The interest on a $1,500, 15%, 120-day note payable or receivable is:
a. $7.50
b. $75
c. $1,575
d. $225
e. none of the above.
b
You might also like to view...
Which journal is not used in the revenue cycle?
a. cash receipts journal b. sales journal c. purchases journal d. general journal
A panel of respondents is often used in which type of study?
A) cross-sectional B) longitudinal C) sample survey D) case analysis E) population research
The Sarbanes-Oxley Act has succeeded in
A) heightening awareness and diligence with respect to internal control. B) increasing transparency in privately owned companies. C) stopping fraud from occurring. D) all of these.
During 2009, Cabot Machine Company spent $352,000 on research and development costs for an invention. This invention was patented on January 2, 2010, at a nominal cost that was expensed in 2010 . The patent has a legal life of 1 . years and an estimated useful life of 8 years. In January 2014, Cabot paid $32,000 for legal fees in a successful defense of the patent. Amortization for 2014 should be
a. $2,462. b. $8,000. c. $32,000. d. $52,000.