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Option b. 81333 is the correct answer. The maturity value of the note is $81,333
There are multiple accounting concepts discussed in the multiple-choice questions below. A short-term note payable is a current liability that bears interest and is presented on the balance sheet as a liability. Payroll taxes that are the employer's responsibility are presented as an expense on the income statement but payroll taxes that are the employee's responsibility and are merely withheld from an employee's check by a company are presented as a current liability until remitted.
[tex]\$80,000 * 0.05 * (120 / 360) = $1,333\[/tex]
[tex]\$80,000 + $1,333 = $81,333\[/tex]
The maturity value of a note payable is the value at the end of the note with interest included. Since the note is 120 days then the interest needs to be calculated by dividing the 120 days by 360 days since the 5% interest is based on an annual rate.
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