A partial payment is made on the date indicated. Use the United States rule to determine the balance due onthe note at the date of maturity. (The effective date is the date the note was written.) Assume the year is not aleap year.Principal$7000Rate3%EffectiveDateJuly 15Partial PaymentDateDec. 24Amount$4000MaturityDateFeb. 1

As per the given information: Principal - $7,000 Rate of interest - 3% Effective date - July 15…

Answered: partial payment is made on the date…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 13MC: Which of the following is not a characteristic of a short-term note payable? A. Payment is due in...

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A partial payment is made on the date indicated. Use the United States rule to determine the balance due on the note at the date of maturity. (The Effective Date is the date the note was written.) Assume the year is not a leap year. Effective Partial Payment Maturity Principal $4000 Rate Date Amount Date Date More Info 5% April 1 $3000 May 1 June 1 Click the icon to view a table of the number of the day of the year for each date. The balance due on the note at the date of maturity is $ Days in Each Month (Round to the nearest cent as needed.) Day of 31 28 31 30 31 30 31 31 30 31 30 31 Month Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Day 1 1 32 60 91 121 152 182 213 244 274 305 335 Day 2 2 33 61 92 122 153 183 214 245 275 306 336 Day 3 34 62 93 123 154 184 215 246 276 307 337 Day 4 4 35 63 94 124 155 185 216 247 277 308 338 Day 5 5 36 64 95 125 156 186 217 248 278 309 339 Day 6 6. 37 65 96 126 157 187 218 249 279 310 340 Day 7 7 38 66 97 127 158 188 219 250 280 311 341…
5.) A partial payment is made on the date indicated. Use the United States rule to determine the balance due on the note at the date of maturity. (The effective date is the date the note was written) Assume the year is not a leap year. Effective Partial Payment Maturity Date Principal $6000 Rate Date Amount Date 3% July 15 $4000 Dec. 27 Feb. 1
A partial payment is made on the date indicated. Use the United States rule to determine the balance due on the note at the date of maturity. (The Effective Date is the date the note was written.) Assume the year is not a leap year. Principal $3700 Rate 6.5% Effective Date Partial Payment Amount Date Maturity Date Jan. 1 $1000 May 1 July 31 Click the icon to view a table of the number of the day of the year for each date. The balance due on the note at the date of maturity is $ (Round to the nearest cent as needed.)
Partial payments are made on the dates indicated. Use the United States rule to determine the balance due on the note at the date of maturity. (The Effective Date is the date the note was written.) Assume the year is not a leap year. Principal Rate Effective Date Partial Payment Maturity Date Amount Date $10,100 8% Sept. 1 $2,000 Oct. 1 Dec. 1 $3,000 Nov. 15 Question content area bottom Part 1 The balance due on the note at the date of maturity is $
A partial payment is made on the date indicated. Use the United States rule to determine the balance due on the note at the date of maturity. (The Effective Date is the date the note was written) Assume the year is not a leap year. Principal $3000 Rate 4% Effective Date April 1 Partial Payment Amount $1000 Maturity Date June 1 Date May 1 Click the icon to view a table of the number of the day of the year for each date The balance due on the note at the date of maturity is $ (Round to the nearest cent as needed.) GITTE
Partial payments are made on the dates indicated. Use the United States rule to determine the balance due on the note at the date of maturity. (The Effective Date is the date the note was written.) Assume the year is not a leap year. Principal $12,000 Rate 4% Effective Date Sept. 1 Partial Payment Date Oct. 1 Nov. 15 Amount $1,000 $4,000 The balance due on the note at the date of maturity is $ (Round to the nearest cent as needed.) Maturity Date Dec. 1
Apply the United States rule to determine the balance at maturity and the total interest paid ir the borrower makes two partial payments and the renainder of the loan is paid at maturity. Loan Length (Days) 280 Payment on Day Principal Interest Rate % Partial Payment $13,500 10.5 $5670.00 112 $3915.00 196
Which of the following is not a characteristic of a short-term note payable? A. Payment is due in less than a year. B. It bears interest. C. It can result from an accounts payable conversion. D. It is reported on the balance sheet under noncurrent liabilities.
Compute the present values of the following annuities first assuming that payments are made on the last day of the period and then assuming payments are made on the first day of the period: (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Present Value Present Value Interest Rate (Payment made on last day of period) (Payment made on first day of period) Payment Years (Annual) 748.09 8. 14 % 8,668.26 14 7 21,022.93 24 70,412.54 32
Find the adjusted balance (principal) using the U.S. Rule (360 day) after the first payment. Principal Rate Total TIme for Note Note Amount Partial Payment on Day 30 Partial Payment on Day 90 11% 120 days $7,000 $900 $1,200
Calculate the missing information for the installment loan that is being paid off early. Sum-of-the- Digits Number of Payments Sum-of-the- Number of Payments Payments Remaining Rebate Digits Payments Remaining Payments Made Fraction 36 21 15 120 666 0.1802
12. On July 1 of the current year, an entity received a one-year note receivable bearing interest at the market rate. The face amount of the note receivable and the entire amount of the interest are due in one year. The interest receivable account would show a balance on c. July 1 and December 31 d. Neither July 1 nor December 31 a. July 1 but not December 31 b. December 31 but not July 1

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partial payment is made on the date indicated. Use the United States rule to deter the note at the date of maturity. (The effective date is the date the note was written eap year. Principal $7000 Rate 3% Effective Date July 15 Partial Payment Amount $4000 Date Dec. 24 Maturity Date Feb. 1