Answer:
Interest = $5,834.67
Explanation:
In November 1, the note bears 12 month = 7%
From November 1 to December 31 = 2 month
Hence for 2 month Interest = 2 * 7/12(%) = 1.1667%
Thus, interest = $500,100 * 1.1667%
Interest = 5834.6667
Interest = $5,834.67 approximately.
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Answer:
d.loss of $30,000
Explanation:
The initial cost of the cage: $310,000.00
Selling price: $ 20,000.00
Depreciation recorded: $260,000.00
calculating book value: (initial cost-Depreciation)
=$310,000-$260,000
Book value =$50,000.00
Profit or loss=selling price- book value.
=$20,000.00- $50,000.00
=($30,000.00)
loss of $ 30,000.00
