oblems Help Save & Required information The following information applies to the
ID: 2509019 • Letter: O
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oblems Help Save & Required information The following information applies to the questions displayed below. Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $40,000 of merchandise on eredit from Locust, terns n/30. Tyrel1 uses the perpetual May 19 Replaced the April 20 account payable to Loeuat with 90-day, $35,000 note bearing 9 annual July orrowed $51,000 cash from NBR Bank by signing a 120-day, 11 interest-bearing note with a face inventory aysten interest along with paying $5,000 in cash. value ot $51,000 Paid the anount due on the note to KBR Bank at the maturity date. value of $27,000, Paid the anount due on the note to Loeust at the maturity date. Nov. 28 Borroved $27,000 cash fron Fargo Bank by signing a 60-day, 9 interest-bearing note with a face Dec. 31 Recorded an adjusting entry for accrued interest on the note to Pargo Bank. 2017 Paid the anount due on the note to Fargo Bank at the naturity date. 2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 year) TimeInterest Locust NBR Bank Fargo BankExplanation / Answer
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Principal x Rate x Time = Interest Locust 35000 x 9% x 90 = 787.50 NBR Bank 51000 x 11% x 120 = 1870 Fargo Bank 27000 x 9% x 60 = 405Related Questions
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