Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Apr 22, 2024

Assume that the $ 3 , 0 0 0 , 8 . 5 % , 9 0 - day note receivable from Pluto dated June

Assume that the $

3, 000, 8.5 %, 90 -

day note receivable from Pluto dated June

8

is discounted by Saturn at the bank on July

8

at a rate of

7 % .

What would be the discount amount?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

To calculate the discount amount we can use the simple discount formula DiscountPrincipal... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Accounting questions

Question

Betty's final exam scores (X) from four courses and each course's final exam statistics ( and ) are listed as below. Based on her final scores, in which subject has Betty done best? Betty's X = 82 on...

Answered: 1 week ago

Question

★★★★★

Assume the same facts as in Exercise, but in addition, assume that Saratoga is itself in need of cash. It discounts the note received from Windsor at First Bank on July 1, 2013, at a discount rate of...

Answered: 1 week ago

Question

★★★★★

7) The second financial statement to prepare is the statement of retained eamings. To determine the ending balance of retained earnings you need to start with the opening balance as reported in the...

Answered: 1 week ago

Question

★★★★★

Identify and summarize the most important models and concepts of employee motivation.

Answered: 1 week ago

Question

★★★★★

Suppose 100 men and 100 women graduate from high school. After high school, each can work in a low-skill job and earn $200,000 over his or her lifetime, or each can pay $50,000 and go to college....

Answered: 1 week ago

Question

★★★★★

=+ (a) Do the rights acquired at July 1 represent an asset or an expense? (b)

Answered: 1 week ago

Question

★★★★★

3.11 Refer to Exercise 3.10. a. Use the data entry method in your scientific calculator to enter the six pairs of measurements. Recall the proper memories to find the correlation coefficient, r, the...

Answered: 1 week ago

Question

★★★★★

It takes a force of 80.0N to compress the spring of a toy popgun 0.200m to load a 0.180-kg ball. With what speed will the ball leave the gun?

Answered: 1 week ago

Question

★★★★★

Donahue Company is preparing budgets for the third quarter ending Sept 30, 2017. Budgeted sales for the next five months are July 20,AAA units Aug 50,BBB units Sept 30,CCC units Oct 25,DDD units Nov...

Answered: 1 week ago

Question

★★★★★

10. Scranton Ski Trips Inc. and Talia's Ski Tours, Inc. decide to consolidate. This corporate combination does not require the approval of a. Scranton Ski and Talia directors. b. Scranton and Talia...

Answered: 1 week ago

Question

★★★★★

Question 14 (4 points) As we discussed, project procurement management can require the use of risk management tools tailored to procurement. Which of the following is not a risk management tool a...

Answered: 1 week ago

Question

★★★★★

Probability: Mathematics The metrics of Human Spirit High School can participate in Drama, Choir or Sport. There are 120 matrics, of whom . 65 participate in Drama, 57 participate in Sport and 13...

Answered: 1 week ago

Question

★★★★★

Application 3) (4 marks) Due to employee safety negligence at a nuclear waste facility, 2000 tons of a radioactive element is spilled into the nearby pond. The half-life of the radioactive element is...

Answered: 1 week ago

Question

★★★★★

The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable...

Answered: 1 week ago

Question

★★★★★

Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2015, for $74,000. The PPE subledger shows the following information regarding the boat b....

Answered: 1 week ago

Question

★★★★★

Current Attempt in Progress Presented below is information related to Ayayai Co. for the month of January 2022 Prepare the necessary sdjusting entry for inventory. (Credit account tities are...

Answered: 1 week ago

Question

★★★★★

For a nonzero constant a, find the intercepts of the graph of (x 2 + y 2 ) 2 = a 2 (x 2 - y 2 ). Then test for symmetry with respect to the x-axis, the y-axis, and the origin.

Answered: 1 week ago

Question

★★★★★

Teresa is a civil engineer who uses her automobile for business. Teresa drove her automobile a total of 21,732 miles during 2012, of which 95 percent was business mileage. The actual cost of...

Answered: 1 week ago

Question

★★★★★

Sherry rents her vacation home for 6 months and lives in it for 6 months during the year. Her gross rental income during the year is $4,000. Total real estate taxes for the home are $950, and...

Answered: 1 week ago

Question

★★★★★

Larry Gaines, age 42, sells his personal residence on November 12, 2012, for $144,000. He lived in the house for 7 years. The expenses of the sale are $10,500, and he has made capital improvements of...

Answered: 1 week ago

Question

★★★★★

33. Starbucks Students at the University of California, Riverside (UCR), along with many other Californians love their Starbucks! The distances in kilometers from campus for the 39 Starbucks stores...

Answered: 1 week ago

Question

★★★★★

32. Student Heights The self-reported heights of 105 students in a biostatistics class are described in the relative frequency histogram shown here. a. Describe the shape of the distribution. b. Do...

Answered: 1 week ago

Question

★★★★★

31. Windy Cities Are some cities more windy than others? Does Chicago deserve to be nicknamed The Windy City? These data are the average wind speeds (in kilometers per hour) for 54 selected cities in...

Answered: 1 week ago

Previous Question Next Question