On March 1, 2015, Vinnie Services Issued a 5% Long-Term

question 84

Multiple Choice

On March 1, 2015, Vinnie Services issued a 5% long-term notes payable for $15,000. It is payable over a 3-year term in $5,000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2016. Each yearly installment will include both principal repayment of $5,000 and interest payment for the preceding one-year period. On March 1, 2016:

• A)Vinnie must accrue $5,000 of Interest Expense.
• B)Vinnie must accrue for the coming $5,000 as current portion of principal payment.
• C)Vinnie must pay out $750 of Interest Expense to the note holder.
• D)Vinnie will receive $5,000 as an installment payment.

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Definitions:

Apraxia

A neurological condition characterized by the inability to perform movements or tasks when asked, despite having the desire and physical capability to do so.

Akinesia

The loss or impairment of the ability to move muscles voluntarily, often associated with neurological disorders.

Aphagia

The inability or refusal to swallow, which can be a result of psychological or physical issues.

Myelogram

An X-ray study of the spinal cord after injecting a contrast medium, used to diagnose spinal cord and vertebral column disorders.