Universal Travel, Inc. borrowed $500,000 on November 1, 2012, and signed a twelve-month note bearing interest at 6%. Principal and interest are payable in full at maturity on October 31, 2013. In connection with this note, Universal Travel, Inc. should report interest payable at December 31, 2012, in the amount of:
A) $8,000.
B) $30,000.
C) $5,000.
D) $25,000.
Correct Answer:
Verified
Q13: On December 1, 2012, Old World Deli
Q16: On September 1, 2012, Daylight Donuts signed
Q17: On September 1, 2012, Daylight Donuts signed
Q19: On November 1, 2012, The Bagel Factory
Q20: On December 1, 2012, Old World Deli
Q21: At times, businesses require advance payments from
Q45: Given a choice,most companies would prefer to
Q60: Which of the following is not a
Q68: Action Travel has 10 employees each working
Q74: Which of the following are not included
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