On November 1,2012,EZ Products Borrowed $48,000 on a 5%,10-Year Note

question 86

Multiple Choice

On November 1,2012,EZ Products borrowed $48,000 on a 5%,10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year.
-On December 31,2013,what will the balance be in the account titled Long-term notes payable?

• A) $38,400
• B) $48,000
• C) $43,200
• D) $4,800

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Definitions:

Chemoreceptors

Sensory receptor cells that respond to chemical stimuli, involved in senses like taste and smell and the regulation of breathing.

Cutaneous Receptor

Sensory receptors found in the skin that respond to various stimuli such as touch, pressure, temperature, and pain.

Pressure and Vibration

Sensations detected by the somatosensory system, allowing organisms to perceive mechanical stimuli such as touch and sound waves.

Deep, Continuous Pressure

A therapeutic technique often used in massage and physical therapy to relieve tension by applying steady force over an area.