Homework Answers
Correct answer---------$2,662
Working
| Notes receivable amount | $ 88,900 |
| Interest for 22 days for year ended June 30 ((88900 x 11%) x 22/360) | $ 598 |
| Interest for next 98 days of following year ((88900 x 11%) x 98/360) | $ 2,662 |
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On June 8, Alton Co. issued an $88,900, 11 %, 120-day note payable to Seller Co....
On June 8, Alton Co. issued an $68,700, 9%, 120-day note payable to Seller Co. Assume...
On June 8, Alton Co. issued an $68,700, 9%, 120-day note payable to Seller Co. Assume that the fiscal year of Seller Co. ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Seller in the following year? When required, round your answer to the nearest dollar. $6,183 $1,031 $1,683 $515
On July 1, Alton Co. issued an $73,100,12%, 120-day note payable to Seller Co. Assume that...
On July 1, Alton Co. issued an $73,100,12%, 120-day note payable to Seller Co. Assume that the fiscal year of Alton Co. ends July 31. Using a 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year? When required, round your answer to the nearest dollar. Select the correct answer. $1,462 $2,193 $731 $8,772
On June 8, Alton Co. issued an $80,042, 11%, 120-day note payable to Seller Co. Assuming...
On June 8, Alton Co. issued an $80,042, 11%, 120-day note payable to Seller Co. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar. Select the correct answer. $8,805 $80,042 $88,847 $82,977
On June 1, Davis Inc. issued an $73,100, 11%, 120-day note payable to Garcia Company Assume...
On June 1, Davis Inc. issued an $73,100, 11%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a.$1,340 b.$8,041 c.$2,033 d.$670
payment should include a debit to Interest Payable for $529 debit to Interest Expense for $529...
payment should include a debit to Interest Payable for $529 debit to Interest Expense for $529 credit to Cash for $52,936 credit to Cash for $59,288 On June 8, Alton Co. issued an $74,400, 10%, 120-day note payable to Seller Co. Assume that the fiscal year of Seller Co. ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Seller in the following year? When required, round your answer to the...
On July 8, Jones Inc. issued an $76,400, 7%, 120-day note payable to Miller Company. Assume...
On July 8, Jones Inc. issued an $76,400, 7%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July 31. Using the 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? Round your answer to the nearest whole dollar.
please help On June 1, Davis Inc. issued an $60,000, 10%, 120-day note payable to Garcia...
please help
On June 1, Davis Inc. issued an $60,000, 10%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using the 360-day year, what is the amount of interest revenue (rounded) recognized by Garcia in the following year? Oa. $6,000 Ob. $1,500 c. $500 d. $1,000 G
On June 8, Williams Company issued an $75,600, 12%, 120-day note payable to Brown Industries. Assuming...
On June 8, Williams Company issued an $75,600, 12%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? Round your answer to the nearest whole dollar. a.$75,600 b.$84,672 c.$9,072 d.$78,624
On August 1, Batson Company issued a 60 day note with a face amount of $55,200...
On August 1, Batson Company issued a 60 day note with a face amount of $55,200 to Jergens Company for merchandise inventory. (Assume a 360-day yea used for interest calculations.) a. Determine the proceeds of the note assuming the note carries an interest rate of 12 b. Determine the proceeds of the note assuming the note is discounted at 12 Previous Next > Email mestructor Save and e 9 A OAM June 1, Davis Inc. issued an 4.200,10%, 120-day not...
On June 1st Davis inc. issue and an $84,000, 5% 120-day note payable to Garcia company....
On June 1st Davis inc. issue and an $84,000, 5% 120-day note payable to Garcia company. assume that the fiscal year of garcia ends June 30 using it 360 -day year what is the amount of interests revenue rounded received by garcia in the following year
On July 1, Alton Co. issued an $73,100,12%, 120-day note payable to Seller Co. Assume that the fiscal year of Alton Co. ends July 31. Using a 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year? When required, round your answer to the nearest dollar. Select the correct answer. $1,462 $2,193 $731 $8,772
On June 8, Alton Co. issued an $80,042, 11%, 120-day note payable to Seller Co. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar. Select the correct answer. $8,805 $80,042 $88,847 $82,977
payment should include a debit to Interest Payable for $529 debit to Interest Expense for $529 credit to Cash for $52,936 credit to Cash for $59,288 On June 8, Alton Co. issued an $74,400, 10%, 120-day note payable to Seller Co. Assume that the fiscal year of Seller Co. ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Seller in the following year? When required, round your answer to the...
please help
On June 1, Davis Inc. issued an $60,000, 10%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using the 360-day year, what is the amount of interest revenue (rounded) recognized by Garcia in the following year? Oa. $6,000 Ob. $1,500 c. $500 d. $1,000 G
On August 1, Batson Company issued a 60 day note with a face amount of $55,200 to Jergens Company for merchandise inventory. (Assume a 360-day yea used for interest calculations.) a. Determine the proceeds of the note assuming the note carries an interest rate of 12 b. Determine the proceeds of the note assuming the note is discounted at 12 Previous Next > Email mestructor Save and e 9 A OAM June 1, Davis Inc. issued an 4.200,10%, 120-day not...
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