A business borrows $1,000, giving a note that requires an interest rate of 12 percent per year and repayment of principal plus interest in a single payment at the end of one year. Calculate the total interest on the note. What is the amount of the single payment?
Answer to relevant QuestionsDescribe what happens when receivables are factored. What four criteria has the SEC issued as further guidance for revenue recognition? Kibitz Fitness received $24,000 from customers on August 1, 2011. These payments were advance payments of yearly membership dues. Required: At December 31, 2011, calculate what the balances in the Unearned Service Revenue ...On January 1, 2011, Smith, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable .................. $382,000 Allowance for Doubtful Accounts (a credit balance) ...Bo Sports’ net sales, average net trade accounts receivable and net income were $7,300,000, $842,000, and $390,000, respectively. Required: Calculate Bo’s (1) Accounts receivable turnover (2) Net profit margin ratio.
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