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Author Question: A business borrows 100,000 from a bank on July 1, 2008 . Under the agreement with the bank, the loan ... (Read 206 times)

itsmyluck

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on: Jul 5, 2018
A business borrows 100,000 from a bank on July 1, 2008 . Under the agreement with the bank, the loan must be repaid in full on June 30, 2009, with interest at 6 a year.
 
  The business wants to prepare financial statements for the year ended December 31, 2008 . How much interest expense should it report for that year?
   a. 0
   b. 3,000
   c. 6,000
   d. 12,000

Question 2

The ___________________ _ method is a depreciation method in which the depreciable cost is divided by the estimated useful life.
 Fill in the blank(s) with correct word


Christopher

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Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

straight-line


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itsmyluck

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Reply #2 on: Jul 5, 2018
Correct answers!


Christopher

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Reply #3 on: Jul 5, 2018
Great! Please up vote :D


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