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On June 1, Davis Inc. issued an $82,800, 11%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30.
On June 1, Davis Inc. issued an $82,800, 11%, 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. $9,108 Ob. $759 Oc. $1,518 Od. $2.277
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Introduction To Management Accounting
Authors: Charles T. Horngren, Gary Sundum, Gary L. Sundem
8th Edition
0134870751, 978-0134870755
