User Account

All Pages

What is the maturity date of the note

Assignment Help Accounting Basics
Reference no: EM131144285

1. Galen Wholesalers accepts from Picard Stores a $6,200, 4-month, 12% note dated May 31 in settlement of Picard's overdue account. 

(a) What is the maturity date of the note?

(b)What is the entry made by Galen at the maturity date, assuming Picard pays the note and interest in full at that time? 

Reference no: EM131144285

Questions Cloud

Prepare journal entries for the transactions above : Presented below are selected transactions of Pale Force Company. Pale Force sells in large quantities to other companies and also sells its product in a small retail outlet.
Average collection period in days : In 2010, Drew Gooden Company has net credit sales of $1,600,000 for the year. It had a beginning accounts receivable (net) balance of $101,000 and an ending accounts receivable (net) balance of $107,000.
Find the mean and standard deviation for the number : Find the mean and standard deviation for the number of actual voters in groups of 1002. In the survey of 1002 people, 701 said that they voted in the last presidential election (based on data from ICR Research Group). Is this result consistent with t..
Discuss the management of the process : Discuss the management of the process by which policies and strategies relating to technology are formed. - Qualitative Evaluation of the Personal Computer Industry.
What is the maturity date of the note : Galen Wholesalers accepts from Picard Stores a $6,200, 4-month, 12% note dated May 31 in settlement of Picard's overdue account.
Create a database diagram with the entities and attributes : Create a database diagram with the entities and attributes that the scenario identified (i.e., a college tracking students, courses, and instructors).
Ronald distributors is a growing company whose ability : Ronald Distributors is a growing company whose ability to raise capital has not been growing as quickly as its expanding assets and sales.
What are the values of the real money supply and the current : Suppose that the nominal money supply is growing at the rate of 10% per year and that this growth rate is expected to persist forever. Currently, the nominal money supply is M=300. What are the values of the real money supply and the current price le..
Develop a plan for system and system testing : Develop a plan for system testing. Include areas that you will test within both the application and a system as a whole and how errors will be tracked and reported.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are the costs and benefits to apple

What are the costs and benefits to Apple from disclosing this information? What issues does this change raise for the auditor? What additional tests would you want to conduct as Apple's auditor?

  Calculate the amount of estate tax

Roland had a taxable estate of $5.5 million when he died this year. (Reference the tax rate schedule in Exhibit 25-1 and the Unified Credit schedule in Exhibit 25-5 to answer this problem. Omit the "tiny_mce_markerquot; sign in your response).

  Based on the variance you calculated develop some plausible

the beal manufacturing companys job-costing system has two-direct cost categories direct materials and direct

  Show the net position either as invested in capital assets

Prepare a statement of net position as of January 1, 2013, in classified format. Show the net position either as invested in capital assets, net of related debt or as unrestricted Prepare a reconciliation of the funds balance sheet to the governmen..

  Euro tours inc buys on terms of 215 net 30 days it does

euro tours inc. buys on terms of 215 net 30 days. it does not take discounts and it typically pays 35 days after the

  When is a debt security considered impaired

When is a debt security considered impaired? Explain how to account for the impairment of an available-for sale debt security.

  Thayer company purchased a building on january 2 by signing

thayer company purchased a building on january 2 by signing a long-term 2520000 mortgage with monthly payments of

  The agreed purchase price was 2350000 and this amount was

the edge mfg. company decided to expand further by purchasing the bell company. the balance sheet of bell company as of

  Improve the quality of the product his company manufactures

Bill wants to purchase a machine to help improve the quality of the product his company manufactures

  Hiring the best candidate not the best resume

Article Critique on "Hiring the best candidate not the best resume" by Curtis Odom, located at the link below.

  Advanced management accounting questionsquestion 1 there is

advanced management accounting questionsquestion 1 there is a company called walmart and it deals with machining work

  Find correct balance for ending inventory on december

The ending inventory balance of $412,000 included $43,000 ofconsigned inventory for which Gotham was the consignee. Based on this information, the correct balance for ending inventory on December 31 is:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd