A Company Reported Interest Expense of $540,000 for the Year

question 171

Multiple Choice

A company reported interest expense of $540,000 for the year. Interest payable was $35,000 and $75,000 at the beginning and the end of the year, respectively. What was the amount of interest paid?

• A) $580,000.
• B) $615,000.
• C) $500,000.
• D) $575,000.

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Definitions:

Consciousness

The state of being aware of and able to think about one's own existence, sensations, thoughts, surroundings, and experiences.

Legitimations

The processes or reasons presented to justify actions, beliefs, or systems, especially concerning their conformity to social norms or values.

Ideology

A system of ideas, beliefs, and values that reflects the social needs and aspirations of an individual, group, class, or culture.

Subjectivity

The quality of being based on or influenced by personal feelings, tastes, or opinions rather than external facts.