Gomez, Inc. borrowed money from a bank, receiving $546,000 cash on Sept. 1, 2020. The loan is a simple interest loan, meaning the principal amount ($546,000) is not due until the due date (which is Sept. 1, 2030). The interest rate on the loan is six percent annually. The loan requires Gomez to pay interest once per year, on Sept. 1. Gomez pays the interest due on Sept. 1, 2021. 

How much will Gomez, Inc. report on its December 31, 2021 balance sheet for interest payable?

Answer rating: 100% (QA)

Heres how to calculate the interest payable for Gomez Inc on its December 31 2021 balance sheet 1 Ca... View the full answer