Answered: Amount Bills Term Discount Rate Date of…

Amount Bills Term Discount Rate Date of Bills (OMR) (months) (% p.a.) January 17 275,000 4 12 If the bank closes its accounts by 31st March. Calculate the rebate on bills discount.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 3CE

See similar textbooks

Related questions

Q: entry Wholesalers accepts from Metlock Stores a $9,500, 4-month, 12% note dated May 31 in settlement…

A: Maturity date: Maturity date is the due date on note. On due date, the borrower is supposed to repay…

Q: 6. Consider a bank account with the following transactions for the month of June 2021: No. of Days…

Q: The following selected transactions relate to liabilities of Rocky Mountain Adventures. Rocky…

A: Note payable is promissory note issued for the amount borrowed to be payable on the particular date…

Q: Central Auto Parts borrowed $450,000 at 9% interest on July 13 for 120 days. (a) If the bank uses…

A: When it is required to compute the interest due for a fraction of one year, it is often the practice…

Q: Accounting for a note receivable On June 6, Lakeland Bank &amp; Trust lent $80,000 to Stephan…

A: When money is lent against notes, the notes receivable (asset) is debited and cash is credited.

Q: Amount Bills Term Discount Rate Date of Bills (OMR) (months) (% p.a.) February 7 250,000 3. 6. The…

A: given that, date of bill = February 7 Amount of the bill = OMR250000 Term of the bill = 3Months…

Q: FDN Company received a four-month note receivable in the amount of P93,000,000 on September 1. The…

A: The accrued revenue is the revenue earned but not received yet. It is recorded as an asset in the…

Q: j. Interest was accrued on the note receivable received on October 17 ($100,000, 90-day, 9% note).…

A: The account receivables are also known with the name of debtors. These are the values due to a firm…

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: Formula: Annual percentage rate = Monthly periodic rate x 12 months Multiplying monthly periodic…

Q: Samantha, Inc. grants its customers 30-day credit. The company uses the allowance method for its…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…

Q: Date of Note Face Amount Interest Rate Term of Note a. January 10* $40,000 5% 90 days b. March 19…

A: Formula: Interest amount = Note value x Interest rate x Time period.

Q: Reality Corporation borrowed $175,000 on April 1. The note requires interest at 12% and principal to…

A: From April 1 to December 31 = 9 months Interest has been accrued for 9 months.

Q: A $40,000 loan at 4% dated June 10 is due to be paid on October 11. The amount of interest is…

A: Ordinary interest = Principle * Interest rate * Number of days of loan taken / 360 days in a year

Q: Month: April (30 days), previous month s Balahce: $270 Use the average daily balance method to…

A: Credit card finance charge: Any fee related to borrowing money and repaying it over time is referred…

Q: A bank charges 11% simple interest in advance (that is 11% bank discount) on short-term loans. Find…

A: Given, Simple Interest = 11% Bank Charges 11% on GHC 900 for 90 days Banks Charges 11% on GHC 1500…

Q: Wildhorse Co. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.…

A: Interest accrued on dec 31 = face value of note x rate of interest x 6/12 = $64,800 x 8% x 6/12 =…

Q: A bank charges 11% simple discount on short term loans. Find the sum received by the borrower who…

A: Introduction: Simple interest is considered to be one of the simple methods used in calculating the…

Q: Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table):…

A: Discount: It refers to a percentage that is deducted from the normal selling price of a product.…

Q: Weldon Corporation’s fiscal year ends December 31. The following is a list of transactions involving…

A: Provision to be created=920000*3%+3000-25000 =5600

Q: Date of Bills Amount Bills Term Discount Rate (OMR) (months) (% p.a.) January 17 365,000 4 17…

A: Bill term starts from January 17 , 2019 to May 17, 2019 ( 4 months ) So, January 17, 2019 to…

Q: Use average daily balance method to compute finance charge on credit card account for August, 31…

A: Credit Card enables holder to use money beyond the credit balance in checking account up to…

Q: On September 1, Purifier Company borrowed $12,000 on a 6-month, 4%, short-term note payable. How…

A: Interest will be paid on March 1 = Amount borrowed x rate of interest x no. of months / 12 months

Q: A company grants a payment extension to its customer by converting that $15,000 accounts payable to…

A: Interest on 45 days note for 30 days 115000*12%*30/360=$150

Q: Amount Bills Term Discount Rate Date of Bills (OMR) (months) (% p.a.) November 10 17,000 3 12.5% If…

A: Rebate is the reduction in the amount of bill or other item in the form of discount or simply refund…

Q: Save & Exit On April 12, Hong Company agrees to accept a 60-day, 6%, $6,900 note from Indigo Company…

A: Interest rate = 6% Notes payable value = $ 6900 Period = 60-day

Q: Ventura Company adjusts its accounts monthly and closes its accounts on December 31. OnOctober 31,…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table):…

A: Discounted period for the bank is the difference between the total duration and days spent from the…

Q: A bank charges 11% simple interest in advance (that is 11% bank discount) on short term loans. Find…

A: simple interest formula: Amount=P×1+rtwhere,P=principalr=ratet= time in years

Q: Swathmore Clothing Corporation grents Its customers 30 days credit. The compeny uses the allowance…

A: Accounts Receivable Aging Methods It is a technique to identify the bad expense by classifying the…

Q: Slack Inc. borrowed $320,000 on April 1. The note requires interest at 12% and principal to be paid…

A: Accrual basis: Accrual basis is a method of accounting. In this method recording of revenues are…

Q: FDN Company received a four-month note receivable in the amount of P68,000,000 on September 1. The…

A: Accrued interest income will be calculated in proportion of time for an amount at a specified rate.…

Q: 6. Consider a bank account with the following transactions for the month of June 2021: No. of Days…

A: Bank: It is a financial institution that accept deposits from and provide loan to public. This…

Q: Principal $60,000, Rate of interest 14%, Time 60 days.Date note made July 5, Date noted discontinued…

A: Solution: Principal amount of note = $60,000 Date of issue = July 5 Period = 60 days Maturity date =…

Q: Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table):…

A: Days the note has remained outstanding is 20 days ((30 days-12 days) + 2 days).

Q: Issuing Notes Payable On September 30, Bello International borrows $320,000 from Chase Bank with a…

A: Prepare journal entry:

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: Formula: Annual Percentage rate = Monthly periodic rate x 12 Months

Q: Royal Bank agrees to lend Backyard Corporation $200,000 on January 1. Backyard signs a $200,000, 4%,…

A: A note payable is a written debt instrument. Its Represents money borrowed by a company or…

Q: Calculate the amount of bills receivable during the year.Opening balance of bills…

A: Bills Receivable A/c Date Particulars Amount Date Particulars Amount To Balance b/d 75,000…

Q: ShadyTree Company issued a note receivable to a customer. The face value of the note was $12,000 at…

A: The question is based on the concept of Financial Accounting.

Q: Notes Receivable Water Closet Co. wholesales bathroom fixtures. During the current year ending…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

plz solve?

Amount
Bills Term
Discount Rate
Date of Bills
(OMR)
(months)
(% p.a.)
January 17
275,000
4
12
If the bank closes its accounts by 31st March. Calculate the rebate on bills discount.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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. $2,383
Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table): Date of note Length of note 45 days Date note discounted Discount period September 11 October 5 days
Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table): Date of note Length of note Date note discounted Discount period March 07 120 days June 08 days
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Monthly Annual Finance Purchases Payments and New Previous Periodic Percentage Rate (APR) Charge (in $) and Cash Balance Balance Rate Advances Credits (in $) (as a %) $1,027.61 % 1.25% $322.20 $200.00 $
Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table): Date of note July 13 Length of note 40 days Date note discounted August 3 Discount period days
Problem: ABC Company issued a promissory note to RCBC Bank. Details from the promissory note are as follows: Date of note: November 1, 2020 Term of note: 180 days Principal: P120,000 Interest rate: 12% Determine the following: 1. What is the account to be credited on the adjusting entry on December 31, 2020? 2. How much is the amount to be credited on December 31, 2020? 3. How much is the total interest expense for the full term of the note.
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. Monthly Periodic Purchases Payments and Cash Advances Annual Finance New Previous Balance Percentage Rate (APR) Charge (in $) and Balance Rate Credits (in $) (as a %) $15.00 12% % $177.40 $45.00
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Monthly Periodic Annual Finance Purchases Payments New Previous Charge and Cash and Balance Percentage Rate (APR) Balance Rate (in $) Advances Credits (in $) (as a %) $1,029.61 % 1.25% $ $322.20 $200.00 $
Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table): date of note length of note date note discounted discount period (days) july 14th 50 days august 5 ?
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Annual Monthly Periodic Finance Purchases Payments and Credits New Previous Percentage Rate (APR) (as a %) Charge (in $) and Cash Advances Balance Balance (in $) Rate $2,450.00 % 1% $1,334.98 $400.00
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Monthly Payments and Credits Annual Finance Purchases New Balance Previous Periodic and Cash Advances Percentage Charge (in $) Balance Rate Rate (APR) (in $) (as a %) $1,025.61 % 1% $ $322.20 $400.00 $