18-RO 6,000, 2-month, non-interest-bearing note payable was discounted by a bank at 9%. The amount of the proceeds were a. 6054 b. 5946 c. 6000 d. 5910
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- RO 6,000, 2-month, non-interest-bearing note payable was discounted by a bank at 9%. The amount of the proceeds were a. 6000 b. 5910 c. 6054 d. 5946Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day, discounted note payable of $115,133 is a. $115,133 b. $8,059 c. $4,030 d. $2,015120- day note of P100,000 dated October 1, non-interest bearing, and with a market rate of 9%interest, discounted at the bank on November 30 at 12%. This note was received from the saleof the equipment.Determine the proceeds from discounting of notes receivable.
- Assuming a 360-day year, the interest charged by the bank, at the rate of 8%, on a 90-day, discounted note payable of $105,987 is a.$4,240 b.$8,479 c.$2,120 d.$105,98717. Walnut company received from a customer an 1-year, P200,000 note bearing annual interest of 8%. After holding the note for 8 months,Walnut discounted the note at a local bank at an effective rate of 12%. What is the maturity value of the note? a. 216,000 b. 169,500 c. 200,000 d. 226,000Assuming a 360-day year, proceeds of $52,258 were received from discounting a $52,919, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was Oa. 3% Ob. 6% Oc. 5% Od. 7%
- 2. On Oct 1, 20X1 ABC Co. discounted a one year 12% P600,000 note received from a customer on January 1, 20X1 with a bank at 14% on a without recourse basis. How much is the proceeds from note discounting? 576,480 648,480 654,000 672,000Assuming a 360-day year, the interest charged by the bank, at the rate of 6%, on a 90-day, discounted note payable of $100,000 is O $3,000 A Ob. $6,000 Oc. $1,500 Od $500II- Discounting of note receivable with recourse A P1,800,000, 6-month, 10% note dated March 1 is received from a customer by an entity and discounted by First Bank on May 1 at 12%. Term of note Discount period Gain or loss on note receivable discounting
- j. Interest was accrued on the note receivable received on October 17 ($100,000, 90-day, 9% note). Assume 360 days per year. Date Description Debit Credit Dec. 31 Interest Receivable v 1,850 X Interest Revenue v 2,250 X10. The interest on a 30-day, $5,500 note issued at 8.5% is a. $41.25 b. $38.96. c. $40.68 d. $42.63E10-3A Accrued Interest Payable Compute the interest accrued on each of the following notes payable owed by Northland, Inc., on December 31: Lender Date of Note Principal Interest Rate Term Maple 11/21 $18,000 11% 120 day Wyman 12/13 14,000 8 90 days Nahn 12/10 16,000 12 60 days