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ElenaW [278]
3 years ago
7

Lundquist Company received a 60-day, 9% note for $28,000, dated July 23, from a customer on account. Required: a. Determine the

due date of the note. b. Determine the maturity value of the note. Assume 360 days in a year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.
Business
2 answers:
Alex3 years ago
6 0

Answer:

a. Sep 10

b. $21,823

c. $21,500

Explanation:

a) Due date of the note

July 13 to 31 = 19 days

Aug 1 to 31 = 31 days

Sep 1 to Sep 10 = 10 days

due date is Sep 10

b) Maturity value of the note

$ 21500 + $ 21500*9%*60/360

= $ 21823

c) Journal entry

Cash debit $ 21823

interest recieved credit $323

Notes Receivable credit $ 21500

Gemiola [76]3 years ago
5 0

Answer:

A. SEPTEMBER 10

B.$28,420

C.Dr Cash $28,420.00

Cr Notes Receivable $28,000

Cr Interest Revenue $420.00

Explanation:

A.

September 10

B.

[$28,000 + ($28,000x 9% x 60 ÷ 360)

$28,000+$420

=$28,420

C.

Sept 10

Dr Cash $28,420.00

Cr Notes Receivable $28,000

Cr Interest Revenue $420.00

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Helga [31]

Answer:

The sales price of the appraised property is $26,400

Explanation:

The sales price of of the appraised property can be expressed as;

SA=(A/C)×SC

where;

SA=selling price of the appraised property

A=appraised rent per month

C=comparable rent per month

SC=selling price of the comparable property

In our case;

SA=unknown

A=$165 per month

C=$150 per month

SC=$24,000

replacing;

SA=(165/150)×24,000=$26,400

The sales price of the appraised property is $26,400

3 0
3 years ago
The following data are taken from the income statement and balance sheet of Freeman Machinery, Inc. Dec. 31, 2018 Jan. 1, 2018 I
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Answer:

The answer is attached

Explanation:

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3 years ago
Kansas Enterprises purchased equipment for $60,000 on January 1, 2021. The equipment is expected to have a five-year service lif
Yuki888 [10]

Answer:

$11000

Explanation:

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= ($60000 - $5000) / 5 = $11000

3 0
3 years ago
Now suppose that Rowe has an argument with her husband and wants to withdraw, and what effect would it have on the LLC?
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4 0
1 year ago
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:
Lera25 [3.4K]

<u>Solution and Explanation:</u>

The following journal entries will be passed in the book sof fasteners Inc., Co., which is a supplier of buttons and zippers for clothing

Date        Accounts Titles and Explanation  Post Ref    Debit  Credit

1 Nov-21  Notes receivable                                      $ 72,000  

      Accounts receivable-McKenna Outer Wear Co.        $ 72,000

2  Dec-31  Interest receivable (72000 * 9 \% * 40 / 360)    $720  

 Interest revenue                                                     $ 320

3  Jan-20  Cash                                           $ 73080  

 Interest revenue (72000 * 9 \% * 20 / 360)         $360

 Interest receivable                                          $720

 Notes receivable                                               $72,000

Note: the figures have been calculated and rounded off in the nearest dollar amount.

4 0
3 years ago
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