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Alecsey [184]
3 years ago
5

On October 1, 2021, Stripes Inc. lends $100,000 to another company and accepts a 24-month, 6% note. What is the amount of intere

st revenue Stripes will report in its 2023 income statement? $0. $4,500. $12,000. $6,000.
Business
1 answer:
geniusboy [140]3 years ago
6 0

Answer:

$4,500

Explanation:

By the 24th month,  stripes will have cleared paying the interest.

In 2021, stripes will pay interest for three months( Oct, Nov, and Dec)

In 2022, stripes will pay interest for 12 months

in 2023, stripes will pay interest for 24-(3+12)= nine months

Interest for nine months.

Interest = P x R X T

P =$100,000

R= 6%

T= 9 months

=$100,000 x 6/100 x 9/12

=$100,000x  0.06 x 0.75

=$6000 x 0.75

=$4,500

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A spoils system refers to a system of patronage in which the victorious candidate or party in an election gives public offices to their supporters as reward and incentive.

It was a common phenomenon in the United States, until a civil service reform movement led to passage of the Pendleton Act of 1883, which instituted merit-based appointments to offices at the federal level.

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To learn more about Hiram Johnson: brainly.com/question/8407551

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