Perform the Requested Conversion $\frac { 7 } { 8 }$

question 21

Multiple Choice

Perform the requested conversion.
-Convert $\frac { 7 } { 8 }$ to a percent.

• A)8.75%
• B)0.875%
• C)4.375%
• D)87.5%

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Definitions:

Accounts Receivable Assigned

A financing arrangement where a company uses its receivables as collateral to secure a loan.

Note Payable

A written promise to pay a specific sum of money on a certain date or upon demand to the bearer or order.

Discounted Notes

Notes or bonds sold for less than their face value in order to reflect current market interest rates or the issuer's credit risk.

Contra-Asset Account

An account on a company's balance sheet that offsets or reduces the value of an associated asset account.