provide correct answer of this General accounting question Maple Industries received a $8,000, 12%, six-month notereceivable on March 1. What is the total amount MapleIndustries will receive when the note matures?a. $8,480b. $8,000c. $480d. $9,600

Step 1: Define note receivable is a written promise where one party agrees to pay a specific amount…

Answered: Maple Industries received a $8,000,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...

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Maple Industries received a $8,000, 12%, six-month note receivable on March 1. What is the total amount Maple Industries will receive when the note matures? a. $8,480 b. $8,000 c. $480 d. $9,600