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Question - Rochelle needed to borrow $3,000 for three months in order to pay for college expenses while waiting for her scholarship to arrive. After Rochelle filled out the loan application, the loan officer at the bank asked her if she would like to pay the interest up front or at the maturity of the note. He went on to explain that it didn't make a difference, but he preferred that she pay it up front because it would make his paperwork easier. He also told Rochelle that the interest rate and amount would be the same. Rochelle agreed, signed the three-month, 8%, discounted note and left with a check for $2,940.
1. Did the loan officer offer Rochelle an acceptable explanation of the interest rate? Justify your answer.
2. Explain the difference between an "interest-bearing" note and a "discounted" note.
morganton company makes one product and it provided the following information to help prepare the master budget for its
louises dance studio created a 200 imprest petty cash fund. during the month the fund custodian authorized and signed
Hastings purchased $20,000 of goods that were shipped on December 27. FOB destination, that will be received by Hastings on January 3. Determine the correct amount of inventory that Hastings should report.
Abbott Inc. is expanding and needs to hire more personnel in the accounting office. Barbara Barker, the chief accounting clerk, knew that her cousin Cheryl was looking for a job. Barbara and Cheryl are also roommates. Barbara offered Cheryl a job ..
the chief financial officer of the company believes a more realistic scenario would be a 2 million increase in sales
During 2010, Hopkins purchased $760,000 of raw materials, incurred direct labor costs of $100,000, and incurred manufacturing overhead totaling $128,000. How much is total manufacturing costs incurred during 2010 for Hopkins?
Does the accounting guidance issued by FASB apply to proprietary funds? Explain.
accounting standards are set in the united states in theprivate sector. public hearings and written documents
Dec. 31. Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value of $4,000 for the truck.
the following informationis available for leno companysales 695000goods available 535000ending
Determinants of Interest Rate for Individual Securities - What is the maturity risk premium on the 6-year Treasury security
The core values for this course are integrity and excellence. Applying the values of integrity and excellence, discuss ethical considerations of accounting for business combinations in a manner that prevents misunderstanding in the questions below..
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