On October 1, 2013, a Company Borrowed $200,000 on a Two-Year

question 125

Multiple Choice

On October 1, 2013, a company borrowed $200,000 on a two-year, 12% note, with interest and principal to be paid at maturity. How much interest expense will be reported on the income statement for the year ending December 31, 2013?

• A)$ 6,000
• B)$18,000
• C)$24,000
• D)$12,000

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Definitions:

Videopresence

Utilizes video conferencing technology to create a virtual presence for communication or collaboration, irrespective of the geographical location of the participants.

WANs

Wide Area Networks (WANs) are telecommunications networks that extend over large geographical distances, connecting different smaller networks such as local area networks (LANs).

LANs

Local Area Networks (LANs) are networks that connect computers and devices in a limited geographical area such as a home, school, or office building, facilitating communication and resource sharing.

Rohingya Muslim

A minority Muslim ethnic group primarily located in Myanmar, facing significant persecution and displacement.