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castortr0y [4]
3 years ago
11

Solve accepted a 60-day, 9 percent note from Pete Houghton in settlement of his past-due account for $6,000. On April 9, Westwoo

d Company discounted the note at the First National Bank. The bank charged a discount rate of 12 percent. What is the amount of the proceeds
Business
1 answer:
Stolb23 [73]3 years ago
4 0

Missing information:

The note was accepted on March 10

Answer:

$6,029.10

Explanation:

in order to answer the question, I assumed a 360 day year, so 60 days = 2/12 of a year

the note's value on maturity date = principal + accrued interest = $6,000 + ($6,000 x 9% x 2/12) = $6,000 + $90 = $6,090

bank charges = note's value on maturity date x discount rate x 30 days = $6,090 x 12% x 1/12 = $60.90

net proceeds = $6,090 - $60.90 = $6,029.10

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The statement "This Dell laptop costs $1,200" illustrates which function of money?A) medium of exchangeB) unit of accountC) stor
kompoz [17]

Answer:

The correct answer is b) unit of account

Explanation:

The statement "This Dell laptop costs $1,200" illustrates which function of money? Unit of account

The unit of account represents one of the function of money, The value of an article is measured the same currency to compare with another article.

8 0
3 years ago
How many free credit reports is a person allowed in one year?
CaHeK987 [17]
You can get 1 free credit report once every 12 months per your request if you are with a company that the Fair Credit Reporting Act (FCRA) required, such as Equifax, Experian, and TransUnion. however with other companies; i'm not 100% sure... but i believe it might be the same thing for all companies. (it's all ive got in notes ^^||)

hope this helps
7 0
3 years ago
The most recent financial statements for Live Co. are shown here: Income Statement Balance Sheet Sales $4,400 Current assets $4,
hram777 [196]

Answer:

3.88%

Explanation:

ROA = Net income/Total assets

ROA = $972/$16,127

ROA = 0.0602716

ROA = 6.03%

Retention ratio = 1 - Payout ratio

Retention ratio = 1 - 0.38

Retention ratio = 0.62

Internal growth rate = (ROA*Retention ratio) / [1 - (ROA*Retention ratio)]

Internal growth rate = 0.0602716*0.62 / 1 - (0.0602716*0.62)

Internal growth rate = 0.037368392 / 1-0.037368392

Internal growth rate = 0.037368392/0.962631608

Internal growth rate = 0.038818995

Internal growth rate = 3.88%

3 0
3 years ago
The ability of the president to veto a bill passed by congress is a good example of what principle of limited government?
spayn [35]

The ability of the president to veto a bill passed by congress is a good example of the checks and balances principle of limited government.

The Checks and Balances system gives each arm of government its own authority to check the others and prevent any one branch from gaining excessive power.

<h3>What is the importance of checks and balances?</h3>

In organizations, checks and balances can assist cut down on errors and avoiding improper conduct. The concept of checks and balances is most frequently applied to governmental structures, such as the executive, legislative, and judicial branches of the U.S. government.

A system in which each component of an organization, such as a government, has the ability to influence and regulate the others in order to prevent any one component from gaining undue power.

Since Congress manages the funds used to finance all executive activities, it holds the power of the purse. Federal officials are nominated by the president, but their confirmation by the Senate is required.

Learn more about Checks and Balances here:

brainly.com/question/20019533

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6 0
2 years ago
A(n) ________ is a financial contract that provides annual payments until a specified year or until one's death.A) savings accou
Andru [333]

Answer and Explanation:

B) annuity

3 0
3 years ago
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