Question
1. Madison Company issued an interest-bearing note payable with a face amount of $24,000 and a stated interest rate of 8% to the Metropolitan Bank
1. Madison Company issued an interest-bearing note payable with a face amount of $24,000 and a stated interest rate of 8% to the Metropolitan Bank on September 1, 2016. The note carried a one-year term. Based on this information alone, the amount of total liabilities appearing on Madison's 2016 balance sheet would be:
A. $24,640
B. $24,800
C. $25,920
D. $24,000
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Financial And Managerial Accounting
Authors: Charles T. Horngren, Walter T. Harrison Jr., M. Suzanne Oliver
1st Edition
0558241050, 978-0558241056
