Homework Answers
1.
Account receivable turnover ratio = Total sales/Average account receivable
= 830,000/79,000
= 10.51
Fifth option is the correct option
2.
Interest payable on note = 28,000 x 6% x 180/360
= $840
Maturity value of note = Face value of note + Interest payable
= 28,000 + 840
= $28,840
Third option is the correct option.
3.
Interest receivable on note = 11,200 x 7% x 90/360
= $196
Maturity value of note = Face value of note + Interest receivable
= 11,200 + 196
= $11,396
Fourth option is the correct option.
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