Discount on noninterest-bearing note payable is classified

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Reference no: EM131256817

Grainne is an inside salesperson who earns an annual salary of $32,800 (paid biweekly) plus a commission on quarterly sales that is paid on the first pay date on the next quarter. She receives a 1% commission for quarterly sales totaling $0 to $25,000, a 2% commission for quarterly sales totaling between $25,001 and $50,000, and a 3% commission for quarterly sales totaling over $50,001. During the second quarter, Grainne's quarterly sales totaled $46,750. What is her gross pay for the first pay period in July? Do not round interim calculations. Round final answer to two decimal places. (Do not round interim calculations. Round final answer to 2 decimal places.)

A. $1,729.04

B. $2,301.67

C. $2,196.54

D. $2,664.04

2. A discount on a noninterest-bearing note payable is classified in the balance sheet as:

An asset.

A component of shareholders' equity.

A contingent liability.

A contra liability.

Reference no: EM131256817

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