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Prepare the following calculations. principle on a note is $ 4,000, interest rate is 5%, time is 2 years. Interest? _______________. principle on a loan is $ 3,700, interest rate is 8%, time is 9 months. Interest? ______________. principle on note is $ 9,600, interest rate is 4%, time is 90 days. Interest? __________________. Sales are $1,600, cash discount terms are 2/10 n 30. paid in discount period. Sales discount ? _____________. remit? _____________________. sales are $ 3,800, returns are $ 850, cash discount terms are 3/15 n 45. paid in discount period. Sales discount? ______________________. Remit ? _____________________.

Prepare the following calculations. principle on a note is $ 4,000, interest rate is 5%, time is 2 years. Interest? _______________. principle on a loan is $ 3,700, interest rate is 8%, time is 9 months. Interest? ______________. principle on note is $ 9,600, interest rate is 4%, time is 90 days. Interest? __________________. Sales are $1,600, cash discount terms are 2/10 n 30. paid in discount period. Sales discount ? _____________. remit? _____________________. sales are $ 3,800, returns are $ 850, cash discount terms are 3/15 n 45. paid in discount period. Sales discount? ______________________. Remit ? _____________________.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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  1. Prepare the following calculations.

principle on a note is $ 4,000, interest rate is 5%, time is 2 years. Interest? _______________. principle on a loan is $ 3,700, interest rate is 8%, time is 9 months. Interest? ______________. principle on note is $ 9,600, interest rate is 4%, time is 90 days. Interest? __________________. Sales are $1,600, cash discount terms are 2/10 n 30. paid in discount period. Sales discount ? _____________. remit? _____________________. sales are $ 3,800, returns are $ 850, cash discount terms are 3/15 n 45. paid in discount period. Sales discount? ______________________. Remit ? _____________________.

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