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- A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 days?Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
- Notes Receivable On September 1, 2016, Dougherty Corp. accepted a six-month, 7%, $45,000 interest-bearing note from Rozelle Company in payment of an account receivable. Doughertys year-end is December 31. Rozelle paid the note and interest on the due date. Required Who is the maker and who is the payee of the note? What is the maturity date of the note? Prepare all necessary journal entries that Dougherty needs to make in connection with this note.Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
- Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?On September 1, 2021, Middleton Corp. lends cash and accepts a $10,000 note receivable that offers 18% interest and is due in six months. How much interest revenue will Middleton Corp. report during 2022? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $300. $468. $335. $617.On August 1, 2021, Turner Manufacturing lends cash and accepts a $24,000 note receivable that offers 10% interest and is due in nine months. How would Turner record the year-end adjustment to accrue interest in 2021? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) A. Interest Revenue 1,050 Interest Receivable 1,050 B. Interest Receivable 2,400 Interest Revenue 2,400 C. Interest Receivable 1,050 Interest Revenue 1,050 D. Interest Receivable 1,000 Interest Revenue 1,000
- Sheffield Corp. lends Riverbed industries $54000 on August 1, 2022, accepting a 9-month, 15% interest note. If Sheffield Corp. prepares its financial statements as of December 31, 2022, what adjusting entry must it make? Accounts Receivable 3375 Interest Receivable 3375 Interest Receivable 3375 Interest Revenue 3375 O Cash 3375 Interest Revenue 3375 O Notes Receivable 3375 Interest Revenue 3375Kingbird Finance Company lends Blossom Industries $49200 on August 1, 2025, accepting a 9-month, 12% Interest note. If Kingbird prepares its financial statements as of December 31, 2025, what adjusting entry must it make? O Interest Receivable 2460 Interest Revenue Notes Receivable Interest Revenue Cash Interest Revenue 2460 2460 2460 Accounts Receivable 2460 Interest Receivable. 2460 2460 2460Multiple Choice Option A Option B Option C Option D
