Answered: The 90-day non-interest bearing note…

The 90-day non-interest bearing note amounting to ₱50,000 was issued on November 30, 2019. The prevailing interest rate is 12%. What is the accrued interest as of December 31, 2019 is?

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

The 90-day non-interest bearing note amounting to ₱50,000 was issued on November 30, 2019. The prevailing interest rate is 12%. What is the accrued interest as of December 31, 2019 is?

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