The cost of borrowing money

The cost of borrowing money

The cost of borrowing money or the return on lending money is called

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Notes payable

 

Interest

 

Liabilities

 

None of the above

 

A short-term note payable

 

Is a contingent liability

 

Is an estimated liability

 

Is a written promise to pay a specified amount on a definite future date within one year or the company’s operating cycle, whichever is longer

 

Is not a liability until the due date

8

Archie’s had sales of $6,758.  The state sales tax rate is 7%.  All sales are cash.  What amount will be debited to Cash?

 

$7,231.06

 

$866.06

 

$473.06

 

$6,758.00

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