Calside Company Signed a 15-Month, $50,000, 6% Note on June

question 133

Multiple Choice

Calside Company signed a 15-month, $50,000, 6% note on June 1, 2011. The amount of interest to be accrued on December 31, 2011, is:

• A)$3,000.
• B)$1,750.
• C)$1,500.
• D)$1,141.

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Definitions:

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price during a specific time period.

Quantity Demanded

The aggregate quantity of a product or service that buyers are ready and capable of buying at a particular price point.

Surplus

An excess of what is needed or used, typically referring to goods, services, or resources exceeding what is required.

OPEC

The Organization of the Petroleum Exporting Countries, a group of oil-producing nations that coordinate petroleum policies and prices globally.