Question

On August 1, Batson Company issued a 60-day note with a face amount of $55,200 to...

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 year is used for interest calculations.)

Homework Answers

Answer #1

Please comment if still any difficulty, all the best dear.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On September 1, Elegant Salon Company issued a 30-day note with a face amount of $94,800...
On September 1, Elegant Salon Company issued a 30-day note with a face amount of $94,800 to Osborne 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%. $
Entries for Notes Payable A business issued a 60-day, 10% note for $93,000 to a creditor...
Entries for Notes Payable A business issued a 60-day, 10% note for $93,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. If an amount box does not require an entry, leave it blank.
17. A 100-day note with a face amount of $54,000 and interest rate of 9% is...
17. A 100-day note with a face amount of $54,000 and interest rate of 9% is issued on June 1. (6 points) Required: 1.Compute the following using a 360-day year:   Maturity value of the note $___________ Maturity date___________ Interest$___________ 2.The note is discounted on July 1. The bank discount rate is 12%. Compute the following: a. Number of days in the discount period ___________ b. Discount amount$___________    c.  Proceeds$___________
On August 1, Year 1, Jackson Company issued a one-year $52,000 face value interest-bearing note with...
On August 1, Year 1, Jackson Company issued a one-year $52,000 face value interest-bearing note with a stated interest rate of 9.00% to Galaxy Bank. Jackson accrues interest expense on December 31, Year 1, its calendar year-end. What is the amount of interest expense and the cash outflow for interest during the year ending December 31, Year 1? (Do not round your intermediate calculations.) Interest Expense Cash Outflow Group of answer choices $4680​ $4680​ $4680​ $0 $1950​ $1950​ $1950​ $0
Chapter 10 -1    Entries for notes payable Bennett Enterprises issues a $648,000, 60-day, 6%, note...
Chapter 10 -1    Entries for notes payable Bennett Enterprises issues a $648,000, 60-day, 6%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. 1. Inventory ________ Notes Payable ______ 2. Notes Payable _____...
Assume Nutricare company issued a 120-day,9% note for $1000 dated August 1,20Y7, to Bowden company for...
Assume Nutricare company issued a 120-day,9% note for $1000 dated August 1,20Y7, to Bowden company for a $1000 overdue account. Journalize entries for: a. Issuance of the note b. Payment of note at maturity
On July 1, Alton Co. issued an $89,800, 7%, 120-day note payable to Seller Co. Assume...
On July 1, Alton Co. issued an $89,800, 7%, 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. $1,572 $1,048 $6,286 $524
Entries for Discounted Note Payable A business issued a 90-day note for $39,000 to a creditor...
Entries for Discounted Note Payable A business issued a 90-day note for $39,000 to a creditor on account. The note was discounted at 9%. Assume a 360-day year. a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank. If necessary, round to one decimal place. a. Accounts Payable Interest Expense Notes Payable    b. Journalize the entry to record the payment of the...
Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $90,000, dated April 19,...
Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $90,000, dated April 19, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. a. Determine the due date of the note. July 18 b. Determine the maturity value of the note. $ Feedback The due date is the date the note is to be paid. Remember the interest rate is stated on an annual basis, while the term is expressed as...
business-accounting question. thanks A borrower has two alternatives for a loan: (a) issue a $480,000, 60-day,...
business-accounting question. thanks A borrower has two alternatives for a loan: (a) issue a $480,000, 60-day, 8% note or (2) issue a $520,000, 120-day note that the creditor discounts at 12%. (Assume a 360-day year is used for interest calculations.) Required: (1) Calculate the amount of the interest expense for each option. (2) Determine the proceeds received by the borrower in each situation. (3) Which alternative is more favorable to the lender? Explain.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT
Active Questions
  • 1. The nucleus is a membrane-bound organelle that contains the cells genetic information. What other intracellular...
    asked 11 minutes ago
  • Do genetics play a significant role in human attraction? Defend a position (yes or no). Use...
    asked 33 minutes ago
  • 9.14 The quality-control manager at a compact flu-orescent light bulb (CFL) factory needs to determine whether...
    asked 38 minutes ago
  • Describe a business you are familiar with. Discuss ONE way this firm adjusts its short-term capacity...
    asked 52 minutes ago
  • Write a persuasive speech on whether online or face to face learning/education is better for students
    asked 1 hour ago
  • (a) As an analyst briefly explain what you will consider in applying nested designs (b) State...
    asked 1 hour ago
  • Metals are good thermal conductors — that is, when there is a temperature difference across their...
    asked 1 hour ago
  • Theoretical Perspectives that attempts to explain and answer fundamental questions why societies form and why they...
    asked 1 hour ago
  • I am working with data analysis and with a survey. I am cleaning up the following...
    asked 1 hour ago
  • For this problem, carry at least four digits after the decimal in your calculations. Answers may...
    asked 1 hour ago
  • The International Air Transport Association surveys business travelers to develop quality ratings for transatlantic gateway airports....
    asked 1 hour ago
  • Unfortunately, arsenic occurs naturally in some ground water†. A mean arsenic level of μ = 8.0...
    asked 2 hours ago