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QUESTION: On June 30, 2009, Sideways Movers had $243,000 in current assets and $211,000 in current liabilities. On August 1, 2009, Sideways received $50,000 from an issue of promissory notes that will mature in 2012. The notes pay interest on February 1 at an annual rate of 6 percent. Sideways' fiscal year ends on December 31. What is the interest expense for December 31?

QUESTION: On June 30, 2009, Sideways Movers had $243,000 in current assets and $211,000 in current liabilities. On August 1, 2009, Sideways received $50,000 from an issue of promissory notes that will mature in 2012. The notes pay interest on February 1 at an annual rate of 6 percent. Sideways' fiscal year ends on December 31. What is the interest expense for December 31?

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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QUESTION: On June 30, 2009, Sideways Movers had $243,000 in current assets and $211,000 in current liabilities. On August 1, 2009, Sideways received $50,000 from an issue of promissory notes that will mature in 2012. The notes pay interest on February 1 at an annual rate of 6 percent. Sideways' fiscal year ends on December 31. What is the interest expense for December 31?
Transcribed Image Text:QUESTION: On June 30, 2009, Sideways Movers had $243,000 in current assets and $211,000 in current liabilities. On August 1, 2009, Sideways received $50,000 from an issue of promissory notes that will mature in 2012. The notes pay interest on February 1 at an annual rate of 6 percent. Sideways' fiscal year ends on December 31. What is the interest expense for December 31?
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