On July 1, 2016, Allen Company signed a $150,000, one-year, 6 percent note payable. The principal and interest will be paid on June 30, 2017. How much interest expense should be reported on the income statement for the year ended December 31, 2016?
a. $0.
b. $2,250.
c. $9,000.
d. $4,500.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On July 1, 2016, Allen Company signed a $150,000, one-year, 6 percent note payable. The principal and interest will be paid on June 30, ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Hailey wants to cash in her winning lottery ticket. She can either receive eight $200,000 semiannual payments starting today, based on a 6% annual interest rate, or she can receive a single-amount payment today.
Answers (1)
How could I study and prepare myself for my ged test all subjects
Answers (1)
A case study in this chapter concludes that, if poor nations offered better production efficiency and legal protections, the trade balance in rich nations such as the United States would move toward surplus. Let's consider why this might be the case.
Answers (2)
Corey wants to reorganize the company. Currently there are HR units at each plant, fiscal units at each plant, and purchasing units at each plant He feels that by bringing all of those key functions together in one location and deploying them to the
Answers (1)
Myra, a new branch manager, shares her personal story of how she came into the profession, her family life, and the challenges she has faced being biracial.
Answers (1)
New Questions in Business
Who should you' alert that you are interviewing for jobs? A. Your references B. Other possible employers C. Your classmates D. Your present employer
Answers (1)
Common allocation bases are a. direct labor dollars, direct labor hours, and machine dollars b. machine dollars, direct labor dollars, and direct labor hours c. direct labor dollars, direct labor hours, and machine hours d.
Answers (1)
George and Weezy received $30,200 of Social Security benefits this year ($12,000 for George; $18,200 for Weezy). They also received $5,000 of interest from jointly owned City of Ranburne Bonds and dividend income.
Answers (1)
Which of the following is true regarding the high-tech industry today? a. It generally depends on a pool of low-skilled labor. b. It has led to the increased economic development of previously rural areas. c.
Answers (1)
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. -Sold merchandise on account for $64,000 to a customer.
Answers (1)