Question: If the interest is $5,000 on a 6%, 60 day note, what is the principal?

If the interest is $5,000 on a 6%, 60 day note, what is the principal?


Step by Step Solution

★★★★★

3.36 Rating (171 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Given information Interest 5000 Rate 0... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Excel file Icon

68-B-A-T-V-M (311).xlsx

300 KBs Excel File

Students Have Also Explored These Related Accounting Questions!

Q:

Visit Professor Kenneth French's data library website: mba.tuck.dartmouth.edu/ pages/faculty/ken.french/data_library.html and download the monthly returns of "6 portfolios formed on size and...

Q:

A business issued a 90-day, 15% note for $91,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including...

Q:

A seven-year, $10 000 promissory note bearing interest at 8% compounded quarterly is discounted four years after the date of issue at 7% compounded semi-annually. What are the proceeds of the note?

Q:

If interest rates fall from 6 percent to 5 percent, the price of the bond in the above problem will increase. Will the change in price (regardless of sign) be smaller or larger than in the above...

Q:

If the interest is $5,000 on a 6%, 60 day note, what is the principal

Q:

Following are transactions of Leduc Company -12 2020 Dec. 11 Accepted a $20,000, 6%, 60 day note dated this day in granting Fred Calhoun a time extension on his past-due account. 31 Made an adjusting...

Q:

On October 1 , Isering received the following letter from Shoshanna : " I understand that 651 you are interested in buying a pickup truck , I will sell you mine for $10 ,000 all cash , and will ave...

Q:

Tamarisk Corporation incurred the following costs during 2022 Direct materials used in product $ 141,600 Advertising expense $ 53,100 70,800 Depreciation on factory 16,900 Property taxes on factory...

Q:

Norris Company converted a $4,700 account payable to a 6%, 60 day, note payable. Assuming a 360 day year for interest calculations, what journal entry will Norris make to record the transaction

Q:

An inexperienced accountant made the following entries. In each case, the explanation to the entry is correct. Dec. 17 Cash 2,940 Sales Discounts 60 Accounts Receivable 3,000 (To record collection of...

Q:

3/12/23, 5:00 PM GLO-BUS Decisions & Reports A Company (Industry 7) FINANCIAL STATEMENTS Year 5 Income Statement ($000) North Europe Latin America Company Africa Pacific America Total Notes to Income...

Q:

You have been assigned to the first audit of the Chicago Company for the year ending March 31, 2011. Accounts receivable were confirmed on December 31, 2010, and at that date the receivables...

Q:

Best Electronics Inc. offers a no hassle returns policy. The number of items returned per day follows the normal distribution. The mean number of customer returns is 10.3 per day and the standard...

Q:

Which neighborhoods often have only fast - food venue offerings available? low - income upper - income private residential moderate - income

Q:

On June 30, the end of the first month of operations, Bastille Company prepared the following income statement, based on the absorption costing concept: If the fixed manufacturing costs were $192,000...

Q:

Sharma Corporation has decided that, in preparing its 2017 financial statements under IFRS, two changes should be made from the methods used in prior years: 1. Depreciation. Sharma has used the tax...

Q:

Using the data from SE5-14B, calculate the cost of goods sold and the cost of the ending inventory using the LIFO periodic cost flow assumption. In SE5-14B, Calculate the cost of goods sold and the...

Q:

Refer to the information for Piura Merchandising Corporation below. The income statement for Piura Merchandising Corporation is as follows: Other information is as follows: a. Accounts payable...

Q:

How would each of the following actions be expected to affect shareholder wealth? a. Southern Company adopts fuel-switching technology at its largest power plants. b. Ford Motor Company pays $2.5...

Q:

How does a merchandising company calculate unit cost per item?

Q:

Ethical conduct Required Name and provide a brief explanation of the six articles of the AICPA Code of Professional Conduct.

Q:

Leach Company invested $80,000 in a certificate of deposit on June 1, 2013. The certificate had a 6 percent annual rate of interest and a one-year term to maturity. Required a. What amount of...

Q:

The following events apply to The Taco Factory for the 2013 fiscal year: 1. Started the company when it acquired $21,000 cash from the issue of common stock. 2. Purchased a new cooktop that cost...

Q:

Question in Chemical Engineering Please Give Correct answer im preparing please otherwise I will dislike 6 0 3 -

Q:

The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance December 1 $ 58,800 December 6 $ 7,710 51,090 December 11 640 $ 28,000...

Q:

4. Sound waves from a basketball. An experiment was con- ducted to characterize sound waves in a spherical cavity. (American Journal of Physics, June , 2010.) A fully inflated basketball, hanging...