Brief exercise 8-09 presented below are data on three promissory notes. determine the missing amounts. (round answers for total interest to 0 decimal places, e. g. 825. round annual interest rate to 0 decimal places, e. g. 15%. use 360 days for calculation.) date of note terms maturity date principal annual interest rate total interest (a) april 1 60 days select a maturity date $660,000 14 % $enter total interest in dollars rounded to 0 decimal places (b) july 2 30 days select a maturity date 84,000 enter an annual interest rate in percentages rounded to 0 decimal places % $910 (c) march 7 6 months select a maturity date 196,000 15 % $enter total interest in dollars rounded to 0 decimal places

Activity-based costing (abc) is not truly a cost collection mechanism as much as it is an inventory valuation method. the main purpose for implementing an activity-based cost system is to try to overcome some of the cost distortions that occur in traditional costing from product differences when there are variations in size and complexity. however, one of the disadvantages of utilizing abc is that the additional information gathering necessary to implement costing with that level of detail might be beyond the reach of some companies with resource or financial constraints. with this in mind, what kinds of industries or companies do you think would benefit most from using activity-based costing and why? in designing or modifying an accounting system to capture appropriate costs for abc, what considerations do you think would need to be made?