Question

on november 1, 2021, a company signed a $100,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on may 1, 2022. the company should report interest payable at december 31, 2021, in the amount of: multiple choice $2,000. $3,000. $1,000. $0.

Answer 1

Sx-month note is payable with the amount borrowed plus accrued interest due six months later on May 1, 2022. Interest Payable will be reported for two months i.e. November and December is $1000.

Interest Payable = $100000 × 6% x 2/12 = $1000,

Could I borrow your pen for a moment, please? The common verb borrow means to obtain something from someone with the intention of returning it shortly. I used to give Laura frequent loans of cash. An amount over and above the repayment of the principal sum is known as interest and is paid by a borrower or deposit-taking financial institution to a lender or depositor at a set rate. Interest is the cost of borrowing money or the fee you charge to lend it. Most frequently, interest is shown as an annual percentage of the loan amount. The interest rate for the loan is denoted by this proportion.

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