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arsen [322]
2 years ago
6

On May 1, 2020, Course Co. borrowed $16,000 and signed a three-year note bearing interest at 6% per annum. Interest is payable q

uarterly, starting on July 31. What amount should Course report as a liability for accrued interest on its December 31, 2021 balance sheet
Business
1 answer:
butalik [34]2 years ago
5 0

The amount that Course Co. should report as a liability for accrued interest on its December 31, 2021 balance sheet is $240.

<h3>What is accrued interest?</h3>

Accrued interest is an accounting expression that shows a liability for interest payment has been incurred for a loan but the payment has not yet been made.

For Course Co., it incurs accrued interest of $240 every quarter for the three-year note payable. Usually, the accrued interest is paid at the beginning of the next quarter.

<h3>Data and Calculations:</h3>

3-year note payable = $16,000

Rate of interest = 6% per year

Date of loan = May 1, 2020

Interest payment = quarterly or 4 times annually

Interest per quarter = $240 ($16,000 x 6% x 1/4).

Thus, the accrued interest on Course Co.'s December 31, 2021 balance sheet is $240.

Learn more about accrued interest at brainly.com/question/1542335

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