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1) Explain the interest calculation for short-term notes? 2) Where should receivables be reported in the financial statements? 3) In a period of rising prices,

1) Explain the interest calculation for short-term notes?

2) Where should receivables be reported in the financial statements?

3) In a period of rising prices, which inventory method will yield each of the following: (a) highest inventory value; (b) lowest inventory value; (c) highest cost of merchandise sold; and (d) highest gross profit?

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