Multiple Choice
Mariner,Inc.bought a lobster boat on November 1,2011 in exchange for a 2-month,6%,$80,000 note.The note plus interest will be repaid on January 1,2012,the maturity date.How much interest expense should the company report on its income statement for the month ended November 30,2011?
A) $0
B) $4,800
C) $400
D) $800
Correct Answer:
Verified
Correct Answer:
Verified
Q207: The term accounts receivable is used to
Q208: Clean Sweep,Inc.started the month of June with
Q209: The following is a partial list of
Q210: Which of the following accounts typically needs
Q211: Sure Enuf,Inc.paid $4,800 on May 1,2012 for
Q213: Use the following information from Hormel Foods
Q214: How is net income calculated and on
Q215: The total payroll is $6,000 per day
Q216: Which financial statement shows Salaries expense?<br>A)Income statement<br>B)Statement
Q217: Rent a Wreck,Inc.began operations on July 1,2012.On