On August 1, Year 1, Jackson Company issued a one-year $72,000 face value interest-bearing note with a stated interest rate of 9.00% to Galaxy Bank. Jackson accrues interest expense on December 31, Year 1, its calendar year-end.What is the amount of interest expense and the total cash outflow related to the note during the year ending December 31, Year 2? (Do not round your intermediate calculations.)
A.
| Interest Expense | Cash Outflow |
| $2700? | $6480? |
B.
| Interest Expense | Cash Outflow |
| $6480? | $3780? |
C.
| Interest Expense | Cash Outflow |
| $3780? | $78,480? |
D.
| Interest Expense | Cash Outflow |
| $6480? | $72,000? |
Answer: C
You might also like to view...
Dana is planning on renovating her kitchen. When she went into a home improvement store, she admired the various model kitchens the store had set up. Each kitchen used a different style and color scheme and allowed Dana to consider the possible themes she could use. Which merchandise presentation technique is the store utilizing?
A. Item and size presentation B. Tonnage merchandizing C. Vertical merchandising D. Idea-oriented presentation E. Store-oriented presentation
Anchovy, Inc., a producer of frozen pizzas, began operations this year. During this year, the company produced 16,000 cases of pizza and sold 15,000. At year-end, the company reported the following income statement using absorption costing:Sales (15,000 × $48)$720,000Cost of goods sold (15,000 × $19)285,000Gross margin$435,000Selling and administrative expenses 79,000Net income$356,000Production costs per case total $19, which consists of $15.50 in variable production costs and $3.50 in fixed production costs (based on the 16,000 units produced). Eight percent of total selling and administrative expenses are variable. Compute net income under variable costing.
What will be an ideal response?
The exclusionary rule barring the introduction of illegally obtained evidence applies in
all court and administrative hearings. a. True b. False
Identify and describe two limits or concerns associated with agile project management.
Fill in the blank(s) with the appropriate word(s).