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In-s [12.5K]
3 years ago
6

Assume that on July 1, 2021, Togo's Sandwiches issues a $2.02 million, one-year note. Interest is payable at maturity. Determine

the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions: (Enter your answers in dollars, not in millions. Do not round intermediate calculations. Round your answers to the nearest dollar amount.)
Interest Rate Fiscal Year-End Interest Expense
1. 8 % December 31
2. 9 % September 30
3. 6 % October 31
4. 7 % January 31
Business
1 answer:
allochka39001 [22]3 years ago
5 0

Answer:

1.$80,800

2.$45,450

3.$40,400

4.$82,483

Explanation:

Interest Rate Fiscal Year-End Interest Expense

1. 8 % December 31 2020000*8%*6/12 = $80,800

2. 9 % September 30 2020000*9%*3/12 = $45,450

3. 6 % October 31 2020000*6%*4/12 = $40,400

4 7 % January 31 2020000*7%*7/12 = $82,483

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4 0
1 year ago
On January 1, 2019, Wasson Company purchased a delivery vehicle costing $40,000. The vehicle has an estimated 6-year life and a
ELEN [110]

Answer:

option (A) $29,920

Explanation:

Data provided in the question;

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Now,

Using the units-of-production depreciation method

Total depreciation till 2020 = \frac{\textup{Purchasing cost - Salvage value}}{\textup{Estimated driving life}}\times\textup{Total distance driven}

or

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or

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2 years ago
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