Calculate the total interest that will be received on a $4,000, 6% note receivable dated April 10 with a maturity date of July 9.

a. $24

b. $60

c. $240

d.$18

The main purpose of recording depreciation is to:

1. allocate the cost of a tangible asset to the periods in which its use contributes to earning revenue.

2. estimate the remaining useful life of the asset.

3. report the asset on the balance sheet at the estimated amount for which the asset could be sold on the balance sheet date.

4.estimate the current replacement cost of the asset.

When goods are sold to a customer with credit terms of 2/15, n/30, the customer will: a. receive a 15% discount if they pay within 2 days.

b. receive a 2% discount if they pay within 15 days.

c. receive a 15% discount if they pay within 30 days.

d.receive a 2% discount if they pay 15% of the amount within 30 days.