Comet Corporation's Liability Account Balances at June 30,2013,included a 10

question 45

Multiple Choice

Comet Corporation's liability account balances at June 30,2013,included a 10 percent note payable.The note is dated October 1,2011,and carried an original principal amount of $600,000.The note is payable in three equal annual payments of $200,000 plus interest.The first interest and principal payment was made on October 1,2012.In Comet's June 30,2013,balance sheet,what amount should be reported as Interest Payable for this note?

• A) $10,000
• B) $15,000
• C) $30,000
• D) $45,000

Learn the fundamentals of Access's structural components, understanding the difference between records, fields, and the datasheet view.

Understand the cost-benefit principle in the design and operation of accounting information systems.

Explain the concepts and differences between real-time and batch processing in accounting systems.

Describe the key components and the role of data storage in accounting information systems.

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Definitions:

Mental Health Treatment

A range of interventions aimed at improving psychological well-being and functioning, including therapy, medication, and supportive services.

Not Guilty By Reason Of Insanity

A verdict stating that defendants are not guilty of committing a crime because they were insane at the time of the crime.

Parens Patriae

The principle by which the state can make decisions to promote the individual’s best interests and protect him or her from self-harm or neglect.

Civil Commitment

A legal process through which an individual with severe mental illness can be court-ordered to receive treatment in a psychiatric hospital.