Question
On July 8, Jones Inc. issued an $60,500, 10%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31.
On July 8, Jones Inc. issued an $60,500, 10%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31. Using a 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? When required, round your answer to the nearest dollar.
a.$6,050
b.$387
c.$1,161
d.$774
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Between The Lines Of The Balance Sheet The Plain Mans Guide To Published Accounts
Authors: Michael Greener
2nd Edition
0080240712, 9780080240718
