1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Pachacha [2.7K]
3 years ago
6

On July 1, Lee Co. sold goods in exchange for a $200,000 8-month noninterest-bearing note receivable. At the time of the sale, t

he note’s market rate of interest was 12%. What amount did Lee receive when the note was discounted at a bank at 10% on September 1?
Business
1 answer:
evablogger [386]3 years ago
5 0

Answer:

$190,000

Explanation:

Given:

Loan amount = $20000

Month Remain = [ 8 month  - 2 month ( July - august) non interest bearing] = 6 month

Discount rate = 10%

Calculation of value discounted = Loan amount x Discount Rate x month remain

= $200,000 x 10% x 6/12

= Discounted Amount = $10000

After discount rate = loan amount - discounted amount

= $200,000 - $10,000

After Discount Rate= $190,000

You might be interested in
On what date does congress normally begin its annual meeting unless otherwise determined?
mrs_skeptik [129]

Congress usually begins its annual meeting on January 3 unless otherwise determined. This is as stipulated in the 20th amendment to the United States constitution, which moved the beginning and ending of terms of members of Congress from March 4 to January 3.

5 0
3 years ago
O que é superavitário e deficitário? * O que é SFN? * Pesquise os principais ações deficitárias e superavitários do governo nos
jolli1 [7]

Answer:

sao coisas qui eu nao consogo espluc

5 0
3 years ago
Eugene agrees to finish painting Hazel’s house within two weeks of the time they agree to in the contract. A week in, Eugene rea
Yanka [14]

Answer:

Yes, Hazel needs to pay extra $700

Explanation:

As per pre-existing duty rule, a person is obligated to perform his duty at the consideration agreed upon initially. Any modification to the contract is void.

Exceptions to this rule:

  • As per new contract, if the person undertaking his duty hires another person to perform the work so as to complete it in time, then modifications are valid and enforceable.
  • Modifications are valid in case of unforeseen contingencies like war, recession, change in economic conditions and strikes.

In this case, Hazel agreed to pay $700 extra. Under pre-existing duty rule, she is not required to pay Eugene extra $700 but since Eugene took additional help exception to the rule applies and Hazel is obligated to pay $700 extra.

6 0
3 years ago
Read 2 more answers
Which of the following is an example of how advanced technology has helped the modern economy ?
OlgaM077 [116]
Its between a an B  but i think its A
7 0
4 years ago
Formal planning means specific goals are formulated and never reduced to writing but simply communicated.
Alexxx [7]
<span>The statement that formal planning means specific goals are formulated and never reduced to writing but simply communicated is false. 
</span><span>In opposite formal planning is type of strategic planning that includes writing of the organization's goals and objectives. The given definition refers to the informal planning. </span>
3 0
3 years ago
Other questions:
  • Which of the following would an economist most likely classify as a need?. A.gasoline for a florist's delivery truck.. B. a coll
    13·2 answers
  • You and your best friend have decided to start a small coffee shop together while in college. Though you have been friends since
    12·1 answer
  • Economics is the social science that tries to explain
    7·1 answer
  • Who has the authority to issue professional liscenses?
    11·2 answers
  • Cars made in the United States by an American-owned company are included in______
    15·1 answer
  • CL Inc., a new firm, used mass media to gain traction among customers. The company used sales promotions and public relations to
    9·2 answers
  • Restricting imports Question 10 options: can protect United States jobs in the protected industry, which increases economic welf
    13·2 answers
  • Babak owns a sports practice facility called Boston Batting Cages in Boston, Massachusetts. During the first year of operation,
    12·1 answer
  • A company's corporate code of ethics is a document given to a newly hired employee on the first day of work. Usually he is asked
    13·1 answer
  • Select the statement that is true of common stock. Companies issue dividends to common stockholders before preferred stockholder
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!