

(3) Calculate the discount value for the transaction 2:

Discount = (Maturity value × Interest rate on sale of note)×(Time period−Note being sold after )360=$9,180×14%×60−30360=$9,180×14%×30360=$107

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