A company borrowed $15,000 by signing a 120-day promissory note at 10%. The total interest due on the maturity date is. (Use 360 days a year.)Multiple Choice$50.00$750.00$500.00$1,500.00$250.00

A company borrows money as needed on the first day of the month and repays principal and interest on the last day of the budget period, if cash is available.  For the second quarter of the year, they borrowed $10,000 in April, $8,000 in May and $5,000 in June.  The interest rate is 1% per month.  Assuming enough money is available on June 30th to repay the debt, the total amount of interest due is Blank______.Multiple choice question.$560$230$690

On November 1, 20X1, a company signed a $200,000, 12%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 20X2. The company should record the following adjusting entry at December 31, 20X1:Multiple ChoiceDebit Interest Expense and credit Cash, $12,000.Debit Interest Expense and credit Interest Payable, $12,000.Debit Interest Expense and credit Interest Payable, $4,000.Debit Interest Expense and credit Cash, $4,000.

The maturity value of a $150,000, 4.3%, 90-day interest-bearing note using ordinary interest is:Multiple Choice$151,612.50$150,000.00$156,450.00$154,332.75$1,612.50

If a company borrows $50,000 at an annual interest rate of 8% for 6 months, what would be the interest expense on the note payable?Question 13Answera.$1,000b.$2,000c.$2,500d.$4,000

Long-term Notes Payable was $20 million at the beginning of the year and $30 million at the end. During the year an additional $15 million was borrowed. Repayments on the statement of cash flow during the year were ______.Multiple choice question.$25 million under investing activities$25 million under financing activities$(35) million under financing activities$(5) million under financing activities$(5) million under investing activities$(35) million under investing activities