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
Kamila [148]
3 years ago
15

Ireland Corporation obtained a $40,000 note receivable from a customer on June 30, 2011. The note, along with interest at 6%, is

due on June 30, 2012. On September 30, 2011, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 10%. What amount of cash did Ireland receive from Cloverdale Bank
Business
1 answer:
Paul [167]3 years ago
5 0

Answer:

$39,220

Explanation:

The maturity value of the note receivable on June 30, 2012

= Principal + Interest

= $40,000 + $40,000 x 6%

= $40,000 + $2,400

= $ 42,400

The note is discounted on September 30, 2011. Time period remaining to go till maturity as on September 30, 2011

= 12 - 3 months ( July, Aug and Sep)

= 9 months.

Amount of deduction  

= $ 42,400 x 10% x 9/12

= $ 3,180

Finally, the Cash received by Ireland will be

= Maturity value - Discount

= $42,400 - $ 3,180

= $39,220

You might be interested in
Identify and explain two characteristics of the packaging of the chocolate bars​
zubka84 [21]
Chocolate products are protected throughout the distribution process. Flexible packaging keeps goods fresher for longer, as packaging can include foil layers that ensure that products are preserved. Flexible chocolate packaging provides valuable nutritional information that assist consumers in correct product selection.
hope it helps you
thank you
5 0
3 years ago
When cisco systems inc. of san jose, california, and tata consultancy services of mumbai, india, entered into their __________,
ser-zykov [4K]
Strategic aliance is collaborative relationship between independent firms. Though this relationship the partnering firms  do not invest in one another, which means <span>do not create an equity partnership</span>
<span>Example is when Cisco systems inc. of San Jose, California, and Tata consultancy services of Mumbai, India, entered into their strategic aliance.  They both continued to develop market-ready infrastructure and network solutions for customers, but they relied on each other to provide the training and skills that one or the other might have lacked.</span>
3 0
3 years ago
Werth Company produces tie racks. The estimated fixed costs for the year are $288,000, and the estimated variable costs per unit
____ [38]

Answer:

Option (A) is correct.

Explanation:

Given that,

Estimated fixed cost = $288,000

Estimated variable cost = $14 per unit

Units expects to produce and sell = 60,000

Selling price = $20 per unit

We first need to calculate the contribution margin:

Contribution margin per unit:

= Selling price - Variable cost

= $20 - $14

= $6

The break even point in units is the ratio of fixed cost to the contribution margin per unit.

Break-even point in units:

= Fixed cost ÷ Contribution margin per unit

= $288,000 ÷ $6

= 48,000 units

8 0
3 years ago
Economists expect the firm to maximize __________, the laborer to accept the best __________, and the consumer to find the combi
algol13

Answer:

The correct answer is option d.

Explanation:

The firms are expected to maximize profits, the laborers are expected to accept the best offer and the rational consumer is expected to choose the bundle of good that maximizes utility.

Firms will produce the output level where their profits are maximized. The consumer will consume at the level where their total utility is maximized and the laborer will accept the best offer to maximize his benefit.

7 0
3 years ago
Read 2 more answers
As jamal's income rises, his demand for pizza does not change. it follows that, for jamal, pizza is a(n)
irga5000 [103]
<span>The pizza is a neutral good. A neutral good is a good whose demand is not changed even though the income provided by the good is changed. A person's income can go either up or down, but their desire to buy more or less of Jamal's pizza will not change, so pizza sales will not go up or down. Demand and income are not tied to each other.</span>
8 0
3 years ago
Other questions:
  • When looking for capital, bankers and other lenders will usually feel most comfortable investing in a/an
    7·1 answer
  • What are some characteristics of physical mental and emotional and social health
    12·1 answer
  • Because Fiona is not influenced by merit pay or sales commissions and she performs better in a highly structured job, Fiona has
    11·1 answer
  • Schumacher Industries Inc. manufactures recreational vehicles. Schumacher Industries uses a job order cost system. The time tick
    7·1 answer
  • Our entrepreneur in problem 4 above is trying to set up a well-organized office filling system that will make it easier (and les
    15·1 answer
  • Is using special hand tools to avoid the point of operation an acceptable
    7·2 answers
  • Kim Jordan, cofounder and CEO of New Belgium Brewery, believes that the New Belgium Brewery is acting as a business role model.
    9·1 answer
  • Ocean water contains 0.9 ounces of gold per ton. Method A costs $550 per ton of water processed and will recover 90% of the meta
    9·1 answer
  • g An airline is considering a project of replacement and upgrading of machinery that would improve efficiency. The new machinery
    7·1 answer
  • A) Which talent management approach better fits the SMEs context and
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!