QUESTION 10 On September 1, 2016, Beate Equipment signed a 12-month, 9% interest bearing note...
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QUESTION 10 On September 1, 2016, Beate Equipment signed a 12-month, 9% interest bearing note payable for $200,000. Assuming Beate maintains its books on a calendar year basis, the amount of interest expense that should be reported in the 2017 income statement for this note would be: A. $6,000 OB. $ 8,000 OC. $12,000 OD. $18,000 QUESTION 11 Herrindale Mart borrows $420,000 on July 1 with a short-term loan that has an annual interest rate of 5% which is payable on the first day of each subsequent quarter. What will Herrindale Mart need to accrue on August 31, assuming that no accrual has yet been made? A. $ 7,000; Decrease liabilities, decrease cash B. $ 7,000; Increase liabilities, decrease retained earnings OC. $21,000; Decrease liabilities and decrease cash OD. $ 3,500; Increase liabilities, increase expenses
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