Question

Tamarisk, Inc. was organized on July 1, 2022. Quarterly financial statements are prepared. The unadjusted and adjusted trial
12.420 702 11,232 1.620 2,376 19,440 1,296 19,440 $ 756 $0 10,800 2,700 0 Accounts Receivable Supplies Prepaid Rent Equipment
If the note bears interest at 12%, how many months has it been outstanding? (The note and interest will be paid in 2 years.)
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Answer #1

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Note has been outstanding for 1 month

As the interest expense is $108, which is calculated as follows

$10,800 * 12% * 1 month = $108

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