Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 8-11A Notes receivable LO4 CHECK FIGURES: d. Interest income = $454.93 e. Cash = $90,499.32 Vauxall Holdings showed the following information regarding its notes

Problem 8-11A Notes receivable LO4 CHECK FIGURES: d. Interest income = $454.93 e. Cash = $90,499.32 Vauxall Holdings showed the following information regarding its notes receivable Note 1 2 3 4 Date of Note Nov. 1/22 Jan. 5/23 Nov. 20/23 Dec. 10/23 Round calculations to the nearest whole cent 37 Principal $240,000 100,000 90,000 120,000 Interest Rate 4.0% 5.0% 4.5% 5.5% Term 180 days 90 day's 45 day's 30 days Maturity Date Required For each note: a. Determine the maturity date. b. Calculate the days of accrued interest, if any, at December 31, 2023 (Vauxall Holdings' year-end). c. Calculate the amount of accrued interest, if any, at December 31, 2023. Days of Accrued Interest at Dec. 31, 2023 Accrued Interest at Dec. 31, 2023* For Note 3: d. Prepare the entry to record the accrued interest at December 31, 2023. e. Prepare the entry to record the collection on the maturity date. Assume that both interest and principal are collected at maturity.
image text in transcribed
image text in transcribed
Problem 8-11. Notes receivable B LO4 CHECK FIGURES: d. Interest income =$454.93 e. Cash =$90,499.32 Vatxall Holdines showed the followine information repardine its notei recervable Required For each note a. Determise the maturity date. b. Calculate the donz of accrued intereat, if any, at December 31, 2023 (Vacall Holdines' yearend) c. Calculate the amount of accrued interest, if any, at December 31,2023. For Note 3 : d. Prepare the eatry to record the accrued interest at December 31,2023 e. Prepare the entry to record the collection on the maturity date. Assume that both intereat and principal are collected at maturity. CHECK RGURES: dinterest income =$454,93 e. Cash =$90,499,32 Whasal Holdines ahowed the following information reeanding its notes recenable Required For each note. a. Determine the maturity date b. Caleulate the dins of accrued interest if any, at December 31, 2023 (Vuixall Holdines' yearend) c. Calculate the awount of accrued interest, if any, at Deceanber 31,2023 For Note 3 : d. Prepare the entry to iecord the accrued interest at Decenter 31,2023 . 6. Prepare the entry to record ise collection on the matunty date. Asume that both iatereit and principal are collected at maturity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Managerial Accounting

Authors: Peter C. Brewer, Ray H. Garrison, Eric W. Noreen

2nd Edition

0072922990, 9780072922998

More Books

Students also viewed these Accounting questions