Oklahoma Oil Corp.paid interest of $785,000 during 2016,and the interest payable account decreased by $125,000.What was interest expense for the year?
A) $910,000.
B) $660,000.
C) $555,000.
D) $785,000.
Correct Answer:
Verified
Q23: A discount on a noninterest-bearing note payable
Q25: On April 31,2016,Elkhorn Associates borrowed $10 million
Q26: On June 1,2016,Dirty Harry Co.borrowed cash by
Q27: Which of the following is not a
Q28: Which of the following is the best
Q29: On September 1,2016,Hiker Shoes issued a $100,000,8-month,noninterest-bearing
Q31: Large, highly rated firms sometimes sell commercial
Q33: The rate of interest printed on the
Q34: When cash is received from customers in
Q37: What is the effective interest rate (rounded)
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents