Daniels & Company Accepted a Nine-Month, $24,000 Note Receivable, with 6

question 73

Multiple Choice

Daniels & Company accepted a nine-month, $24,000 note receivable, with 6% interest, from Renee Company on September 1, 2018. Daniels & Company's year end is December 31. The amount of interest on this note to be recognized by Daniels & Company in 2019 is:

• A)$600.
• B)$480.
• C)$1,440.
• D)$1,080.

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Definitions:

JIT

Just-In-Time; an inventory management strategy that minimizes inventory and maximizes efficiency by receiving goods only as they are needed in the production process.

Excess Inventory

Inventory levels that exceed the demand, often resulting in wasted resources and storage costs.

Manufacturing Capacity

The maximum amount of products that can be produced in a given period of time using available resources in a manufacturing facility.

Agility

The ability to move quickly and easily, often used in organizations to describe the ability to adapt rapidly to market changes or challenges.