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Bramble Corp. signed a three-month, zero-interest-bearing note on November 1, 2017 for the purchase of $504600 of inventory. The face value of the note was
Bramble Corp. signed a three-month, zero-interest-bearing note on November 1, 2017 for the purchase of $504600 of inventory. The face value of the note was $517500. Assuming that the discount will be amortized equally over the 3-month period and that there was no adjusting entry made for November, the adjusting entry made at December 31, 2017 will include a O debit to Interest Expense for $ 8600. O debit to Discount on Note Payable for $ 4300. o credit to Discount on Note Payable for $ 4300. O credit to Interest Expense for $ 8600. Presented below is information available for Marigold Corporation. Current Assets Cash Short-term investments Accounts receivable Inventory Prepaid expenses Total current assets $ 3500 52000 55500 84000 31000 $226000 Total current liabilities are $60000. The acid-test ratio for Marigold is: 0 3.25 to 1 O 0.93 to 1 3.77 to 1 0 1.85 to 1
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