On October 1, 2022, TGW Company borrowed $26,000 from a bank on a 9%, 8-month note payable. Calculate the amount of interest expense reported by TGW Company in its 2023 income statement related to this loan.
Homework Answers
Answer: $975
Explanation:
Interest on loan per month = $26,000 * 9% * 1 / 12 = $195
2023 Year Interest expenses will be for 5 months so, $195 * 5 = $975
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