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Notes payable - discount basis On August 1, 2013, Colombo Co.'s treasurer signed a note promising to pay $120,000 on December 31, 2013. The proceeds of the note were $114,000.
Required:
a. Calculate the discount rate used by the lender.
b. Calculate the effective interest rate (APR) on the loan.
c. Use the horizontal model (or write the journal entry) to show the effects of
1. Signing the note and the receipt of the cash proceeds on August 1, 2013.
2. Recording interest expense for the month of September.
3. Repaying the note on December 31, 2013.
Calculate the ratios for 2014 as Gross Profit Margin B. Profit Margin, Return on Assets and Current Ratio - calculate the effect of each of the adjustments on the profit figure of $63,500 as shown in Michael's draft accounts.
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