4 The Esquire Clothing Company borrowed a sum of cash on October 1, 2016, and signed a note payable. The annual interest rate was 12% and the company's year 2016 income statement reported interest expense of $1,260 related to this note. What was the amount borrowed? OA) $22,000 OB) $31,500 Oc) $10,500 OD) $42,000

4 The Esquire Clothing Company borrowed a sum of cash on October 1, 2016, and signed a note payable. The annual interest rate was 12% and the company's year 2016 income statement reported interest expense of $1,260 related to this note. What was the amount borrowed? OA) $22,000 OB) $31,500 Oc) $10,500 OD) $42,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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