Utah CoSold Merchandise to Big Sky Corp

question 120

Multiple Choice

Utah Co.sold merchandise to Big Sky Corp.on December 1, 2016, for $9,000, and accepted a promissory note for payment in the same amount.The note has a term of 90 days and a stated interest rate of 8%.Utah's accounting period ends on December 31. What is the actual maturity date of the note?

• A) December 31, 2016
• B) January 29, 2017
• C) February 28, 2017
• D) March 1, 2017

---

Definitions:

Organizational Representation

The act of portraying or embodying the interests and values of an organization by its members.

Psychological Contract

Refers to the unwritten set of expectations between an employer and employee regarding mutual obligations.

Reciprocal Obligations

Mutual expectations or duties that are shared between individuals, groups, or organizations, often based on agreements or societal norms.

Explicit Agreement

A clearly defined and articulated agreement between parties, potentially including contractual elements, that details specific terms and conditions.