1. Mr. Hwang has a note dated August 15, 2017 which calls for a payment of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. Mr. Hwang has a note dated August 15, 2017 which calls for a payment of P5,674.5 on July 26, 2018. On October 15, 2017, the note is discounted at 11% exact simple interest. How much cash did Mr. Hwang get as proceeds of discounting his notes? 2. On March 7, 2017, Budoy Maniego borrowed P200,000, cash from Ana Manalastas carrying a 12% simple interest to be paid on July 5, 2017. On April 26, 2017, Ana Manalastas decided to discount the note at Philippine National Bank because she needed money for her travel to Singapore. The note was discounted at the bank with a discount rate of 15%. a. The term of the note is b. The discount period is c. The maturity value of the note is d. The proceeds from PNB amounted to e. The effective interest rate is 3. You own BSA4 Enterprise and you received the following promissory note. P500,000 Quezon City, Philippines 65 days after date, I promise to pay to the order of BSA4 Enterprise, five hundred thousand and xx/100 Pesos plus interest for value received with simple interest at 8% per annum. Due: May 29, 2011 March 25, 2011 Sgd. Dhaner G. Viray, CPA On April 20, 2011 you experienced financial distress and you decided to discount your note at ChinaBank at 14% discount rate. a. Determine the elements of the note: 1. Maker 2. Payee 3. Term 4. Discount period b. Solve for the bank discount. c. How much would you be taking home as proceeds from discounting the note? 1. Mr. Hwang has a note dated August 15, 2017 which calls for a payment of P5,674.5 on July 26, 2018. On October 15, 2017, the note is discounted at 11% exact simple interest. How much cash did Mr. Hwang get as proceeds of discounting his notes? 2. On March 7, 2017, Budoy Maniego borrowed P200,000, cash from Ana Manalastas carrying a 12% simple interest to be paid on July 5, 2017. On April 26, 2017, Ana Manalastas decided to discount the note at Philippine National Bank because she needed money for her travel to Singapore. The note was discounted at the bank with a discount rate of 15%. a. The term of the note is b. The discount period is c. The maturity value of the note is d. The proceeds from PNB amounted to e. The effective interest rate is 3. You own BSA4 Enterprise and you received the following promissory note. P500,000 Quezon City, Philippines 65 days after date, I promise to pay to the order of BSA4 Enterprise, five hundred thousand and xx/100 Pesos plus interest for value received with simple interest at 8% per annum. Due: May 29, 2011 March 25, 2011 Sgd. Dhaner G. Viray, CPA On April 20, 2011 you experienced financial distress and you decided to discount your note at ChinaBank at 14% discount rate. a. Determine the elements of the note: 1. Maker 2. Payee 3. Term 4. Discount period b. Solve for the bank discount. c. How much would you be taking home as proceeds from discounting the note?
Expert Answer:
Answer rating: 100% (QA)
1 To calculate the cash proceeds from discounting the note we need to determine the discount and subtract it from the face value of the note The note is discounted on October 15 2017 and the payment d... View the full answer
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date:
Students also viewed these accounting questions
-
enjamin and Nellie Barker have taxable income of $120,000. Several of the items used to calculate their taxable income included W-2 wages of $150,000, and Net Long-Term Capital Losses of $6,000....
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
The contingency table shown relates happiness and gender for the 2012 GSS. a. Identify the response variable and the explanatory variable. b. Construct a table or graph showing the conditional...
-
Find the shortest path between the (x, y, z) points (0, 1, 0) and (0, 1, 0) on the conical surface z = 1 x2 + y2. What is the length of the path?
-
Solve the logarithmic equation. Show all algebraic work, including the check for extraneous solutions in the original equation. log,(x+4)+log,(x-4)= log79
-
Determine the probability mass function of \(X\) from the following cumulative distribution function: \[ F(x)=\left\{\begin{array}{lr} 0 & x. \] Figure 3.3 displays a plot of \(F(x)\). From the plot,...
-
An analysis of comparative balance sheets, the current years income statement, and the general ledger accounts of Coffee Table Corp. uncovered the following items. Assume all items involve cash...
-
The Gryffin Company started operations this year and reported the following information at the end of the year (i.e. ending balances after all transactions have already been recorded and summarized):...
-
Problem 3-3B Preparing adjusting entries, adjusted trial balance, and financial statements A1 P1 P2 P3 Following is the unadjusted trial balance for Alonzo Institute as of December 31, 2015, which...
-
Joseph is a company secretary and director of Big Co Ltd. Joseph has not complied with the regulations under the Corporations Act whereby various changes in the company must be made known to ASIC....
-
What objectives does a company seek to achieve and why?
-
What do you understand by primary market? What role does it play in an economy?
-
What do you understand by secondary market? Why is the secondary market essential?
-
You have received a list of balances and balance day adjustments from Dr R Smart (figure 11.41) and have been requested to prepare an 8-column worksheet and then use it to prepare an income statement...
-
What role do financial markets play in an economy? What is likely to happen to an economy that does not have an efficient financial market?
-
AIM 2.2: Write class Box a. Define data member 1,b.h. b. Define default and Parameterized constructor to initialize value of data member. c. Define display method to display data member.
-
XYZ Inc. a calendar year, accrual basis corporation, had the following items during 2021: Gross revenue from operations Cost of goods sold $420,000 ($180,000) $9,000 LT capital gain .LT capital...
-
Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2019. It also has ordinary income of $10,000 in 2019. Goose had net capital gains of $2,500 in 2015 and $5,000 in 2018. a....
-
Sam and Drew are equal partners in SD LLC formed on June 1 of the current year. Sam contributed land that he inherited from his uncle in 2013. Sams uncle purchased the land in 1986 for $30,000. The...
-
Samantha A. Cranston, age 37, is single and lives with her dependent mother at 426 Grouse Avenue, Allentown, PA 18105. Her Social Security number is 111-21-1113. 1. Samantha is a licensed...
-
Using an economic balance sheet, which of the Laws current financial assets is most concerning from an asset allocation perspective? A. Equities B. Real estate C. Fixed income Raye uses a costbenefit...
-
Using the economic balance sheet approach, the Laws economic net worth is closest to: A. $925,000. B. $1,425,000. C. $1,675,000. Raye uses a costbenefit approach to rebalancing and recommends that...
-
Raye believes the previous advisers asset class specifications for equity and derivatives are inappropriate given that, for purposes of asset allocation, asset classes should be: A. diversifying. B....
Study smarter with the SolutionInn App