Cyprus Corp. received a 7%, 6-month promissory note with a face amount of $8,000 from the Mustafa Company
for the sale of merchandise on May 1, 2014. Cyprus' accounting yearend is December 31.
REQUIRED: Identify the maturity date of the note.

Question

Cyprus Corp. received a 7%, 6-month promissory note with a face amount of $8,000 from the Mustafa Company
for the sale of merchandise on May 1, 2014. Cyprus' accounting year­end is December 31.
REQUIRED: Identify the maturity date of the note.

Quizplus · Accepted Answer

The Answer of Cyprus Corp. received a 7%, 6-month promissory note with a face amount of $8,000 from the Mustafa Company
for the sale of merchandise on May 1, 2014. Cyprus' accounting year­end is December 31.
REQUIRED: Identify the maturity date of the note.