On August 15, 2021, Low Rider Automotive established a line of credit at its bank, with interest
Question:
On August 15, 2021, Low Rider Automotive established a line of credit at its bank, with interest at 8.75% p.a. This line of credit was used to purchase $5000 of inventory and supplies. Low Rider paid $5113.87 to satisfy the incurred debt. On what date did Low Rider Automotive honour the line of credit?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
Solution Let use a simple interest formula Interest P...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Contemporary Business Mathematics With Canadian Applications
ISBN: 9780135285015
12th Edition
Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday
Question Posted:
Students also viewed these Mathematics questions
-
On August 15, 2015, Low Rider Automotive established a line of credit at its bank, with interest at 8.75% p.a. This line of credit was used to purchase $5000 of inventory and supplies. Low Rider paid...
-
On August 15, 2017, Low Rider Automotive established a line of credit at its bank, with interest at 8.75% p.a. This line of credit was used to purchase $5000 of inventory and supplies. Low Rider paid...
-
The financial information shown in the following table was presented for Massive Enterprises Ltd. for the year ending May 31, 20X1. Statement of Income Sales $1,700,000 Cost of sales 830,000 Gross...
-
Attijari Wafa Bank distributed on May 2022 a dividend per share of 5 MAD / share. The company is planning to have next 3 years a growth rate of 5% then after 7%. If the required rate of return is 12%...
-
Why are brown fields such a problem in developed countries?
-
In 2024, Carla Vista Inc. sold 15,800 units of its product at an average price of $350 per unit. Carla Vista purchased 20,400 units of its product from its manufacturing supplier in 2024, at an...
-
Why is the concept of an ongoing concern important to the interpretation of financial statements?
-
Reconfigure the network in Figure 11.21 using the critical chain approach. Remember to reconfigure the activities to late start where appropriate. What is the original critical path? What is the...
-
Now that we know about data, we continue our journey with 2 fundamental descriptive statistics that help us understand fundamental components of a data set. In this week's discussion, we are going to...
-
The cash records and bank statement for the month of May for Diaz Entertainment are shown below. Additional information: a. The difference in the beginning balances in the companys records and the...
-
Solve the following. The annual Deerfield Golf Club membership fees of $1750 are due on March 1, 2022. Club management offers reduced membership fees of 18.9% p.a. to members who pay the dues by...
-
Solve the following. You are the accountant for Peel Credit Union. The lawyer for a member has sent a cheque for $7345.64 in full settlement of the members loan balance including interest at 6.25%...
-
Let ((x, y) 1 if both x and y are rational numbers, and let ((x, y) = 0 otherwise. Show that ((x, y) is not integrable over the rectangle R in Figure 8. -2 --
-
Question 3 Discuss how price indicators, like the A-D line, are commonly used to identify major turning points such as the end of a bull market. Question 3 Discuss how price indicators, like the A-D...
-
You are a CFO of a large company and you are aware that some of your managers are overcharging on their expense reports for lunches and dinners. In some cases, you know that charges are being made...
-
What risks can an investor face in case of a foreign direct investment? b) WSM Wine Importers, Inc. purchased 75,000 cases of French wine at a cost of 6,000,000 euros. If the current exchange rate is...
-
Is exchange rate volatility an obvious sign of a poorly operating market?
-
1. What is a mortgage? 2. Types of mortgages? 3. Repayment Mortgages vs Interest Only Mortgages 4. Shared Ownership vs Shared Equity Mortgages
-
What is the difference between primary and secondary authorities? Explain the role of each authority type in conducting tax research.
-
What are the key dimensions of critical thinking 2. Watch the NBC Learn video on Diet Scams. What types of claims are made in this video Are they valid Elaborate on your responses. Discuss this video...
-
Winooski Lamp Co. has borrowed $95 000 for capital expansion. The company must pay the interest on the loan at the end of every 6 months and make equal payments at the time of the interest payments...
-
The company plans to raise $500 000 by issuing 10-year corporate bonds that pay interest at 6% annually. The cash will be used in the expansion of offices and an equipment base in Windsor, Ontario....
-
A $5000, 4% bond with interest payable semi-annually is redeemable at par in 12 years. What is the purchase price to yield? (a) 3% compounded semi-annually? (b) 5% compounded semi-annually?
-
Given the info below answer the question Inventory 12/31/25 $60,100 Cost of Goods Sold $221,463 Common Stock 74,510 Selling Expenses 15,783 Retained Earnings 45,810 Administrative Expenses 37,696...
-
Greyson Construction has the following account balances at the end of the e year. Accounts Equipment Accounts payable Salaries expense Common stock Land Notes payable Service revenue Balances $24,500...
-
A. Determine the internal forces at sections C, D1 and D2 2kN/m k 2m C 4m Figure 2 e=0.2m 8kN B D D 2m B. Construct bending moment diagram of the beam shown in figures 15kN 4kN/m B D F E (1) (2)...
Study smarter with the SolutionInn App