Question
Warren Company borrowed $20,000 on September 1, 2013 from the National Bank. Warren agreed to pay interest annually at the rate of 6% per year.
Warren Company borrowed $20,000 on September 1, 2013 from the National Bank. Warren agreed to pay interest annually at the rate of 6% per year. The note issued by Warren carried an 18-month term. Based on this information the amount of interest expense appearing on Warren's 2013 income statement would be
| A. | $-0-. |
| B. | $400. |
| C. | $120. |
| D. | $300. |
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Complete Handbook Of Operational And Management Auditing
Authors: William T. Thornhill
1st Edition
0131611410, 978-0131611412
