The following transactions occurred during a recent year:
1. Paid wages of $750 for the current period (example).
2. Borrowed $3,750 cash from local bank using a short-term note.
3. Purchased $1,500 of equipment on cred6.
4. Earned $300 of sales revenue; collected cash.
5. Received $600 of utilities services, on credit.
6. Earned $1,280 of service revenue, on credit.
7. Paid $225 cash on account to a supplier.
8. Incurred $55 of travel expenses; paid cash.
9. Earned $300 of service revenue; collected half in cash, with balance on credit.
10. Collected $85 cash from customers on account.
11. Incurred $240 of advertising costs; paid half in cash, with balance on credit.

Neveready flashlights inc. needs $317,000 to take a cash discount of 3/15, net 70. a banker will loan the money for 55 days at an interest cost of $13,200. a. what is the effective rate on the bank loan? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) b. how much would it cost (in percentage terms) if the firm did not take the cash discount but paid the bill in 70 days instead of 15 days? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) c. should the firm borrow the money to take the discount? no yes d. if the banker requires a 20 percent compensating balance, how much must the firm borrow to end up with the $317,000? e-1. what would be the effective interest rate in part d if the interest charge for 55 days were $7,200?

mark, a civil engineer, entered into a contract with david. as per the contract, mark agreed to design and build a house for david for a specified fee. mark provided david with an estimation of the total cost and the contract was mutually agreed upon. however, during construction, when mark increased the price due to a miscalculation on his part, david refused to pay the amount. this scenario is an example of a mistake.

A.j. was a newly hired attorney for idle time gaming, inc. even though he reported directly to the president of the company, a.j. noticed that the president always had time to converse with the director of sales, calling on him to get a pulse on legal/regulatory issues that, as the company attorney, a.j. could have probably handled. a.j. also noted that the hr manager’s administrative assistant was the go-to person for a number of things that would make life easier at work. a.j. was recognizing the culture at idle time gaming.