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Calculate the aggregate of interest mike must pay on note

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Reference no: EM132804971

Questions -

1) Mike Jewelers uses the perpetual inventory system. In calculating their net sales, which of the following is correct?

a. Gross sales - sales discount

b. Gross sales - sales discount + sales allowance

c. Gross sales - sales discount - sales allowance - sales return

d. Gross sales - sales discount - sales allowance + sales return

Q2) Mike & Associates issued a 3-month, 9% note of 36,000. Calculate the aggregate of interest Mike must pay on this note.

a. $460

b. $720

c. $810

d. $880

Reference no: EM132804971

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