Answered: A 60-day, 12% note for $38,400, dated…

A 60-day, 12% note for $38,400, dated May 1, is received from a customer on account. The maturity value of the note is a.$39,168 b.$768 c.$43,008 d.$38,400

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 1SEQ: A business issued a $5,000, 60-day, 12% note to the hank. The amount due at maturity is: A. $4,900...

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Question

A 60-day, 12% note for $38,400, dated May 1, is received from a customer on account. The maturity value of the note is

a.$39,168

b.$768

c.$43,008

d.$38,400

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