West Company borrowed $48,000 on September 1, Year 1 from the Valley Bank. West agreed to pay interest annually at the rate of 9% per year. The note issued by West carried an 18-month term. Based on this information the amount of interest expense appearing on West's Year 1 income statement would be:
A. $432.
B. $1440.
C. $1080.
D. $0.
Answer: B
You might also like to view...
Research is conducted to determine which type of car is most preferred. The sports car has the highest preference ratings among the five cars that were test-driven
The report states that more sports cars should be manufactured than any other type of car. This last sentence is: A) a recommendation B) a conclusion C) information that should be included in the front matter D) a fact that should only be included in an oral report E) a fact that must be substantiated in an oral report
Which of the following is enacted under state police power?
A. personal property laws B. intellectual property laws C. international trade laws D. equal opportunity laws
Gate two of the rational unified process (RUP) methodology is elaboration and this phase expands on the agreed-upon details of the system, including the ability to provide an architecture to support and build it.
Answer the following statement true (T) or false (F)
When a merger takes place, the surviving corporation issues shares or pays fair consideration to the shareholders of the corporation that ceases to exist.
Answer the following statement true (T) or false (F)