On December 1, 2018, Restaurant Equipment Company sold machinery to a customer for $25,000. The customer could not pay at the time of sale but agreed to pay 9 months later and signed a 9-month note at 11% interest. What was the total amount of cash collected by Restaurant Equipment on the maturity of the note? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
A) $27,750
B) $27,063
C) $22,938
D) $2063
B) $27,063
Explanation: $25,000 + [(25,000 × 11%) × 9/12] = $27,063
You might also like to view...
Temporary accounts are also known as _________________ accounts
Fill in the blank(s) with correct word
Lenore is face with a dilemma in the workplace. She plans to follow the rational decision-making model to resolve this issue. Which of the following is the first step she should take?
A. gather information B. identify the problem C. generate alternatives D. develop action plans
To estimate reach in terms of electronic media, marketers can use the click-through rate (CTR). To do so, they need to know the number of clicks and
A. the number of impressions. B. the number of destinations. C. the total number of clicks recorded by the industry. D. the cost per click. E. how much time consumers spend viewing the ad or page.
Managers should be careful to craft sales contests that support _______ as well as motivate salespeople.
A. sales promotion B. new products C. a competitive orientation D. a strong shareholder orientation E. a strong customer orientation