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Stella [2.4K]
3 years ago
7

The three parts of a balance sheet heading are

Business
1 answer:
Leona [35]3 years ago
7 0

Answer: Name of business

Name of financial statement

Date.

Explanation:

The balance sheet refers to the financial statement which shows the assets, the liabilities, and the equity of the owner on a particular date.

The three parts of a balance sheet heading are the name of business, the name of the financial statement and the date.

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On January 8, Lowrence Co. issued a $60,000, 120-day discounted note to Raines Bank. The discount rate is 8%. Assuming a 360-day
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a. $58,400

Explanation:

A discounted note, will make the person receive a lesser amount than the amount due at maturity. This way the person who grants the note is receiving interest for borrowing.

<em><u>Calculations</u></em>

principal x discount rate x time = discount

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Now, we subtract this amount form the nominal:

nominal - discount = net

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