Determine the maturity value of the note

Assignment Help Accounting Basics
Reference no: EM132898165

Question - Westrac Ltd. received a 90 days, 12% note for $50,000, dated Sept 22, 2016 from a customer, A. Lizarraga to settle her account.

a. Determine the due date of the note. Show calculation.

b. Determine the maturity value of the note. Show calculation.

c. Should Westrac Ltd. record an adjusting entry for accrued interest revenue on this note at December 31, 2016, the end of the accounting period? Explain why or why not.

Reference no: EM132898165

Questions Cloud

What is covid and why is the effectiveness of herd immunity : What is Covid-19 and why is the effectiveness of "herd immunity" so hotly debated within the scientific community? Explain your response.
What is the total variable cost : It is possible for Scents to buy the bottles rather than make them. What is the total variable cost for 100,000 bottles if make
Conduct budgeting evaluation : Which inpatient service lines are over budget? Which inpatient service lines are over budget after accounting for workload increases?
Define the waiver process of transferring a juvenile : Identify and discuss how juvenile proceedings differ from adult criminal proceedings as well as the differences in charges for the same crime.
Determine the maturity value of the note : Westrac Ltd. received a 90 days, 12% note for $50,000, dated Sept 22, 2016 from a customer, A. Determine the maturity value of the note
What is the purpose of a juvenile diversion program : What offenses are eligible for the program in the state you selected? How will issues in the corrections system affect you as a criminal justice professional?
Why do think rehabilitation and early intervention program : Why do you think rehabilitation and early intervention programs are not something that is more common in everyday correctional proceedings?
Discusses the importance of revenue generated : Discusses the importance of revenue generated from suite ownership. What are some concerns associated with suite ownership?
Calculate the NPV : The new production line will cost $3M and is expected to have a salvage value in 6 years for $750K. Calculate the NPV

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are the amounts and nature of Amal gains

The trade date was February 22, 2018. What are the amounts and nature of Amal's gains (losses) on these transactions

  Discuss how accounting firms should modify

Evaluate whether legislation and regulatory agency oversight will increase or decrease corporate fraud. Explain your position.

  Why christopher should be terminated

Why Christopher should be terminated - Write a paragraph explaining why Christopher should be terminated from employment.

  Compute the final balance of inventory

nventory items with a cost of $2,430 were included in ending inventory. These goods were on consignment from Brooks Company

  Is the amount for cost of goods sold found- true or false

The formal income statement can be prepared from the income statement columns of the worksheet. and The amount for Cost of Goods SoldTRUE OR FALSE

  Question regarding the fraud and abuse

Rank the four elements of fraud from most important to least important. Support your answer with a rationale on why you believe your ranking order is appropriate.

  Contribution margin per ticket

a. What is your contribution margin per ticket? b. How many tickets must you sell to break even?

  What the dividend included a liquidating dividend of

Share Premium at December 31, 2018 is P6,750,000; Retained Earnings on January 1, 2019 is P4,250,000. The P5,000,000 dividend included a liquidating dividend of

  What the adjusted balance in accounts receivable account

What will be the adjusted balance in the Accounts Receivable account on December 31, and how much gain or loss was recorded as a result of the adjustment

  Explain the difference between abnormal and normal earnings

Discuss how risk and profitability factors cause differences in price-earnings ratios across firms. Explain the difference between abnormal and normal earnings.

  How the u.s. can manufacture direct materials

Evaluate and analyze how the U.S. can manufacture direct materials for technology products in the global marketplace at competitive costs.

  Prepare the journal entries for the transactions

Of the previous supplies order (Entry #3), 75% of the order was received. Prepare the journal entries for the transactions

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd