Question 26 Prudence Co. receives a $26,000, 90-day, 4% note receivable. What is

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Question 26

Prudence Co. receives a $26,000, 90-day, 4% note receivable. What is the amount of interest that is due at maturity?

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10 points   

Question 27

Explain the impact, if any, on depreciation when estimates that determine depreciation change.

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10 points   

Question 28

Carter Pearson is a partner in Event Promoters. His beginning partnership capital balance for the current year is $55,000, and his ending partnership capital balance for the current year is $62,000. His share of this year's partnership income was $6,250. What is his partner return on equity?

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Explanation / Answer

Solution:

Question 26

Amount of interest due at maturity = $ 26,000 * 4% * 90 / 365 days Amount of interest due at maturity = 256.44

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