On July 8, Alton Co issued an $80,000, 6%, 120-day note payable to Seller Co Assume that the fiscal year of Alton Co ends July 31. Using the 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year?
A) $1,200.00
B) $106.67
C) $306.67
D) $400.00
C
Business
You might also like to view...
Identify product characteristics that influence the rate of adoption. Explain how each characteristic affects the rate of adoption
What will be an ideal response?
Business
Which is the first stage of the team development process?
A. Norming B. Performing C. Storming D. Forming
Business
You buy a call option and a put option on General Electric. Both the call option and the put option have the same exercise price and expiration date. This strategy is called a _________.
A. time spread B. long straddle C. short straddle D. money spread
Business
Which of the following situations does NOT apply to the Florida Replacement Rule?
What will be an ideal response?
Business