On December 1, Victoria Company... On December 1, Victoria Company signed a 90 day, 7% note payable, with a face value of $8.400 What amount of interest expense is accrued at December 31 on the note?
On December 1, Victoria Company... On December 1, Victoria Company signed a 90 day, 7% note payable, with a face value of $8.400 What amount of interest expense is accrued at December 31 on the note? (Use 360 days a year.)
Homework Answers
Interest expense accrued on December 31 = Face value of note x Interest rate x Time period
= 8,400 x 7% x 30/360
= $49
Kindly comment if you need further assistance. Thanks‼!
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