On July 8th, Jones Inc. issued an $80,000, 6 %, 120-day notes payable to Miller Company,...
On July 8th, Jones Inc. issued an $80,000, 6 %, 120-day notes payable to Miller Company, Assume that the fiscal year of Jones ends July 31. Using the 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year?
A. $700
B. $4,200
C. $307
D. $1,400
Homework Answers
$$ \begin{aligned} \text { Interest Expenses } &=\$ 80,000 * 6 \% *(23 / 360) \\ &=\$ 80,000 * 6 \% * 0.0639 \\ &=\$ 306.72 \text { or } \$ 307 \end{aligned} $$
Therefore, Option C; \(\mathbf{\$ 3 0 7}\) is the correct answer.
\(\mathbf{2 3}\) days in between \(8^{\text {th }}\) July to \(\mathbf{3 1}^{\text {st }}\) July
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