{"id":13552,"date":"2020-11-24T09:06:19","date_gmt":"2020-11-24T09:06:19","guid":{"rendered":"http:\/\/onlineclassesguru.com\/index.php\/2020\/11\/24\/a-company-receives-a-10-90-day-note-for-1500\/"},"modified":"2020-11-24T09:06:19","modified_gmt":"2020-11-24T09:06:19","slug":"a-company-receives-a-10-90-day-note-for-1500","status":"publish","type":"post","link":"https:\/\/onlineclassesguru.com\/index.php\/2020\/11\/24\/a-company-receives-a-10-90-day-note-for-1500\/","title":{"rendered":"A company receives a 10%, 90-day note for $1,500"},"content":{"rendered":"<style type=\"text\/css\"><\/style><p><strong>QUESTION 1<\/strong><\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0A company receives a 10%, 90-day note for $1,500. The total interest due on the maturity date is:<\/p>\n<table border=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$ 37.50<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$150.00<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$ 75.00<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$ 50.00<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$ 87.50<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>4 points \u00a0\u00a0<\/strong><\/p>\n<p><strong>QUESTION 2<\/strong><\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. TechCom\u2019s journal entry to record the sales portion of the transaction is:<\/p>\n<p>A)\u00a0\u00a0 Accounts Receivable\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,800<\/p>\n<p>Sales\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,800<\/p>\n<p>B)\u00a0\u00a0 Accounts Receivable\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,930<\/p>\n<p>Sales\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,930<\/p>\n<p>C)\u00a0\u00a0 Notes Receivable\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a07,800<\/p>\n<p>Sales\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,800<\/p>\n<p>D)\u00a0 Notes\u00a0Receivable\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,930<\/p>\n<p>Sales\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,930<\/p>\n<p>E)\u00a0 Notes\u00a0Receivable\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,800<\/p>\n<p>Interest\u00a0Receivable\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0130<\/p>\n<p>Sales\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,930<\/p>\n<p><a rel=\"nofollow\" name=\"_GoBack\"><\/a><\/p>\n<p>&nbsp;<\/p>\n<table border=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">\u00a0 Item A<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Item B<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Item C<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Item D<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Item E<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>4 points \u00a0\u00a0<\/strong><\/p>\n<p><strong>QUESTION 3<\/strong><\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Depreciation:<\/p>\n<table border=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Measures the decline in market value of an asset.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Measures physical deterioration of an asset.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Is the process of allocating to expense the cost of a plant asset.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Is an outflow of cash from the use of a plant asset.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Is applied to land.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>4 points \u00a0\u00a0<\/strong><\/p>\n<p><strong>QUESTION 4<\/strong><\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0When originally purchased, a vehicle had an estimated useful life of 8 years. The vehicle cost $23,000 and its estimated salvage value is $1,500. After 4 years of straight-line depreciation, the asset\u2019s total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals:<\/p>\n<table border=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">\u00a0$ 5,375.00<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$ 2,687.50<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$ 5,543.75<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$10,750.00<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$ 2,856.25<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>4 points \u00a0\u00a0<\/strong><\/p>\n<p><strong>QUESTION 5<\/strong><\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Dell had net sales of $35,404 million. Gross sales total $37,576.\u00a0 Its average total assets for the period were $14,502 million. Dell\u2019s total asset turnover equals:<\/p>\n<table border=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">0.40<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">0.35<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">2.59<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">2.44<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">3.50<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>4 points \u00a0\u00a0<\/strong><\/p>\n<p><strong>QUESTION 6<\/strong><\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0A company purchased a rope braiding machine for $190,000. The machine has a useful life of 8 years and a residual value of $10,000. It is estimated that the machine could produce 750,000 units of climbing rope over its useful life. In the first year, 105,000 units were produced. In the second year, production increased to 109,000 units. Using the units-of-production method, what is the amount of depreciation that should be recorded for the\u00a0second\u00a0year?<\/p>\n<table border=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$25,200<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$26,160<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$26,660<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$27,613<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$53,160<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>4 points \u00a0\u00a0<\/strong><\/p>\n<p><strong>QUESTION 7<\/strong><\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0A copyright:<\/p>\n<table border=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Gives its owner the exclusive right to publish and sell a musical or literary work during the life of the creator plus 70 years.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Is an exclusive right granted to its owner to manufacture and sell a device or to use a process for\u00a020 years.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Is an exclusive right granted to its owner to manufacture and sell a device or to use a process for 70 years.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">\u00a0Is the amount by which the value of a company exceeds the fair market value of a company\u2019s net assets if purchased separately.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Gives its owner the exclusive right to publish and sell a musical or literary work during the life of the creator plus\u00a020 years.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>4 points \u00a0\u00a0<\/strong><\/p>\n<p><strong>QUESTION 8<\/strong><\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Extraordinary repairs:<\/p>\n<table border=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Are revenue expenditures.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Extend an asset\u2019s useful life beyond its original estimate.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Are credited to accumulated depreciation.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Are additional costs of plant assets that do not materially increase the asset\u2019s life.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Are expensed as incurred.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>4 points \u00a0\u00a0<\/strong><\/p>\n<p><strong>QUESTION 9<\/strong><\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Huffington Company purchased and installed a machine on\u00a0January 1, 2008, at a total cost of $95,000.\u00a0 Straight-line depreciation is taken each year for\u00a0three years assuming a five year life and no salvage value.\u00a0 The machine is sold for $30,500 cash on\u00a0July 1, 2011.\u00a0 What is the gain or loss on sale of machinery?<\/p>\n<table border=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$2,000 loss<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$64,500 loss<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$64,500 gain<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$2,000 gain<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$7,500 loss<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>4 points \u00a0\u00a0<\/strong><\/p>\n<p><strong>QUESTION 10<\/strong><\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0A company had $7,000,000 in net income for the year. Its net sales were $11,200,000 for the same period. Calculate its profit margin.<\/p>\n<table border=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">17.5%.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">28%.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">62.5%.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">160%.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$18.2 million.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>4 points \u00a0\u00a0<\/strong><\/p>\n<p><strong>QUESTION 11<\/strong><\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. The company later returned $275 worth of merchandise and paid the invoice within the 2% cash discount period. The total amount paid for this merchandise is:<\/p>\n<table border=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$3,725.00.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$3,925.00.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$3,995.00.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$4,000.50.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$4,075.00.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>4 points \u00a0\u00a0<\/strong><\/p>\n<p><strong>QUESTION 12<\/strong><\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Herald Company had sales of $135,000, sales discounts of $2,000, and sales returns of $3,200. Herald Company\u2019s net sales equals:<\/p>\n<table border=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$5,200.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$129,800.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$133,000.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$135,000.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">$140,200.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>4 points \u00a0\u00a0<\/strong><\/p>\n<p><strong>QUESTION 13<\/strong><\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Which of the following statements concerning inventory systems are true?<\/p>\n<table border=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">The periodic inventory system continually updates inventory records.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">The perpetual inventory system updates inventory records at the end of a period.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">The periodic inventory system updates inventory at the end of a period.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">The perpetual inventory system continually updates inventory records.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Both C and D are true statements.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>4 points \u00a0\u00a0<\/strong><\/p>\n<p><strong>QUESTION 14<\/strong><\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0On October 1, Robertson Company sold merchandise in the amount of $5,800 to Alberts, with credit terms of 2\/10, n\/30. The cost of the items sold is $4,000. Robertson uses the periodic inventory system. Alberts pays the invoice on October 8, and takes the appropriate discount. The journal entry that Robertson makes on October 8 is:<\/p>\n<p>&nbsp;<\/p>\n<table border=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Item A.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Item B.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Item C.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Item D.<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">[removed]<\/td>\n<td valign=\"top\"><\/td>\n<td valign=\"top\">Item E.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><center><a href=\"http:\/\/onlineclassesguru.com\/orders\/ordernow\"><img decoding=\"async\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcTyj99p60XCLyLk1htB7-1neRt8-2QdnenNlQ&usqp=CAU\"target=\"_http:\/\/onlineclassesguru.com\/orders\/ordernow\"\/><\/center><p>","protected":false},"excerpt":{"rendered":"<p>QUESTION 1 1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0A company receives a 10%, 90-day note for $1,500. The total interest due on the maturity date is: [removed] $ 37.50 [removed] $150.00 [removed] $ 75.00 [removed] $ 50.00 [removed] $ 87.50 4 points \u00a0\u00a0 QUESTION 2 1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-13552","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A company receives a 10%, 90-day note for $1,500 - onlineclassesguru<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/onlineclassesguru.com\/index.php\/2020\/11\/24\/a-company-receives-a-10-90-day-note-for-1500\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A company receives a 10%, 90-day note for $1,500 - onlineclassesguru\" \/>\n<meta property=\"og:description\" content=\"QUESTION 1 1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0A company receives a 10%, 90-day note for $1,500. The total interest due on the maturity date is: [removed] $ 37.50 [removed] $150.00 [removed] $ 75.00 [removed] $ 50.00 [removed] $ 87.50 4 points \u00a0\u00a0 QUESTION 2 1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0MixRecording Studios purchased $7,800 in electronic components from TechCom. 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