Question

Helix Co. entered into the following transactions involving short-term notes payable.  On May 14, Helix signed a 60-day, $30,000 note bearing 8% annual interest.  Helix Co. paid all amounts due on the maturity date.

The maturity date of the note is on ________________.

Answer 1

Solution:
	Calculation of maturity date of the note
	Date of issue of note Payable	On May 14
	Period of signed note	60	Days
	Balance in days in the month of May	17	Days
		(31 Days - 14 Days )
	Total Days in the month of June	30	Days
	Days required in the month of July	13	Days
		(60 Days - 17 Days - 30 Days)
	It means note is matured as on 13th of July
	Answer = July 13