The proceeds from discounting a $20,000, 60-day, note payable at 6% is $20,200
Indicate whether the statement is true or false
False
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When provided with an offer of a 10% discount to purchase 10,000 electronic calculators within the next 30 days, Target buys 30,000 instead to take advantage of the price discount
Target will offer the calculator to consumers at a discount during the special sale, but then have additional calculators to sell when the sale is over. This is an example of: A) an off-invoice allowance B) slotting fee C) forward buying D) diversion
Which of the following would not be a cash flow from investing activities?
a. Sale of a patent. b. Collection of interest revenue on a long-term note receivable. c. Collection of principal of a note receivable. d. Purchase of long-term investments.
According to SAB 108, what approach is used when assessing uncorrected misstatements?
a. Matrix approach. b. Dual approach. c. Percentage approach. d. Judgmental approach.
If Year 1 equals $1,400, Year 2 equals $1,554, and Year 3 equals $1,750, the index number to be assigned for Year 3 in trend analysis, assuming that Year 1 is the base year, is
a. 100. b. 135. c. 125. d. 130.