Chang Co. issued a $41,871, 120-day, discounted note to Guarantee Bank. The discount rate is 7%. Assuming a 360-day year, the cash proceeds to Chang Co. are Oa. $42,115 Ob. $41,871 Oc. $40,894 Od. $44,802
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- A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseChang Co. issued a $40,073, 120-day, discounted note to Guarantee Bank. The discount rate is 8%. Assuming a 360-day year, the cash proceeds to Chang Co. are Select the correct answer. $43,279 $39,004 $40,073 $40,340Chang Co. issued a $42,940, 120-day, discounted note to Guarantee Bank. The discount rate is 9%. Assuming a 360-day year, the cash proceeds to Chang Co. are a.$42,940 b.$43,262 c.$46,805 d.$41,652
- Assuming 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%On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note had a 12 percent discount rate and a one-year term. 8. The amount of cash Halo received on April 1, Year 1, was a. $5,000. b. $4,250. c. $4,400. d. $5,500. 9. The total carrying value of Halo’s liabilities on December 31, Year 1, would be a. $5,600. b. $5,000. c. $5,450. d. $4,850. 10. If Halo Co. earned $2,000 of revenue in Year 1, the amount of net income would be a. $2,000. b. $1,550. c. $1,400. d. $1,850.Assuming a 360-day year, proceeds of $47,444 were received from discounting a $48,147, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was a. 7.59% Ob. 7.08% Oc. 5.84% Od. 3.84%
- Assuming a 360-day year, proceeds of $47,000 were received from discounting a $47,910, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was a.9.35% b.7.60% c.5.6% d.8.84%On August 31, 2022, Prestige Co. discounted at a bank a customer's P1,200,000, 9-month, 10% note receivable dated April 30, 2022. the bank discounted the note at 12% on the same date. what amount of cash was received from the discounting? a.1,290,000 b.1,225,500 c.1,320,000 d.1,173,900 What is the gain or loss on note receivable discounting? a.66,100 loss b.Zero c.14,500 gain d.14,500 lossC company discounted its own 250,000 one year note at a bank, at a discount rate of 12% when the prime rate was 10%. In reporting the note in the Statement of Financial Position prior to maturity, 1.what rate should C company use for the recording of interest expense? 2. The journal entry to record the transaction will include a a. Debit to Cash for 250,000 b. Debit to Cash for 220,000 c. Debit to discount on notes payable, 40,000 d. Credit to notes payable, 220,000
- Assuming 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. $2,015On May 1, Knack Company signed a $80,000, 240-day, 6% note payable with Central Savings Bank. What is the journal entry that should be recorded by Knack upon maturity of the note? (Use 360 days a year.) O Debit Notes Payable $83,200; credit Cash $83,200. O Debit Notes Payable $80,000; debit Interest Receivable $3,200; credit Cash $83,200. O Debit Notes Payable $80,000; debit Interest Expense $3,200; credit Cash $83,200. O Debit Notes Payable $80,000; debit Interest Expense $4,800; credit Cash $84,800. O Debit Interest Expense $3,200; credit Interest Payable $3,200.Mobile Co. issued a $59,421, 60-day, discounted note to Guarantee Bank. The discount rate is 11%. At maturity, assuming a 360-day year, the borrower will pay: Select the correct answer. $59,421 $52,885 $60,510 $58,332