#9 Hafers, an electrical supply company, sold $5,800 of equipment to Jim Coates Wiring, Inc. Coates...
#9 Hafers, an electrical supply company, sold $5,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 3.0% interest. The due date was August 10. Short of funds, Hafers contacted Charter One Bank on July 20; the bank agreed to take over the note at a 4.7% discount. (Use Days in a year table.) What proceeds will Hafers receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)
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#9 Hafers, an electrical supply company, sold $5,800 of
equipment to Jim Coates Wiring, Inc. Coates...
11-8 Ron Prentice bought goods from Shelly Katz. On May 20, Shelly gave Ron a time...
11-8
Ron Prentice bought goods from Shelly Katz. On May 20, Shelly
gave Ron a time extension on his bill by accepting a $4,320, 6%,
175-day note. On Aug. 25, Shelly discounted the note at Roseville
Bank at 8%. (Use Days in a year table.)
What proceeds does Shelly Katz receive? (Use 360 days a
year. Do not round intermediate calculations. Round your answer to
the nearest cent.)
Proceeds received
$
11-9
Hafers, an electrical supply company, sold $3,800 of...
Bill Blank signed an $7,540 note at Citizen's Bank. Citizen's charges a 8.2% discount rate. Assume...
Bill Blank signed an $7,540 note at Citizen's Bank. Citizen's charges a 8.2% discount rate. Assume the loan is for 270 days. a. Find the proceeds. (Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.) Proceeds b. Find the effective rate charged by the bank. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.) Effective rate You were offered the opportunity to purchase either...
on August 15 Sheffield Company discounted at sunshine bank a $8,500 (maturity value), 130- day note...
on August 15 Sheffield Company discounted at sunshine bank a $8,500 (maturity value), 130- day note dated May 13. Sunshine’s discount rate was 10%. (Use days in a year table) what proceeds did Sheffield Company receive? ( use 360 days a year. Do not round immediate calculations)
On May 20, Sheffield Company discounted at Sunshine Bank a $7,290 (maturity value), 139-day note ...
On May 20, Sheffield Company discounted at Sunshine Bank a $7,290 (maturity value), 139-day note dated Feb. 20. Sunshine’s discount rate was 8%. (Use Days in a year table.) What proceeds did Sheffield Company receive? (Use 360 days a year. Do not round intermediate calculations.) Proceeds received :?
On July 1, 2020, Metlock Inc. made two sales: 1. It sold excess land in exchange...
On July 1, 2020, Metlock Inc. made two sales: 1. It sold excess land in exchange for a four-year, non–interest-bearing promissory note in the face amount of $1,244,650. The land’s carrying value is $630,000. 2. It rendered services in exchange for an eight-year promissory note having a face value of $410,000. Interest at a rate of 2% is payable annually. The customers in the above transactions have credit ratings that require them to borrow money at 12% interest. Metlock recently...
1. On January 1, 2020, Jim Beam Company sold goods to a customer and received a...
1. On January 1, 2020, Jim Beam Company sold goods to a customer and received a non interest bearing installment note requiring payments of $15,000 annually for six years. The first payment was received by Jim Beam Company on January 1, 2020. The prevailing rate of interest for this type of note is 8%.The total sales revenue Jim Beam Company would record for this sale on January 1, 2020 is : A)$90,000 B) $69,343 C) $74,891 D)$15,000 2. Johnnie Walker...
On May 16, 2019, Safeway Company received a 90-day, 9 percent, $6,000 interest-bearing note from Black...
On May 16, 2019, Safeway Company received a 90-day, 9 percent,
$6,000 interest-bearing note from Black Company in settlement of
Black's past-due account. On June 30, Safeway discounted this note
at Fargo Bank and Trust. The bank charged a discount rate of 14
percent. On August 15, Safeway received a notice that Black had
paid the note and the interest on the due date.
Required: Prepare the entries in general journal form to record
these transactions.
Analyze: If the company...
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card....
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4.0% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately The journal entry to record this sale transaction would be: Multiple Choice O Debit Cash of $580 and credit Accounts Receivable-Regional $580. ) Debit Cash of $580 and credit Sales $580. ooooo Debit Accounts...
33 On May 6, Jim Ryan borrowed $14,000 from Lane Bank at 7 % interest. Jim...
33 On May 6, Jim Ryan borrowed $14,000 from Lane Bank at 7 % interest. Jim plans to repay the loan on March 11. Assume the loan is on ordinary interest. How much will Jim repay on March 11? (Use Days in a year table) (Round your answer to the nearest cent.) Jm repay etbook 7-1 TABLE Exact days-in-a-year calendar (excluding leap year)" Day of month 30 31 30 31 28 31 30 31 31 30 31 31 Dec Mar...
Following are the budgeted income statements for the second quarter of 2019 for SeaTech Inc.: April...
Following are the budgeted income statements for the second quarter of 2019 for SeaTech Inc.: April May June Sales $ 210,000 $ 255,000 $ 285,000 Cost of goods sold* 144,000 171,000 189,000 Gross profit $ 66,000 $ 84,000 $ 96,000 Operating expenses† 33,000 37,500 40,500 Operating income $ 33,000 $ 46,500 $ 55,500 * Includes all product costs (i.e., direct materials, direct labor, and manufacturing overhead). † Includes all period costs (i.e., selling, general, and administrative expenses). The company expects...
11-8
Ron Prentice bought goods from Shelly Katz. On May 20, Shelly
gave Ron a time extension on his bill by accepting a $4,320, 6%,
175-day note. On Aug. 25, Shelly discounted the note at Roseville
Bank at 8%. (Use Days in a year table.)
What proceeds does Shelly Katz receive? (Use 360 days a
year. Do not round intermediate calculations. Round your answer to
the nearest cent.)
Proceeds received
$
11-9
Hafers, an electrical supply company, sold $3,800 of...
Bill Blank signed an $7,540 note at Citizen's Bank. Citizen's charges a 8.2% discount rate. Assume the loan is for 270 days. a. Find the proceeds. (Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.) Proceeds b. Find the effective rate charged by the bank. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.) Effective rate You were offered the opportunity to purchase either...
On May 16, 2019, Safeway Company received a 90-day, 9 percent,
$6,000 interest-bearing note from Black Company in settlement of
Black's past-due account. On June 30, Safeway discounted this note
at Fargo Bank and Trust. The bank charged a discount rate of 14
percent. On August 15, Safeway received a notice that Black had
paid the note and the interest on the due date.
Required: Prepare the entries in general journal form to record
these transactions.
Analyze: If the company...
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4.0% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately The journal entry to record this sale transaction would be: Multiple Choice O Debit Cash of $580 and credit Accounts Receivable-Regional $580. ) Debit Cash of $580 and credit Sales $580. ooooo Debit Accounts...
33 On May 6, Jim Ryan borrowed $14,000 from Lane Bank at 7 % interest. Jim plans to repay the loan on March 11. Assume the loan is on ordinary interest. How much will Jim repay on March 11? (Use Days in a year table) (Round your answer to the nearest cent.) Jm repay etbook 7-1 TABLE Exact days-in-a-year calendar (excluding leap year)" Day of month 30 31 30 31 28 31 30 31 31 30 31 31 Dec Mar...
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