Question: B V S Bus Charter signed a four-month note payable in the amount of $31000 on September 1. The note requires interest at an annual

B V S Bus Charter signed a four-month note payable in the amount of $31000 on September 1. The note requires interest at an annual rate of 6%. The amount of interest to be accrued at the end of September is

Step by Step Solution

★★★★★

3.50 Rating (147 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To calculate the amount of interest to be accrued at the end of September for B V S Bus C... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Ten pounds of material is needed to produce one product The material normally costs 2 per pound If the company buys 100000 pounds of material at 220 per pound and uses 100000 pounds to make 7000...

Mohamad, owner of an residential furnished apartment's in Dubai, performed an economic analysis 4 years ago when he decided to place an new eefficient central AC unit for each apartments instead of...

On March 31, the end of the current fiscal year, the following information is available to assist Zun Cleaning Companys accountants in making adjusting entries: a. Zuns Supplies account shows a...

Julia Robertson is a senior at Tech, and she's investigating different ways to finance her final year at school. She is considering leasing a food booth outside the Tech stadium at home football...

One thousand kilograms per hour of a 45 wt% acetone in- water solution is to be extracted at 25?C in a Continuous, countercurrent system with pure 1,1 ,2-trichloroethane to obtain a raffinate...

=+3. Should TiVo allow advertisers to encode their commercials with pop-up ads that appear if a viewer fast forwards through the commercials? Explain your answer.

Personality Assessment Visit the book Web site at www.mhhe.com/waitley5e. Find the article about the MyersBriggs Type Indicator and personality types. What is your personality type? What are its...

Politan Company acquired an 80 percent interest in Soludan Company on January 1, 2010. Any portion of Soludans business fair value in excess of its corresponding book value was assigned to...

Comp Wiz sells computers. During May, it sold 500 computers at a $900 average price each. The May fixed budget Included sales of 550 computers at an average price of $860 each. AQ = Actual Quantity...

BOR CPAs, Inc. is a closely held corporation owned by three stockholders who used the initials of their last names to form the corporations name: Cyrus Bailey, John Ogden, and Samuel Rogers. The...

What is net working capital (NWC)? What are the typical balance sheet accounts involved in NWC? How does NWC management relate to liquidity

How is the Target breach different from the TJ Maxx breach? How would you have approached those, knowing what you know now?

A _ ("pi-minus") particle, which has charge _ e , is at location5.0010 -9 ,-2.0010 -9 ,-7.0010 -9 m. What is the electric field at location m, due to the _ particle? = An antiproton (same mass as the...

Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. Assume all taxpayers did NOT receive, sell, send, exchange, or otherwise...

1.You decided to sell Treasury bill futures contracts with a quoted price was 92-50. When you close this position, the quoted price was 91-75. Determine the profit or loss per contract, ignoring...

DBC, TDABC, and ABC The Bienestar Cardiology Clinic has two major activities: diagnostic and treatment. The two activities use four resources: nursing, medical technicians, cardiologists, and...

The following information was taken from Lazy O Corporation financial statements as of the end of Year 2. Cash $ 10,000 Accounts Receivable 35,000 Inventory 40,000 Accounts Payable 45,000 Unearned...

Explain the regulation of the secretions of the small intestine.

Fifteen transactions or events affecting Computer Specialists, Inc., are as follows: a. Made a year-end adjusting entry to accrue interest on a note payable. b. A liability classified for several...

On September 1, 2011, Park Rapids Lumber Company issued $80 million in 20-year, 10 percent bonds payable. Interest is payable semiannually on March 1 and September 1. Bond discounts and premiums are...

Harry Haney, manager of the Eastern Division of Mertock Co., made the following comment to the manager of the Central Division: It's all well and good for you to say that I should disregard sunk...

For 2013, the income statement of Hylard Corporation had revenues of $152,000 and operating expenses of $78,000. Accounts receivable and accounts payable at year-end were $60,000 and $23,000,...

An examination of the accounts of Savage Company for the month of June revealed the following errors after the transactions were journalized and posted. 1. A check for $800 from R. Wright, a customer...

Nancy Tercek, the financial vice president, and Margaret Lilly, the controller, of Romine Manufacturing Company are reviewing the financial ratios of the company for the years 2019 and 2020. The...