Question
I am having issues calculating this!!! question 34: (it wont let me upload the photo) The note payable to Royce Computers is a 5 yr
I am having issues calculating this!!!
question 34: (it wont let me upload the photo)
The note payable to Royce Computers is a 5 yr note, with interest at the rate of 12% annually. Interest expense should be computed based on a 360 day year.
[ IMPORTANT NOTE: The original note on the computer equipment purchased on june 2 was $116,000. On June 10, eight days later, $22,250 was repaid. Interest expense must be calculated on the $116,000 for eight days. In addition, interest expense on the $93,750 balance of the lokan ($116,000 less $22,250 = $93,750) must be calculated for the 20 days remaining month of June.]
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