FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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Transcribed Image Text:ook ant nt 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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