KSuppose your business has secured a line of credit and receives the accompanyingof March. The limit on your line of credit is $1000.00. You receive daily interest of 1.7COLdill belones QuenimbengetMarch StatementDateMarch 281319222831TransactionDescriptionBalareCheque 263Cheque 264DepositCheque 265Cheque 266PrintDeposit2114.00WithdrawalDone463.00212.00188.00264.00Balance- 790.51- 1253.51- 1465.51648.49460.49196.49?-x KSuppose your business has secured a line of credit and receives the accompanying statement of account for themonth of March. The limit on your line of credit is $1000.00. You receive daily interest of 1.7% p.a. on positivebalances and pay daily interest of 6% p.a. on negative (line of credit) balances. Overdraft interest is 19% p.a. on thedaily amount exceeding your line of credit limit. There is a service charge of $5.00 for each transaction causing anoverdraft or adding to an overdraft. Use this information to complete parts (a) through (e) below.Click the icon to view the statement for the month of March.(a) Calculate the amount of interest earned.Total interest earned=$(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal placesas needed.)WinOра

Limit on your line of credit - $1,000.00Interest rate on positive balances - 1.7% p.a.Interest rate…

Date March 2 8 13 19 22 28 31 Transaction Description Balarke Cheque 263 Cheque 264 Deposit Cheque 265 Cheque 266 Deposit Withdrawal 2114.00 463.00 212.00 188.00 264.00 Balance - 790.51 - 1253.51 - 1465.51 648.49 460.49 196.49 ?

Date March 2 8 13 19 22 28 31 Transaction Description Balarke Cheque 263 Cheque 264 Deposit Cheque 265 Cheque 266 Deposit Withdrawal 2114.00 463.00 212.00 188.00 264.00 Balance - 790.51 - 1253.51 - 1465.51 648.49 460.49 196.49 ?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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