Compute the interest accrued on each of the following notes payable owed by Galloway, Inc., on December 31: (Round to nearest whole dollar.) Lender Date of Note Principal Interest Rate (%) Term Accrued Interest Payable Barton 12/4 $65,000 9 120 days Answer Lawson 12/13 78,000 6 90 days Answer Riley 12/19 97,500 7 60 days Answer
Compute the interest accrued on each of the following notes payable owed by Galloway, Inc., on December 31: (Round to nearest whole dollar.) Lender Date of Note Principal Interest Rate (%) Term Accrued Interest Payable Barton 12/4 $65,000 9 120 days Answer Lawson 12/13 78,000 6 90 days Answer Riley 12/19 97,500 7 60 days Answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accrued Interest Payable
Compute the interest accrued on each of the following notes payable owed by Galloway, Inc., on December 31:
(Round to nearest whole dollar.)
| Lender | Date of Note | Principal | Interest Rate (%) | Term | Accrued Interest Payable |
|---|---|---|---|---|---|
| Barton | 12/4 | $65,000 | 9 | 120 days | Answer
|
| Lawson | 12/13 | 78,000 | 6 | 90 days | Answer
|
| Riley | 12/19 | 97,500 | 7 | 60 days | Answer
|
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