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Indicate whether the statement is true or false
TRUE
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N. Trest bought a $10,000 Treasury bill at a 18% discount for 13 weeks (91 days). How much
does N pay for the bond? A) $10,000 B) $9551.23 C) $8,732.73 D) $8,548.95
Interest rate swaps allow a firm to exchange fixed for floating-rate payments, but a swap cannot reduce actual net interest expenses.
Answer the following statement true (T) or false (F)
Which of the following statements is false?
A) The motor truck cargo insurance protects the interest of the trucking companies. B) Federal law requires trucks traveling across state lines to have at least $1.5 million in liability insurance. C) The peril causing the largest amount of inland marine losses is theft. D) Inland marine insurance developed because commerce in the U.S. moved inland.
On November 1, 2018, Sky Mountain Co. borrowed $200,000 cash on a 1-year, 6% note payable that requires Sky Mountain to pay both principal and interest on October 31, 2019. Given no prior adjusting entries have been recorded, the adjusting journal entry on December 31, 2018, Sky Mountain's year-end, would include a:
A. credit to Cash of $2,000. B. credit to Interest Payable of $2,000. C. debit to Interest Expense of $12,000. D. credit to Note Payable of $2,000.