Financial accounting question Sue Copper borrowed $6,000 on an 1114%. 120-day note. Suepaid $300 toward the note on day 50. On day 90, Sue paid anadditional $200.Using the U.S. Rule, Sue's adjusted balance after her firstpayment is $

Step 1: Define U.S. RuleThe U.S. rule is defined the "Truth in Lending Act" of the United States…

Answered: Sue Copper borrowed $6,000 on an 1114%.…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 10DQ

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Christina Hercher borrowed $50,000 on a 90-day 8% note. Christina paid $3,000 toward the note on day 40. On day 60 she paid an additional $4,000. Using the U.S. Rule, Christina's adjusted balance after the first payment is: Multiple Choice $49,555.56 $444.44 $47,444.44
Jim Murphy borrowed $30,000 on a 120-day 14% note. Jim paid $5,000 toward the note on day 95. On day 105 he paid an additional $6,000. Using the U.S. Rule, Jim's adjusted balance after the first payment is: Multiple Choice $25,000 $28,891.67 $1,108.33
Rebecca signed a $6,000, 120-day, 14% exact simple interest note on May 6. She made partial payments of $1,000 on June 4, and $2,000 on July 3. Find her payoff amount on the maturity date of the note, according to the U.S. Rule.
Jonas borrowed $8,000 on a 60-day 10% note. Jonas paid $4,000 toward the note on day 40. On day 50, he paid an additional $3,000. Using the U.S. Rule, Jonas's adjusted balance after the first payment is: Multiple Choice $3,250.22 $4,000 $88.89 $4,088.89 None of these
Kent borrowed $6,500 on Jan. 11 at 12.5% exact interest. He made payments of $1,000 on Feb 16, and $1,500 on March 14th. Find his payoff amount on April 10th, according to the U.S. rule.
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Sally is in the business of purchasing accounts receivable. Last year, Sally purchased an account receivable with a face value of $80,000 for $60,000. During the current year, Sally settled the account, receiving $65,000. Determine the maximum amount of the bad debt deduction for Sally for the current year. If an amount is zero, enter "0". Sally's basis in the account receivable is $fill in the blank 1 . Therefore, she has a bad debt deduction of $fill in the blank 2 and income of $fill in the blank 3 .
On March 1, 1996 Mr. Almagro obtains a loan of P1500 from Mr. Abella and signs a note promising to pay the principal and accumulated simple interest at the rate of 5% at the end of 120days. On May 15, 1996, Mr. Abella discounts the note at the bank whose discount rate is 6%. What does he receive?
Kent borrowed $6,500 on January 11 at 12.5% exact interest. He made payments of 1,000on February 16, and 1,500 on March 14. Find his payoff amount on April 10 according to the U.S Rule.
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Sally is in the business of purchasing accounts receivable last year Sally purchased an account receivable with a face value of 83,000 for 60,000. During the current year, Sally settled the account, receiving 65,000. Determine the maximum amount of the bad debt deduction for Sally for the current year.

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Sue Copper borrowed $6,000 on an 1114%. 120-day note. Sue paid $300 toward the note on day 50. On day 90, Sue paid an additional $200. Using the U.S. Rule, Sue's adjusted balance after her first payment is $