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horrorfan [7]
3 years ago
7

On January 1, Year 1, Barrett, Inc., purchased equipment and signed a note agreeing to pay $100,000 on December 31, Year 3. The

market interest rate applicable to the note was determined to be 10%. What is the amount that will be credited to Note Payable in the journal entry dated January 1, Year 1?
Business
1 answer:
Afina-wow [57]3 years ago
3 0

Answer:

$75,131

Explanation:

The computation of the amount of note payable credited is shown below:

Notes payable is

= Agreed amount to pay × present value factor at 10% for 3 years

= $100,000 ×  0.75131

= $75,131

By multiplying the agreed amount to pay with the present value factor at 10% for 3 years we can get the amount credited to the note payable

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2 years ago
What would NOT be part of making a comparison?
Zielflug [23.3K]

The correct answer would be answer choice <u>C. determining the qualities.</u>

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5 0
3 years ago
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kicyunya [14]

Answer:

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5 0
3 years ago
Lee Holmes deposited $15,000 in a new savings account at 9% interest compounded semiannually. At the beginning of year 4, Lee de
zhuklara [117]

Answer:

Total sum at te end of 6 years=$ 73,138.97

Explanation:

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A- deposit amount ,

r- interest rate - 9%/2 = 4.5% per 6 months

n- number of years is 6

First deposit for  6 years

FV =  15,000× 1.045^(2×6)

 =  $25,438.22

Last 40,000 for 2 years

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Total sum at the end of 6 years

= $25,438.22 + $47,700.74

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