On April 30, 2010, Citibank loaned $100,000 to Grant Hughes on a one-year, 6% note. Requirements 1.

Question:

On April 30, 2010, Citibank loaned $100,000 to Grant Hughes on a one-year, 6% note.

Requirements 1. Compute the interest for the years ended December 31,2010 and 2011, on the Hughes note.

2. Which party has

a. a note receivable?

b. a note payable?

c. interest revenue?

d. interest expense?

3. How much in total would Hughes pay the bank if he pays off the note early— say, on November 30, 2010?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9780136060482

1st Edition

Authors: Jeffrey Waybright, Robert Kemp

See More Books

Question Posted: May 11, 2024 11:04 PM

See More Questions

On April 30, 2013, Scotiabank loaned $100,000 to Grant Hughes on a one-year, 6% note. Requirements 1. Compute the interest for the years ended December 31, 2013 and 2014, on the Hughes note. 2. Which...
On September 30, 2012, Citibank loaned $800,000 to George Wells on a one-year, 9% note. Requirements 1. Compute the interest for the years ended December 31, 2012 and 2013, on the Wells note. 2....
On June 30, 2010, Nature Bank loaned $2,000,000 to Gary Simon on a one-year, 7% note. Requirements 1. Compute the interest for the years ended December 31,2010 and 2011, on the Simon note. 2. Which...
Andrew owns a commercial office building that is insured under three property insurance contracts. He has $100,000 of insurance from Company A, $200,000 from Company B, and $200,000 from Company C....
Use a program that can display molecular surface electrostatic potential (MSESP) maps. For each of the following molecules, use the HF/6-31G* method to view the MSESP map at the HF/6-31G* equilibrium...
In the Bode plot of a unity feedback control system, the value of phase of $G(j \omega)$ at the gain cross over frequency is $-125^{\circ}$. The phase margin of the system is (a) $-125^{\circ}$...
True or False? If False, correct it: Suppose you are performing a simple linear regression of Y on X and you test the hypothesis that the slope is zero against a two-sided alternative. You have n =...
The following data (in millions) were adapted from recent annual reports of United Parcel Service, Inc. (UPS). UPS provides delivery and freight services throughout the world. a. Compute the net...
As more employees are working remotely, organizations want to ensure they are complying with the HIPAA Security Rule and properly secure PHI being transferred between the employee and the...
Journalize the following transactions of Cramer, Inc., which ends its accounting year on June 30: Apr 1 Jun 6 30 Loaned $20,000 cash to R. Simpson on a one-year, 8% note. Sold goods to Friday, Corp.,...
Inland Equipment uses the allowance method to account for uncollectible accounts. On December 31,2010, Allowance for Uncollectible Accounts has a $600 credit balance. Journalize the year-end...
What is the net present value profile? What three points should be determined to graph the profile?
The base of the 13-foot ladder is 3 feet from a building. If the ladder reaches the flat roof, how tall is the building?
If 118,000 in money supply was created in system where the reserve requirement is 14%, calculate the amount of the initial deposit.
What are some benefits and challenges related to workforce diversity? What strategies that an I/O practitioner could put in place address the challenges in workforce diversity. Why each strategy...
A project maybe defined as a series of related jobs directed toward some major output and requiring a significant period of time to perform.
A vacation property valued at $29,900 was bought for 300 payments of $235 due at the end of every month. What nominal annual rate of interest compounded quarterly was charged?
Each of the reactions shown involves nucleophilic substitution. The product of reaction (a) s an isomer of the product of reaction (b) What kind of isomer? By what mechanism does nucleophilic...
How can you tell from the vertex form y = a(x - h) 2 + k whether a quadratic function has no real zeros?

On April 30, 2010, Citibank loaned $100,000 to Grant Hughes on a one-year, 6% note. Requirements 1.

Question:

Step by Step Answer:

Financial Accounting

Students also viewed these Business questions