Question
On June 1, Davis Inc. issued an $84,000, 5, 120day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30
On June 1, Davis Inc. issued an $84,000, 5, 120day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30 Using the 360day year, what is the amount of interest revenue (rounded) recognized by Garcia in the following year
a). $1,600
b). $1,050
c). $700
d). $4,200
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Government and Not for Profit Accounting Concepts and Practices
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
7th edition
1118983270, 978-1119175025, 111917502X, 978-1119175001, 978-1118983270
