A company borrowed $500,000 on a one-year, 10% note on October 1, 2018, with interest and...
A company borrowed $500,000 on a one-year, 10% note on October 1, 2018, with interest and principal to be paid at maturity. How much interest should be reported on the income statement for the year ending December 31, 2019?
a. $50,000 b. $150,000 c. $75,000 d. $37,500
Homework Answers
Interest on 2019 Income statement = Amount*rate*time
= 500000*10%*9/12
Interest on 2019 income statement = 37500
So answer is d) $37500
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