Multiple Choice
On May 1,2012,Mink,Inc.borrowed $10,000 by issuing a 12%,3-month note and another $10,000 by issuing a 12%,6-month note.Interest expense for the month ended May 31,2012 will be ________.
A) greater on the 3-month note than the 6-month note
B) greater on the 6-month note than the 3-month note
C) $200 for both notes combined
D) $0 for both notes because no interest was paid
Correct Answer:
Verified
Correct Answer:
Verified
Q2: At December 31,2010,McToil,Inc.owes its employees $20,000 for
Q3: If you see Salaries expense on the
Q4: On January 1,2011,Swinger,Inc.purchases a batting machine for
Q5: Depreciating an asset means recognizing the cost
Q6: Clean Sweep,Inc.started the month of June with
Q7: If a company neglected to record depreciation
Q8: Enoch,Inc.began operations on July 1,2011.On August 1,it
Q9: Hen House,Inc.collects all subscription revenue in advance.At
Q10: The employees of Dew Drop Inn get
Q11: Fair Play,Inc.paid $3,600 on September 1,2011 for