RMB Equipment charged interest at 2% p.a. on overdue accounts. An invoice for $21 000, plus interest,
Question:
RMB Equipment charged interest at 2% p.a. on overdue accounts. An invoice for $21 000, plus interest, was paid 35 days past the due date. How much interest was paid?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
When credit facility is allowed by a company they charge an interest on the amo...View the full answer
Answered By
Ishrat Khan
Previously, I have worked as an accounting scholar at acemyhomework, and have been tutoring busines students in various subjects, mostly accounting. More specifically I'm very knowledgeable in accounting subjects for college and university level. I have done master in commerce specialising in accounting and finance as well as other business subjects.
5.00+
135+ Reviews
428+ Question Solved
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0134141084
11th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs
Question Posted:
Students also viewed these Accounting questions
-
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. A popular pastime among older Chinese men is to take their pet birds on daily...
-
A recent annual report for AMERCO, the holding company for U-Haul International, Inc., included the following note: Note 3: Accounting Policies Property, Plant, and Equipment Property, plant, and...
-
A recent annual report for AMERCO, the holding company for U-Haul International, Inc., included the following note: Property, Plant and Equipment Property, plant and equipment are stated at cost....
-
Which one of the following is NOT an example of cash flows in operating activities according to direct method? Select one: a. Cash payment for purchase of inventories b. Cash received from debtors c....
-
Consider the conditions of Problem 1.18. With heat transfer by convection to air, the maximum allowable chip power is found to be 0.35 W. If consideration is also given to net heat transfer by...
-
What is the value today of a money machine that will pay $ 4 , 6 9 7 . 0 0 every six months for 2 3 . 0 0 years? Assume the first payment is made 4 . 0 0 years from today and the interest rate is 7 ....
-
Describe the nature and scope of tests of balances.
-
Blanchard Company manufactures a single product that sells for $ 180 per unit and whose total variable costs are $ 135 per unit. The companys annual fixed costs are $ 562,500. (1) Use this...
-
Pressure What phase transition is indicated by the arrow shown in the phase diagram below? Temperature
-
Using the financial statement data provided in Exhibits 2, 3, and 4, match the companies with their industry. I Since oppornunities and constraints tend to be different across industries, companies...
-
A bank loan of $3000 charged 8% p.a. when payment was made after the due date. If the due date was November 3, and the loan was paid December 1, how much interest was charged?
-
Calculate the amount of interest earned on a $635.00 deposit at 6.5% p.a. between October 2, 2019 and August 4, 2020.
-
What social and sustainability characteristics are typical of emerging markets? What can businesses do to support the development of poor countries in emerging markets?
-
Assume that a bank in North Florida has cash of $12,987, real estate loans of $110,246, agricultural loans of $14,410, loans to individuals of $10,077 and an allowance for loan loss of $1,336. In...
-
In Norway, a parent may receive a cash benefit for private childcare for a child between the ages of 1 and 2 years if the child does not attend a governmentsubsidized childcare facility. Effective...
-
In order to verify that all of its nontree edges are back edges, redraw the graph from Figure 14.8b so that the DFS tree edges are drawn with solid lines and oriented downward, as in a standard...
-
Let \(A, B \in \mathbb{R}^{n \times n}\) be symmetric matrices. If \(\langle A x, xangle=\langle B x, xangle\) for all \(x \in \mathbb{R}^{n}\), then \(A=B\).
-
Use EES or NIST to plot the following states as a cycle on a Pv diagram and a Ts diagram. Include the vapor dome on each plot. 1. Saturated liquid water at 3 MPa. 2. Saturated vapor water at 3 MPa....
-
Amanufacturing company makes steel wire. One particular steel wire is very thin and has a designed breaking load of 5 kg. The company tests a random sample of 42 lengths of wire and finds the mean...
-
Chapter 9 Stock Valuation at Ragan Engines Input area: Shares owned by each sibling Ragan EPS Dividend to each sibling Ragan ROE Ragan required return Blue Ribband Motors Corp. Bon Voyage Marine,...
-
Suppose the exchange rate was US$1.01 for each Canadian dollar. What is the price, in Canadian dollars, of a flight to Florida costing US$299?
-
What is the price of gasoline per liter in Canadian dollars if a U.S. gallon of gasoline costs US$3.74? One U.S. dollar is worth C$0.9739 and one U.S. gallon is equivalent to 3.8 liters.
-
Use Table 3.2 to make each of the following conversions. a. Convert US$350 to Canadian dollars. b. Convert C$200 to euros. c. Convert US$175 to Swiss francs. d. Convert 250 United Kingdom pounds to...
-
On January 1, 2024, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $560,000 of 7% bonds, due in 15 years, with interest payable semiannually on June 30 and...
-
The 100 kg plate is held in position by cables AB, AC and AD as shown. A vertical force P equa to the weight of the plate is applied at ring A to suspend it. Determine the tension in the 3 cables for...
-
Hitzu Company sold a copier (that costs $4,800) for $6,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. It records...
Study smarter with the SolutionInn App