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Thompson Company Borrowed $100,000 on a One-Year, 10% Note on September

Question 64

Multiple Choice

Thompson Company borrowed $100,000 on a one-year, 10% note on September 1, 2012, with interest and principal to be paid at maturity. How much interest payable will be reported on Thompson's balance sheet as of November 30, 2012?


A) $ 2,500
B) $ 7,500
C) $10,000
D) $ 3,333

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