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QUESTION: This class has 60 students. Each student is going to order a Tesla Model...

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Accounting

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QUESTION: This class has 60 students. Each student is going to order a Tesla Model Y (Please do not actually order a car, this is just a hypothetical question). For simplicity, we will assume the following: - The price of each car is $60,000 (before sales tax) - The deposit required while ordering is $10,000. - Sales tax are 6.00\% (assessed when the car is delivered) - Final payment is due when car is delivered. The following is a summary of the transactions that occurred: - April 7 - all 60 students made their orders and paid the $10,000 required deposit. - April 14 - 40 cars are delivered and the students pay the remaining balance. - April 21 - the remaining 20 cars are delivered. The students only pay the sales tax. Tesla finances the remaining balance for each studen with a 180-day 5.00\% short-term note payable. - October 18 - all 20 students pay the note payable to Tesla and the accrued interest

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