Solved

Mobile Co Issued a $45,000, 60-Day, Discounted Note to Guarantee Bank

Question 132

Multiple Choice

Mobile Co. issued a $45,000, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At maturity, assuming a 360-day year, the borrower will pay:


A) $45,450
B) $42,300
C) $45,000
D) $44,550

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q94: Payroll taxes levied against employers become an

Q128: Assuming a 360-day year, when a $30,000,

Q130: During the first year of operations, a

Q131: According to a summary of the payroll

Q133: Notes payable may be issued to creditors

Q134: Which statement below is not a determinate

Q136: On October 1, Ramos Co. signed a

Q182: Medicare taxes are paid by both the

Q187: Federal income taxes withheld increase the employer's

Q193: The journal entry to record the cost