Question
Phipps Company borrowed $30,000 cash on October 1, 2014, and signed a nine-month, 8% interest-bearing note payable with interest payable at maturity. The amount of
Phipps Company borrowed $30,000 cash on October 1, 2014, and signed a nine-month, 8% interest-bearing note payable with interest payable at maturity. The amount of interest expense to be reported during 2015 is which of the following?
a) 600
b) 1800
c) 900
d) 1200
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Accounting For Managers Interpreting Accounting Information For Decision Making
Authors: Paul M. Collier
5th Edition
111900294X, 978-1119002949
