Seminar 4-P08-03 - P 08-03 Name : Section : ACC121 - Dr....

This preview shows page 1 - 4 out of 4 pages.

P 08-03Name :Section : ACC121 - Dr. WEnter the appropriate amount or item in the shaded cells. Use the drop-down lists when available.An asterisk (*) will appear next to an incorrect entry in the outlined cells.Use 365 days in a year for your calculations.1May 3, accepted $120,000, 90-day, 12% note receivableMaturity DateAug-01Days Remaining in May28Days in June30Days in July31Days in August1Total days90Interest at maturity:PrincipalxRate of Interestx$ 120,000x12/100x90Maturity Value:Principal+Interest=Maturity Value$ 120,000+$ 3,550.68=$ 123,550.68May 16, accepted $64,000, 60-day, 13% note receivableMaturity DateJul-15Days Remaining in May15Days in June30Days in July15Total days60Interest at maturity:PrincipalxRate of Interestxx13/100x60Maturity Value:Principal+Interest=Maturity Value$ 64,000+$ 1,367.67=$ 65,367.67May 31, accepted $60,000, 90-day, 11% note receivableMaturity DateAug-29Days Remaining in May0Days in June30Days in July31Days in August29Total days90Interest at maturity:
PrincipalxRate of Interest
End of preview. Want to read all 4 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
THOMAS
Tags
Accounting, Financial Accounting, Chapter 7, Chapter 8, Business Accounting, Harshad number, maturity value

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture