On November 1,2012,The Bagel Factory Signed a $100,000,6%,six-Month Note Payable

question 64

Multiple Choice

On November 1,2012,The Bagel Factory signed a $100,000,6%,six-month note payable with the amount borrowed plus accrued interest due six months later on May 1,2013.The Bagel Factory should report interest payable at December 31,2012,in the amount of:

• A)$0.
• B)$1,000.
• C)$2,000.
• D)$3,000.

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Definitions:

Federal Tax Revenues

The income received by the government from taxpayers, including individuals and corporations, used to fund public services and operations.

Cognitive Therapy

A form of psychotherapy that aims to change patterns of thinking or behavior that are causing people's psychological problems.

Behavior Modification

A therapeutic approach that applies principles of learning to change undesirable behaviors into positive behaviors.

Learning Theory

Theories and models that explain how knowledge is absorbed, processed, and retained during the process of learning.