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I need answer ASAP! On June 1, Davis Inc. issued an $71,600, 7%, 120-day note payable to Garcia Company Assume that the fiscal year of
I need answer ASAP!
On June 1, Davis Inc. issued an $71,600, 7%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. Oa. $1.267 Ob. $835 Oc. $5,012 Od. $418Step by Step Solution
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Financial Accounting
Authors: Charles T. Horngren, Jr Harrison, Walter T.
3rd Edition
0137419848, 978-0137419845
