Malika borrowed $12,900 at an ordinary simple interest rate of 9% for 120 days. If she took the loan out on June 2, what is the due date? Assume a nonleap year
A) October 2
B) September 30
C) September 1
D) August 31
B
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Which one of the following is the authoritative body having the primary responsibility for developing accounting principles?
A) FASB B) IRS C) SEC D) AICPA
On January 1, Jewel Company buys $204,000 of Marcelo Corp. 10%, 36-month notes. Interest is paid on the last day of each month. The notes are classified as available-for-sale securities. This is the company's first and only investment in available-for-sale securities. On December 31, the notes have a fair value of $207,700. The impact on Jewel's net income as a result of its investment in Marcelo Corp. was a(n) (Round your intermediate dollar values to the nearest dollar amount):
A. Decrease to income of $20,400. B. Increase to income of $1700. C. Increase to income of $24,100. D. Decrease to income of $24,100. E. Increase to income of $20,400.
In 2012, Microsoft admitted to a major ________ mistake when it wrote off essentially the entire 6.2 billion USD it paid for a digital advertising firm, aQuantive, that it purchased in 2007.
A. acquisition B. divestiture C. expansion D. cost savings
On February 15, Jewel Company buys 7,000 shares of Marcelo Corp. common stock at $28.53 per share plus a brokerage fee of $400. The stock is classified as long-term available-for-sale securities. This is the company's first and only investment in available-for-sale securities. On March 15, Marcelo declares a dividend of $1.15 per share payable to stockholders of record on April 15. Jewel received the dividend on April 15 and ultimately sells half of the Marcelo stock on November 17 of the current year for $29.30 per share less a brokerage fee of $250. The journal entry to record the purchase on February 15 is:
A. Debit Debt Investments-HTM $199,710; credit Cash $199,710. B. Debit Debt Investments-AFS $200,110; credit Cash $200,110. C. Debit Debt Investments-Trading $199,710; credit Cash $199,710. D. Debit Debt Investments-Trading $200,110; credit Cash $200,110. E. Debit Debt Investments-AFS $199,710; credit Cash $199,710.