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Survey of Accounting (Accounting I)
8th Edition
ISBN: 9781305961883
Author: Carl Warren
Publisher: Cengage Learning
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Textbook Question
Chapter 8, Problem 1SEQ
A business issued a $5,000, 60-day, 12% note to the hank. The amount due at maturity is:
A. $4,900
B. $5,000
C. $5,100
D. $5,600
Expert Solution & Answer
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To determine
Concept Introduction:
Notes payable:
Notes payable is a liability which represents the loan taken by the business of the business transactions. A note payable can be issued by a debtor to its creditor for the liability of payments for issuing supplies.
To Calculate:
The amount of note due at maturity
Answer to Problem 1SEQ
The amount of note due at maturity is C. $5,100
Explanation of Solution
The amount of note due at maturity is calculated as follows:
Amount of note due at maturity = Principal amount + interest
= 5000 + (5000*12%*60/360)
= 5000+ 100
= $5,100
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Chapter 8 Solutions
Survey of Accounting (Accounting I)
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