Question

Assume that Fuller Sales Company completed the following note-payable transactions:
2014
Oct 1 Purchased delivery truck costing $54,000 by issuing a one-year, 3% note payable.
Dec 31 Accrued interest on the note payable.
2015
Oct 11 Paid the note payable at maturity.

Requirements
1. How much interest expense must be accrued at December 31, 2014? (Round your answer to the nearest whole dollar.)
2. Determine the amount of Fuller Sales’ final payment on October 1, 2015.
3. How much interest expense will Fuller Sales report for 2014 and for 2015? (Round your answer to the nearest whole dollar.)



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  • CreatedJuly 25, 2014
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