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(Answer all questions).Many businesses borrow money during periods of increased business activity...

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Accounting

(Answer all questions).Many businesses borrow money during periods of increased business activity to finance inventory and trade receivables. Nordstrom, Inc., is one of North Americas most prestigious retailers. Each year, the company builds up its inventory to meet the needs of December holiday shoppers. Assume that on November 1,2023, the company borrowed $6.7 million cash from the bank for working capital purposes and signed an interest-bearing note due in six months. The interest rate was 6 percent per year, payable at maturity. Nordstroms fiscal year ends on December 31.
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