A Business Borrows $100,000 from a Bank on July 1,2008

question 18

Multiple Choice

A business borrows $100,000 from a bank on July 1,2008.Under the agreement with the bank,the loan must be repaid in full on June 30,2009,with interest at 6% a year.The business wants to prepare financial statements for the year ended December 31,2008.How much interest expense should it report for that year?

• A)$0
• B)$3,000
• C)$6,000
• D)$12,000

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Definitions:

Gender Inequality

The unequal treatment or perceptions of individuals based on their gender, resulting in disparities in opportunity, rights, and status.

Quid Pro Quo Harassment

A form of sexual harassment where job benefits are directly linked to the acceptance of unwelcome sexual advances.

Sexual Harassment

Unwelcome sexual advances, requests for sexual favors, and other verbal or physical harassment of a sexual nature in a workplace or other professional or social situations.

Employment Condition

The circumstances or factors affecting the nature of one's job, including job security, working hours, legal rights, and responsibilities.