Answered: On May 15, 2022, Powell Incorporated obtained a six-month working capita face amount of the note signed by the treasurer was $306,200. The interes bank was…

FINANCIAL ACCOUNTING

10th Edition

ISBN: 9781259964947

Author: Libby

Publisher: MCG

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Question

Vinubhai

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On May 15, 2022, Powell Incorporated obtained a six-month working capital loan from its bank. The
face amount of the note signed by the treasurer was $306,200. The interest rate charged by the
bank was 4.75%. The bank made the loan on a discount basis.
Exercise 7-7 (Algo) Part c
c. What is the amount of the current liability related to this loan to be shown in the June 30, 2022, balance sheet?
Current liability

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On May 15, 2022, Powell Incorporated obtained a six-month working capita face amount of the note signed by the treasurer was $306,200. The interes bank was 4.75%. The bank made the loan on a discount basis.

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