Multiple Choice
On June 1,2012,a company borrows $100,000 on a 10% note due to a bank in one year.What amount of interest expense is reported for the year ending December 31,2012?
A) $5,000
B) $5,833
C) $1,000
D) $10,000
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q8: Which financial statement discloses the economic resources
Q9: The excess of revenues over expenses is
Q10: The acquisition of inventory for cash will
Q11: Increases in revenues will _.Increases in expenses
Q12: A sole proprietorship has _ owner's equity
Q14: The accounting convention of _ permits a
Q15: Cash collected from customers before goods are
Q16: Decreases in ownership claims arising from the
Q17: Revenue and expense accounts are permanent stockholders'
Q18: Hope Company has the following data