Calculate the Maturity Value of a 120-Day, $1,000 Face Value

question 76

Short Answer

Calculate the maturity value of a 120-day, $1,000 face value promissory note dated November 30, 2015, and earning interest at 4.75% simple interest.

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Definitions:

Bank Reconciliation

The process of matching and comparing figures from the accounting records against those shown on a bank statement to ensure consistency.

Days' Sales Uncollected

Days' sales uncollected is a financial metric that estimates the average number of days it takes for a company to collect payments from its credit sales, reflecting on the efficiency of its credit and collection policies.

Receivables

Amounts owed to a company by its customers for goods or services provided on credit.