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Print Item On June 1, Davis Inc. issued an $80,400, 6%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using the 360-day year, what is the amount of interest revenue recognized by Garcia in the following year? Round your answer to the nearest whole dollar. CA 5804 Ob $1,219 O $402 $4,824

Print Item On June 1, Davis Inc. issued an $80,400, 6%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using the 360-day year, what is the amount of interest revenue recognized by Garcia in the following year? Round your answer to the nearest whole dollar. CA 5804 Ob $1,219 O $402 $4,824

FINANCIAL ACCOUNTING
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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Print Item On June 1, Davis Inc. issued an $80,400, 6%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using the 360-day year, what is the amount of interest revenue recognized by Garcia in the following year? Round your answer to the nearest whole dollar. CA 5804 Ob $1,219 O $402. $4,824
Transcribed Image Text:Print Item On June 1, Davis Inc. issued an $80,400, 6%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using the 360-day year, what is the amount of interest revenue recognized by Garcia in the following year? Round your answer to the nearest whole dollar. CA 5804 Ob $1,219 O $402. $4,824
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