Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following
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Question:
Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes:
Date | Face Amount | Interest Rate | Term | ||||
1. | Apr. 10 | $84,000 | 4% | 60 | days | ||
2. | June 24 | 13,200 | 6 | 30 | days | ||
3. | July 1 | 72,000 | 6 | 120 | days | ||
4. | Oct. 31 | 72,000 | 5 | 60 | days | ||
5. | Nov. 15 | 54,000 | 6 | 60 | days | ||
6. | Dec. 27 | 108,000 | 4 | 30 | days |
Required:
Assume 360 days in a year.
1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number.
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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