Question: Assuming a 360-day year, the interest charged by the bank, at the rate of 6%, on a 90-day, discounted note payable of $87,722 is a.

Assuming a 360-day year, the interest charged by the bank, at the rate of 6%, on a 90-day, discounted note payable of $87,722 is a. $1,316 b. $5,263 c. $2,632 d. $87,722

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!

NG Part I True/False 4 points each (24 points) The borrower issues a note payable to a creditor. 2. payable Notes payable may be issued to creditors to satisfy previously created accou 3An...

pomts each (i points) The borrower issues a note payable to a creditor. Notes payable may be issued to creditors to satisfy previously created accounts payable. fls An interest-beating note is a loan...

Part I True/False 4 points each (24 points) The borrower issues a note payable to a creditor Notes payable may be issued to creditors to satisfy previously createda An interest-beating note is a loan...

c. note deferred interest d. note principal Assuming a 360-day year, the interest charged by the bank, at the rate of 6%, on a 90-day 2. discounted note payable of $100,000 is $6,000 b. $1,500 . $500...

1. Assuming a 360-day year, the interest charged by the bank, at the rate of 6%, on a 90-day, discounted note payable of $100,000 is a. $6,000 b. $1,500 c. $500 d. $3,000 1. Assuming a 360 -day year,...

1)The following totals for the month of April were taken from the payroll register of Magnum Company. Salaries $12,000 FICA taxes withheld 900 Income taxes withheld 2,500 Medical insurance deductions...

Question 23 2 pts If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible? Accounts...

Question 24 2 pts Assuming a 360-day year, the interest charged by the bank, at the rate of 6%, on a 90-day, discounted note payable of $100,000 is $6,000 O $1,500 O $500 $3,000 Question 25 2 pts...

1.) Significant changes to stockholders equity, such as changes in stock and paid in capital accounts, are reported in the A.)income statement B.) retained earnings statement C.) statement of...

Assuming a 360-day year, the interest charged by the bank, at the rate of 6%, on a 90-day, discounted note payable of $100,000 is a. $3,000 b. 56,000 c. 51,500 d. $500

Figure (a) applies to the spring in a cork gun (Figure (b)); it shows the spring force as a function of the stretch or compression of the spring. The spring is compressed by 5.5 cm and used to propel...

Incremental cost is the addition to costs from the manufacture of one unit. Do you agree? Explain.

Matt is receiving an increasing perpetuity. The payments are made at the end of each quarter. The payments in the first year are 2 5 . The quarterly payments in the second year are 5 0 . The payments...

WALT DISNEY COMPANY Disney CEO Michael Eisner accomplished much during his stored career starting the Disney Channel, the Disney Stores, and Disneyland Paris, and acquiring ABC television, Starwave...

4. Similarity (representativeness).

2. In this chapter, the reader should reflect on the following concepts: Idealized system design, analogue thinking, contrast principle, consistency principle, reciprocity principle, scarcity...

2. A Soviet invasion of Poland would lead to the severing of diplomatic relations between the United States and the Soviet Union.