A Small Corporation Borrowed $800,000 to Expand Its Line of Toys.Some

question 46

Multiple Choice

A small corporation borrowed $800,000 to expand its line of toys.Some of the money was borrowed at 8%,some at 9%,and some at 10%.How much was borrowed at each rate if the annual interest owed was $67,400 and the amount borrowed at 8% was five times the amount borrowed at 10%? ​

• A)$575,000 at 8%
• $110,000 at 9%
• $115,000 at 10%
• B)$575,000 at 8%
• $115,000 at 9%
• $115,000 at 9%
• C)$575,000 at 9%
• $110,000 at 8%
• $115,000 at 10%
• D)$575,000 at 8%
• $115,000 at 9%
• $110,000 at 10%
• E)$575,000 at 8%
• $115,000 at 9%
• $115,000 at 10%

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Definitions:

Net Income

The amount of profit left over after all expenses, including taxes and cost of goods sold, have been subtracted from total revenues.

Adjusted Trial Balance

A statement listing all accounts and their final balances after adjusting entries are made, used for the preparation of financial statements.

Financial Statement Column(s)

Columns found in financial statements, used to present data in a structured and understandable format, often classified by date or account.

Net Income

The total earnings of a company after all expenses and taxes have been subtracted from revenues.