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ivann1987 [24]
3 years ago
9

On July 8, Action Co. issued a $70,000, 6%, 120-day note payable to Scanlon Co. Assuming a 360-day year, what information is nee

ded to calculate the maturity value of the note?
Business
1 answer:
vlabodo [156]3 years ago
8 0

Answer: c. The face value ($70,000), interest rate (6%), and term (120 days) are needed to calculate the maturity value of the note.

Explanation:

The Maturity Value of the note payable will be the Total Amount at the end of 120 days. This amount would be the face value of the Note plus the interest that would have accrued over these 120 days.

Maturity Value = Face Value + ( Face Value * interest rate * term)

= 70,000 + ( 70,000 * 0.06 * 120/360)

= 70,000 + 1,400

= $71,400

Option C is correct.

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The balance of an account is determined by
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Answer:

(B) adding all of the debits, adding all of the credits, and then subtracting the smaller sum from the larger sum

Explanation:

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Similarly, all the credits shall be accumulated and their total shall be done.

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A contingency reserve is money assigned to the project and allocated for identified risks for which contingent responses are dev
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Answer:

The correct answer is letter "A": True.

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3 0
3 years ago
ctivity-Based Costing Casual Cuts Inc. has total estimated factory overhead for the year of $225,000, divided into four activiti
VMariaS [17]

Answer:The activity rate for each activity of Company CC is:

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5 0
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Land costing $77,900 was sold for $99,800 cash. The gain on the sale was reported on the income statement as other revenue. On t
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Answer:

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