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
OLEGan [10]
2 years ago
14

Valley Designs issued a 90-day, 9% note for $42,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a

year when computing the interest.
1. Determine the due date of the note.
a. July 9
b. July 10
c. July 21
d. July 30

2.. Determine the maturity value of the note.
$______________
Business
1 answer:
Aleks [24]2 years ago
8 0

Answer:

1. July 21

2. $42,945

Explanation:

April 22 Start leaves 8 days left, and following the months would be like this:

8(April) + 31(May) + 30(June) + 31(July) = 100 days

Now because we only need 90 days in the period, we subtract the last 10 days off of July 31

31(July) - 10 days (July) = July 21

Maturity value = face amount (42,000) + interest (42,000 x 0.09 x 90 / 360)

42,000 + 945 = $42,945

You might be interested in
An electronic card that is directly connected to a checking account is known as a ____.
dalvyx [7]
C) Credit card is an electronic card directly connected to a checking account
8 0
3 years ago
Read 2 more answers
Can investing in your education or training make you even more likely to obtain and keep a job
Tatiana [17]

Answer:

Yes

Explanation:

The answer is yes because education/training will make it so you have more experience/knowledge than the next worker

5 0
3 years ago
Bob hasn't been managing his finances very well and is in need of an emergency loan to pay rent. On July 10, he goes to Cash4U f
Andrei [34K]

Answer:

APR = 669.17%

Explanation:

Cash 4U is charging $55 in interest for 6 days, that means it is charging Bob $9.17 in interest per day which is equivalent to 1.8333% daily interest. If we want to determine the APR we just have to multiply the daily interest by 365 days = 1.8333% per day x 365 days = 669.17%

3 0
4 years ago
A company borrowed $500,000 cash from a bank and used it to purchase $500,000 of new manufacturing equipment. Which of the follo
bogdanovich [222]

Answer:

Lets see what are the double entries of borrowings and purchase of new  manufacturing equipment and their implications:

Double Entry for borrowings:

Dr Bank $500,000

Cr           Notes Payable $500,000

The above double entry shows that the total assets and Notes Payable are increased due to this transaction. Furthermore, in the Statement of Cash flow we see an increase in Cash from Financing activities and decrease in the Cash from investing activities.

The second transaction is purchase of new manufacturing equipment. It must be accounted for as under:

Dr Manufacturing Equipment $500,000

Cr                                               Bank    $500,000        

This transaction shows that net impact on the total assets is same as one asset has been increased by spending the other asset. This transaction also has no impact on Cash for financing, inventories and notes payable balances. However, their is increased negative balance in cash from investing activities.

5 0
3 years ago
If a country's money supply is $10 million, and there is only one bank where all of the people deposit their money. If the bank
Luden [163]

Answer:

The money multiplier of the economy is 20

Explanation:

Money multiplier is the term of economics which is defined as the maximum amount, the money supply could rise grounded on the increase in the reserve in the system of banking.

The formula used for computing the money multiplier is as:

Money Multiplier = 1 / r

where

r is the reserve ratio that is 5%

So, putting the same value above:

Money Multiplier = 1 / 5%

Money Multiplier = 20

7 0
3 years ago
Other questions:
  • Why might an accountant user not see the Exceptions to closing date report in a Quickbooks online company
    7·1 answer
  • Bea’s Donuts requires that all people working in her store wear a light blue polo shirt showing the logo of her company. Requiri
    11·1 answer
  • What is the purpose of a trial balance?
    14·1 answer
  • Which one of these survey methods typically has the lowest nonresponse rate?
    9·1 answer
  • Last year, Ann had $10,000 to invest. She invested some of it in an account that paid 7% simple interest per year, and she inves
    5·1 answer
  • These hotels are cater primarily to ___________ travelers.
    5·1 answer
  • Marsha has met with two attorneys. Attorney A works at a large prominent law firm and charges a lower hourly fee, has little exp
    9·1 answer
  • Suppose the real interest rate is 4% and expected inflation is 1% . What is the nominal interest rate? nominal interest rate: %
    10·1 answer
  • A formal written statement of management's plans for the future, expressed in financial terms, is a a.budget b.gross profit repo
    8·1 answer
  • Belltower, Inc. has net income for 2016 of $370,000. At January 1, 2016, the company had outstanding 54,000 shares of $50 par va
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!