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On June 1, Davis Inc. issued an $82,800, 8%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June
On June 1, Davis Inc. issued an $82,800, 8%, 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. $552 Ob. $6,624 Oc. $1,656 Od. $1,104
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Financial and Managerial Accounting Information for Decisions
Authors: John Wild, Ken Shaw, Barbara Chiappetta
5th edition
978-1259317552, 1259317552, 978-0078025600, 78025605, 978-1259335013, 1259335011, 978-1259347641
