HomeworkLib
Question

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

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer: Option (d) $78,624

Explanation:

Interest = $75,600 * 12% * 120/ 360 = 3024

Maturity value = $75,600 + $3024 = $78,624 ( Answer)

0 0
Add a comment
Know the answer?
Add Answer to:
On June 8, Williams Company issued an $75,600, 12%, 120-day note payable to Brown Industries. Assuming...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 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 8, Alton Co. issued an $88,900, 11 %, 120-day note payable to Seller Co....

    On June 8, Alton Co. issued an $88,900, 11 %, 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. O$1,630 O$2,662 $815 O$9,779

  • 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.

  • 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 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

  • 1. Notes may be issued a. to creditors to temporarily satisfy an account payable created earlier...

    1. Notes may be issued a. to creditors to temporarily satisfy an account payable created earlier b. when borrowing money c. when assets are purchased d. for all of these 2. On June 1, Davis Inc. issued an $60,800, 8%, 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...

  • 11/7/2019 CengageNOWV2 Online teaching and learning Resource to Congo 1. MC.11-051.ALGO (Algorithmic) avable to Brown Industries....

    11/7/2019 CengageNOWV2 Online teaching and learning Resource to Congo 1. MC.11-051.ALGO (Algorithmic) avable to Brown Industries. S o, Williams Company issued an $73,200, 10%, 120-day note payable to day year, what is the maturity value of the note? Round your answer de on the note? Round your answer to the nearest whole dollar. a. $7,320 b. $73,200 c. $75,640 d. $80,520 unts of $82,270 and $10

  • A business issued a 120-day, 6% note for $12,600 to a creditor on account. The company...

    A business issued a 120-day, 6% note for $12,600 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If an amount box does not require an entry, leave it blank or enter 0. When required, round your answers to the nearest dollar.

  • Proceeds from Notes Payable On September 1, Bella Salon Company issued a 120-day note with a...

    Proceeds from Notes Payable On September 1, Bella Salon Company issued a 120-day note with a face amount of $67,200 to Hamlet Hair Products Company for merchandise inventory. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%. b. Determine the proceeds of the note, assuming the note is discounted at 8%

  • 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

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT