Question: Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400, and the cash proceeds received and available to

Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400, and the cash proceeds received and available to use for the 60-day period is RO19600 what is the actual interest rate on this note? O a. 12.00% O b. 12.24% Oc 12.45% O d. 10.00% On 1st July 2020 Bashir purchase a machine for RO 15,000. The terms of purchase was 20% cash and the balance to be paid in monthly instalments of RO 500. What amount of the loan will be disclosed under Long term liabilities in the balance sheet on 31 Dec 2020? O a. RO 5,000 O b. RO 3,000 Oc RO 7,000 O d.RO 6,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock 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

Students Have Also Explored These Related Accounting Questions!

6-118. The tractor shovel carries a 500-kg load of soil, having a center of gravity at G. Compute the forces developed in the hydraulic cylinders IJ and BC due to this loading. p. 292 30 30 350 mm B...

1. Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400 what is the actual interest rate on this note? a.12.00% b.20.00% c.22.50% d.10.00% 2. Al Faras LLC bought a...

Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400 what is the actual interest rate on this note? a. 12.00% b. 20.00% c. 10.00% d. 22.50%

1. As on 30 July the Cash book reports a bank balance of RO 4,250, without recording a credit transfer from a customer of RO 7,200 and a standing order payment of RO 4,500. Deposits awaiting...

fast please Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400, and the cash proceeds received and available to use for the 60-day period is R019600 what is the...

Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400, and the cash proceeds received and available to use for the 60 day period is RO19,600, what is the actual...

Systems Understanding Aid 10th Edition I am working on Transactions List A (the blue sheet) . can any one help me out to solve the transaction list A with the journals? Document No. 1 Transactions...

ACP Project Solid Footing 14e Accounting Cycle Project Solid Footing 14e To activate your project, enter your: Software ID Code, First Name, and Last Name (press the Enter Key) -- then click Activate...

This is the Project if you can help Document No. 27 Print Syifa WAREN SPORTS SUPPLY December 31, 2022 Post-Closing Trial Balance 3 Insert . NO. ACCOUNT TITLE DEBIT CREDIT De CA As roca Allowance for...

I need answers for all the questions on this practice final exam. I've attached the file. David A. Dittman, Financial Accounting Question Sheet HA 121 Final Exam Name:...

Accounting Cycle Project 12e - Solid Footing Pictures 01-18. Instructions: You will be recording the July 2019 transactions for Lenny's Lawn Service. Inc. After recording the July transactions you...

Design of an experiment to verify the f vs. Re chart for spheres, it is desired to design an experiment to test the friction factor chart in Fig. 6.3-1 for flow around a sphere. Specifically, we want...

Which of these organizations has not played a role in the harmonization of international accounting standards? 1. United Nations 2. Internal Revenue Service 3. International Accounting Standards...

(a) Compute an activity rate for each activity using activity-based costing.(b) Allocate overhead costs to a job that uses 20 machine hours and 15 direct labor hours. Mia Company uses activity-based...

Elizabeth Island Airways scher. Ellermalogenal airine serving the New England area, recently suffered a major cras. As a result passengers are considered to be shy choose As there comer when making...

(Appendices) How is this affected by business policies concerning prices and credit sales? LO2

(Appendices) The Bureau of Labor Statistics provides detailed information on unemployment at the national, state, and local level. Go to www.bls.gov/lau/home.htm. See Latest Numbers and answer the...

(Appendices) Forrest, age 23, was honorably discharged from the U.S. Marine Corps after four years, which included two tours of duty in Iraq. He was severely wounded when his platoon engaged in a...