Davis Company issued the following notes during 20X1: 1. A $25,000 note at 10% for 180 days, issued February 15 is an interest of $1,250 2. A $65,500 note at 12% for 5 months, issued October 3 is an interest of $325 3. A $30,000 note at 8% for 180 days, issued October 18 is an interest of $1,200 What is the balance in NOTES PAYABLE on December 31, 20X1, assuming that all notes were paid when due?
Davis Company issued the following notes during 20X1: 1. A $25,000 note at 10% for 180 days, issued February 15 is an interest of $1,250 2. A $65,500 note at 12% for 5 months, issued October 3 is an interest of $325 3. A $30,000 note at 8% for 180 days, issued October 18 is an interest of $1,200 What is the balance in NOTES PAYABLE on December 31, 20X1, assuming that all notes were paid when due?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Davis Company issued the following notes during 20X1:
1. A $25,000 note at 10% for 180 days, issued February 15 is an interest of $1,250
2. A $65,500 note at 12% for 5 months, issued October 3 is an interest of $325
3. A $30,000 note at 8% for 180 days, issued October 18 is an interest of $1,200
What is the balance in NOTES PAYABLE on December 31, 20X1, assuming that all notes were paid when due?
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