A business borrows money from a bank, as well as the bank helps to make the notice payable contained in this annually, that have interest
(Figure)Marathon Peanuts converts a beneficial $130,000 membership payable into the a preliminary-term note payable, having an annual interest from six%, and you will payable within the five months. How much cash notice usually Marathon Crazy owe at the conclusion of four weeks?
- $2,600
- $7,800
- $137,800
- $132,600
Issues
A preliminary-name notes payable doesn’t have long-identity services which can be meant to be paid in full within this their functioning several months (less than a-year). The present day part of a great noncurrent notice payable would depend from from a lengthy-label financial obligation it is only thought to be a recent responsibility whenever area of the long-term note payable is born. The rest remains a lengthy-title accountability.
(Figure)Jain Organizations remembers an initial-term mention payable. Principal towards mention are $425,100, that have a yearly rate of interest out-of step three.5%, due in the six months. Just what log entry is made whenever Jain remembers the latest note?
Get it done Lay A great
(Figure)Barkers Cooked Services and products purchases puppy food regarding a supplier into February 2 within a level of 6,000 snacks at $step one for every cure. Regards to the purchase was dos/10, n/29. Barkers will pay half of the total amount due into the cash on March twenty eight but do not pay the kept amount owed for the five days. The new supplier renegotiates the fresh new terms on the February 4 and allows Barkers to convert its pick fee to the a primary-label notice, which have a yearly interest rate out of 6%, payable for the 9 weeks.
(Figure)Play with suggestions of (Figure)pute the eye expense owed whenever Barkers remembers the note.
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