On July 8, Jones Inc. issued an $76,400, 7%, 120-day note payable to Miller Company. Assume...
On July 8, Jones Inc. issued an $76,400, 7%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July 31. Using the 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? Round your answer to the nearest whole dollar.
Homework Answers
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Interest expense recognized in the current year = 76,400 * 7% * 23 days/360 days = $342 |
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On July 8, Jones Inc. issued an $76,400, 7%, 120-day note
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please help
On June 1, Davis Inc. issued an $60,000, 10%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using the 360-day year, what is the amount of interest revenue (rounded) recognized by Garcia in the following year? Oa. $6,000 Ob. $1,500 c. $500 d. $1,000 G
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