Firewood,Inc

question 59

Multiple Choice

Firewood,Inc.signed a three-year note payable for $45,000 at 13% annual interest.What is the interest expense for 2017 if the note was signed on August 1,2017? (Do not round any intermediate calculations,and round your final answer to the nearest dollar. )

• A)$2,925
• B)$2,438
• C)$17,550
• D)$5,850

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Definitions:

Internet Security

Measures and protocols to protect computers and networks from unauthorized access, attacks, or data theft when connected to the Internet.

SCM

Stands for Supply Chain Management, which is the oversight of materials, information, and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer.

RFID

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Fast Fashion

A term used to describe clothing collections which are based on the most recent fashion trends and are brought to market quickly at an affordable price.