A $49,000, three-month, 12% note payable was issued on December 1, 2018. What is the amount of accrued interest on December 31, 2018? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.)
A) $490
B) $708
C) $354
D) $823
A) $490
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The credit side of an account is the right side while the debit side is the left side
a. True b. False Indicate whether the statement is true or false
Which of the following is true of perfecting security interests?
A. Possession, a possible way of perfecting a security interest in inventory, is sometimes achieved through a field warehousing arrangement. B. Filing a financing statement in the appropriate public office is one of the least used ways of perfecting a security interest. C. A continuation statement may be filed within a year before the five-year expiration date. D. A financing statement is effective for a period of one year from the date of filing.
The responsibility of the Emerging Issues Task Force (EITF) is to
a. issue statements which reflect a consensus of the EITF on how to account for new financial reporting issues where guidance is needed quickly. b. do research on financial reporting issues that are being addressed by the AICPA. c. respond to groups lobbying the FASB on issues that affect a particular industry. d. develop concept statements the AICPA can use as a frame of reference to solve future problems.
George Wilson is an assembly-line worker for Gantt Manufacturing. Gantt pays its employees weekly. The following is a breakdown of all the labor costs traced to George for the previous week: Regular pay: 40 hours at $16 per hour Overtime pay: 5 hours at $24 per hour Fringe benefits received: $70 per week Last week, George spent the entire 45 hours he worked on a special order "rush" job for a
particular customer. The overtime was necessary in order to complete the job from start to finish within one week. Assuming that George was the only employee who worked directly on this job, how much direct labor cost should be assigned to the job? A) $710 B) $640 C) $830 D) $760