Randall Automotive signed a $5,000,120-day note payable on October 1 that bears interest at an...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Randall Automotive signed a $5,000,120-day note payable on October 1 that bears interest at an annual rate of 9%. How much will appear on Randall's income statement for interest expense related to this note at December 31?
Select one:
a. $112.50
b. $4,500
c. $150
d. $450
please show work and thank you :D
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
