On January 1, Portillo, Inc. lends a corporate customer $84,000 at 7% interest. The amount of interest revenue that should be recorded for the quarter ending March 31 equals:
A. $5880.
B. $490.
C. $1960.
D. $1470.
Answer: D
You might also like to view...
Park, Inc purchased merchandise from Jay Zee Music Company on June 5, 2015 . The goods were shipped the same day. The merchandise's selling price was $15,000 . The credit terms were 1/10, n/30 . The shipping terms were FOB shipping point. Park received the merchandise on June 10, 2015 . Park paid the amount due on June 13, 2015. Park uses a perpetual inventory system. When will the cost of
merchandise sold be recorded as an expense? a. The date the merchandise was purchased b. The date the merchandise is sold c. The end of the accounting period d. Cannot be determined without further information
Which one of the following types of costs should be included in the cost of a manufactured inventory?
A) abnormal spoilage B) production supervisory salaries C) interest costs D) selling costs
What is the difference between opportunity and obstacle thinking? Which of these approaches to thinking more aligns with the principles of self-leadership and why? Building on this, how can self-leadership be used to create a habitual thinking pattern?
What will be an ideal response?
The debits to Work in Process--Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $ 7,200 Conversion costs, 3,000 units, 60% completed 6,000 Materials added during April, 10,000 units 25,000 Conversion costs during April 35,750 Goods finished during April, 12,000 units --- April 30 work in process, 1,000
units, 40% completed --- All direct materials are placed in process at the beginning of the process and the first-in, first-out method is used to cost inventories. The materials cost per equivalent unit for April is: A) $2.48 B) $2.08 C) $2.50 D) $5.25