Supplementary Exercises for Schools of Accountancy And Business Administration
Supplementary Exercises for Schools of Accountancy And Business Administration
Alfred J Thompson
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The bank discounts your note for $1, 540. 60, date January 7, 1918, at 60 days, bearing interest at 6% and discounted January 9. (a) What amount is due at maturity? (b) What is the discount time? (c) What is the discount? (d) What sum is realized upon the note? (Value 10) 7. J. T. Connell gave you a note for $1, 175. 90 dated February 10 at 2 months which you had discounted February 11. (a) What amount is due at maturity? (b) What is the discount time? (c) What is the discount? (d) What sum is ...realized upon the note? (Value 10) 8. A. W. Blake gives you a note at 90 days for $287. 50, dated November 1, which you had discounted November 2. Make journal entry for the note discounted. (Value 10) 9. Problem No. 35 from the Massachusetts C. P. A. Examination in Practical Accounting October 13, 1916. The net profit of a business May 1, 1914, $8, 905. 82; Inventory December, 1911, $3, 137. 24; Purchases $110, 831. 64; Sales $163, 376. 08; Factory Labor $38, 999. 16; Factory Expenses $6, 403. 94; Repairs $32.
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