Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Textbook Question
Chapter 21, Problem 3R
Can the $10,000 note be repaid on May 1? Explain.
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Chapter 21 Solutions
Excel Applications for Accounting Principles
Ch. 21 - On January 1, Sweet Pleasures, Inc., begins...Ch. 21 - Open the file CASHBUD from the website for this...Ch. 21 - Can the 10,000 note be repaid on May 1? Explain.Ch. 21 - Prob. 4RCh. 21 - The following four suggestions have been made to...Ch. 21 - Reset cells to their initial values. Sweet...Ch. 21 - Prob. 7R
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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
- Prepare a balance sheet, assuming that the current portion of the note payable is $7,000arrow_forwardHow can we calculate the total annual interest payment for a credit card debt of $ 1,000?arrow_forwardYou decide to discount a$5250, 345-day note at 3% to your bank at a discount rate of 4.5% on day 210. What are the proceeds?arrow_forward
- 1. On December 31, 2020, what is the carrying value of the note received from Company B? 2. What should be the TOTAL carrying value of the notes on December 31, 2020?arrow_forward4. What is the carrying amount of the note as of December 31, 2022?arrow_forwardhi based on the above question would item h) $250,000 of the notes payable is due for payment on December 31st, 2021, would this be reflected in the jounal entry? if so how do I enter it on the journal entry?arrow_forward
- Hi, How did you get the amount of $5,823.77 for the annual deposit? What is the value of the A .Thanks.arrow_forwardCalculate 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 daysarrow_forwardAsaparrow_forward
- 2. Assume the following information regarding a note received by HEERHUM YU Company: P1,500,000 October 1, 2020 120 days December 1, 2020 Principal amount of note receivable Date of note Term of note Date of discounting Discount rate 12% Interest income for 120 days P50,000 Compute the interest rate charged to customer. How much is the principal amount of the note receivable?arrow_forwardSunset West issues a $90617, 60-day, 9% note to Memorial Point in exchange for an overdue account payable. For MEMORIAL POINT: What is the amount that is debited to cash when Sunset West pays the note? Ans_________________arrow_forward1. What is the carrying value of the note received from Company B on October 1, 2020? 2. How much interest income should be reported on December 31, 2020 with regards to the note from Company B?arrow_forward
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