Currie Company borrowed $20,000 from Sierra Bank by issuing a 10% three-year note. Currie agreed to repay the principal and interest by making annual payments in the amount of $8,042. Based on this information, what is the amount of the interest expense associated with the second payment? (Round your answer to the nearest dollar.)
A. $8,042
B. $730
C. $1,396
D. $2,000
Answer: C
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For some, though certainly not all individuals, being ______ means using words that convey respect for and sensitivity to the needs and interests of different groups.
a. culturally sensitive b. politically sensitive c. culturally correct d. politically correct
Earnings per share amounts are only required to be presented for income from continuing operations and net income on the face of the statement
Indicate whether the statement is true or false
In which of the following cases is a bank considered liable for unauthorized payments?
A) The bank does not attach canceled checks to the monthly statements of account. B) The bank does not provide images of paid checks online. C) The bank destroys original copies of canceled checks not sent to customers after seven years from the date of the check. D) The bank does not provide sufficient information on checks paid to customers in their monthly account statements.
Max Shell borrows money from a bank to finance his clothing business. He signs a demand loan. After 10 year of operating his business and making regular payments on his line of credit, he begins to experience financial difficulty
The bank gets nervous and calls in the loan. Max meets with the bank manager and asks for time to raise the money. The manager says, "Sorry, Max, business is business." Max leaves the bank, returns to the store, and finds a bank-appointed receiver in charge. Is there anything Max can do? A) No. A demand loan means that the bank can demand repayment at any time. B) No. Max would have been better off signing a term loan rather than a demand loan, since he would then have had to the end of the term to come up with the money. C) Yes. The bank did not act in good faith and the courts will apply principles of equity. D) Yes. Even though this was a demand loan, the bank was obliged to give Max a reasonable amount of time to meet the demand. E) Both A and B