On May 1, 2011 (Maturity Date), the Note Is Collected

question 60

Multiple Choice

On May 1, 2011 (maturity date) , the note is collected in full by Salem Corporation. Assuming a fiscal year-end of December 31, Salem recognizes which of the following in its income statement for 2011 with regard to this note?

• A) $927,000 sales revenue.
• B) $27,000 interest revenue.
• C) $18,000 interest revenue.
• D) $9,000 interest revenue.

Apply basic arithmetic operations such as addition, subtraction, multiplication, and division to solve real-world problems.

Convert between different forms of numerical expression, including digits to words and vice versa.

Utilize rounding rules to round numbers to the nearest cent or to a specified number of decimal places.

Calculate total amounts, differences, and averages accurately in various contexts including sales, inventory, and measurements.

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Definitions:

Paradoxical Sleep

Also known as REM sleep, a unique phase of sleep in mammals and birds, characterized by rapid eye movements, low muscle tone, and dreams.

Circadian Rhythm

The inherent, internal mechanism that controls the cycle of sleep and wakefulness, recurring approximately every 24 hours and affecting physiological, cognitive, and behavioral alterations.

Chronic Sleep Debt

The cumulative effect of not getting enough sleep on a regular basis, leading to significant physical and psychological health issues.

Weight Gain

The increase in body weight over a period, which can result from muscle mass gain, fat accumulation, or retention of excess fluid.