On October 1st 2022, ABC Co. signed a 5-month note payable with principal of $10,000 and an
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On October 1st 2022, ABC Co. signed a 5-month note payable with principal of $10,000 and an annual interest rate of 12%. What is the interest expense that the company will report on the 2023 (second year) income statement related to this note? On October 1st 2022, ABC Co. signed a 5-month note payable with principal of $10,000 and an annual interest rate of 12%.
What is the interest expense that the company will report on the 2023 (second year) income statement related to this note?
Expert Answer:
The note was signed on October 1st 2022 and has a term of 5 months which means it will ... View the full answer
Related Book For 
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
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