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creativ13 [48]
3 years ago
15

On June 8, Alton Co. issued an $88,500, 7%, 120-day note payable to Seller Co. Assume that the fiscal year of Seller Co. ends Ju

ne 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Seller in the following year? When required, round your answer to the nearest dollar.
Business
1 answer:
Furkat [3]3 years ago
3 0

Answer:

Amount of interest revenue recognized =\frac{2065\times 98}{120}=$1686.41

Explanation:

Principal amount P = $88500

Rate of interest r = 7 %

Total number of days = 120

So interest =\frac{principal\ amount\times rate\times time}{100}=\frac{88500\times 7\times 120}{360\times 100}=$2065

Number of days from 8 june to 30 june = 30-8 = 22 days

So left days = 120-22 = 98 days

So amount of interest revenue recognized =\frac{2065\times 98}{120}=$1686.41

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D) have customers who operate in many different parts of the country.

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3 years ago
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5 0
3 years ago
A company's Office Supplies account shows a beginning balance of $630 and an ending balance of $460. If office supplies expense
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The correct answer is that there was $3,080 worth of office supplies purchased during the period.

In order to answer this question you know that the company started with $630 worth of office supplies and ended the year with $460 worth, or $170 less than they started with. The company used $170 of supplies from inventory, so they needed to purchase another $3,080 in order arrive at the $3,250 that we know was the total expense during the reporting period.

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Amram Inc. can issue a 20-year bond with a 6% annual coupon at par. This bond is not convertible, not callable, and has no sinki
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Amram Inc. is issuing two bonds, one is not convertible and the other one is convertible and callable. Regardless of the coupon rate that they plan to set, convertible and callable bonds will usually (almost always) have a coupon rate that is lower than non-convertible or non-callable bonds.

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