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Thepotemich [5.8K]
3 years ago
8

On July 8, Jones Inc. issued an $75,700, 8%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends o

n July 31. Using the 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year
Business
1 answer:
Marizza181 [45]3 years ago
3 0

Answer:=Jones recognizes $386.9  as interest

Explanation:

Fiscal year ending July 31st

there are 23 days between when the cash as issued ie July 8 and the end of the fiscal year on July 31st

Given amount or Principal amount = $75,700

Rate= 8%

Interest = Principal x Rate x Time

  $75,700 x 8% x 23/360=$75,700 x 0.08 x 23/360

=$386.9

Jones recognizes $386.9  as interest in the current fiscal year.

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