Answer:
Solution attached in picture
Explanation:
Answer:
Hart Corp.'s note should be reported at $10,000
Maxx Inc.'s note should be reported at $7,883
Explanation:
Interest bearing notes that represent current accounts (due within one year) should be reported at face value. Hart Corp.'s note is due in nine months, so it should be reported at = $10,000
Maxx Inc.'s note must be recorded at present value because it is due in 5 years.
FV = $10,000 x 1.03⁵ = $11,592.74
now we must determine its present value using an 8% discount rate:
PV = $11,592.74 x 0.680 = $7,883
Answer:
D. a difference between daily bank and cash balance
Explanation:
Once receipts are made, they will be recorded in the organisation or company's cashbook thus increasing the cash balance. If the receipts are not deposited into the bank account, there will be a difference between the cash and bank balance. Pocketing receipts in this manner is an example of a fraudulent activity.
