RAS Corporation issued a one-year, 12%, $200,000 note on August 31, 2010. Interest expense for the year ended December 31, 2010 was: a. $6,000. b. $10,000. c. $24,000. d. $8,000
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Interest expense for the year ended December 31, 2010 was ???? General accounting
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- correct answer pleasechoose best answerRice Inc. issued a 120-day note in the amount of $150,000 on October 31, 2013 with an annual rate of 6%. What amount of interest has accrued as of December 31, 2013? Select one: A. $1,500 B. $1,125 C. $4,500 D. $ 750 E. Zero. The interest is accrued at the end of the 120 day period.
- On July 8, Action Co. issued an $80,000, 6%, 90-day note payable to Scanlon Co. Assuming a 360-day year, what is the maturity value of the note? a.$84,800 b.$78,800 c.$80,000 d.$81,200On November 1, 2018, A-1 Products borrowed $64,000 on a 5%, 5-year note with annual installment payments of $12,800 plus interest due on November 1 of each succeeding year. On November 1, 2020, what is the balance of the Long-Term Notes Payable account? (Round your answer to nearest whole number.) OA. $38,400 OB. $64,000 OC. $12,800 O D. $51,200A
- On June 1, Davis Inc. issued an $68,700, 8%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a.$916 b.$1,389 c.$5,496 d.$458On June 1, Davis Inc. issued an $89,300, 8%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using a 360-day year, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a. $1,806 Ob. $7,144 O c. $595 Od. $1,191 BOn November 1, 2014, EZ Products borrowed $48,000 on a 5%, 10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year. Please provide the journal entry to accrue interest expense for the period of November 1 through the end of the year. Select one: a. Dr. Interest expense 400 Cr. Interest payable 400 b. Dr. Interest expense 200 Cr. Interest payable 200 c. DR. Interest payable 400 Cr. Interest expense 400 d. Dr. Interest payable Cr. Interest 200 expense 200