Answered: Falcon Enterprises issued a one-year,…

Falcon Enterprises issued a one-year, 10%, $300,000 note on October 1, 2022. What is the interest expense for the year ending December 31, 2022? a. $7,500 b. $10,000 c. $30,000 d. $25,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...

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What is the interest expense for the year ending December 31 2022 on these financial accounting question?

Falcon Enterprises issued a one-year, 10%, $300,000 note on
October 1, 2022. What is the interest expense for the year
ending December 31, 2022?
a. $7,500
b. $10,000
c. $30,000
d. $25,000

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