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Annette [7]
2 years ago
11

On November 1, 2018, New Morning Bakery signed a $195,000, 6%, six-month note payable with the amount borrowed plus accrued inte

rest due six months later on May 1, 2019. New Morning Bakery records the appropriate adjusting entry for the note on December 31, 2018. What amount of cash will be needed to pay back the note payable plus any accrued interest on May 1, 2019? (Do not round your intermediate calculations.)
Business
1 answer:
Blizzard [7]2 years ago
5 0

Answer:

total cash pay is $200850

Explanation:

given data

Bakery signed P = $195000

rate R = 6 %

time T = 6 month

to find out

cash amount will be needed to pay back with interest

solution

we find first interest for 6 month that is 6/12 year

so interest = P×R×T

interest = 195000×0.06×6/12

interest = $5850

so total amount pay = Principal  + Interest

total amount pay =195000  + 5850

total cash pay = $200850

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3 years ago
Suppose the value of owning a first car is worth $30,000 to you, and the value of owning a second car is worth $24,000 to you. S
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Answer:

No, the second car shouldn't be purchased.

Explanation:

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2 years ago
The death benefit of a(n) _____ life insurance policy may go down because of poor investment returns.
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6 0
3 years ago
Inventory records for Marvin Company revealed the following:
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2 years ago
Concord Company on July 15 sells merchandise on account to Pharoah Co. for $3800, terms 3/10, n/30. On July 20 Pharoah Co. retur
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Answer:

The amount of cash received from this sale on July 24 is $1940.

Explanation:

The sell of merchandise on July 15 will result in an increase in sales revenue of $3800 and accounts receivables of $3800. The entry would be,

July 15 Accounts receivable     $3800 Dr

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The sales return of $1800 will reduce the amount of accounts receivables. The amount of accounts receivables outstanding and eligible to receive payment from will be (3800 - 1800) = $2000

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Discount allowed = 2000 * 0.03 = $60

The cash received will be $2000 - $60 = $1940

6 0
3 years ago
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