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    Nesty's Avatar
    Nesty Posts: 1, Reputation: 1
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    #1

    Jun 30, 2017, 06:15 PM
    Accrual of Interest Expense
    Mia Calipa Forwarders borrowed Php600,000 from the bank on September 1, 2015. The note carried an 8% annual rate of interest and was set to mature on February 28, 2016. Interest and principal were paid in cash on the maturity date.
    1) What was the amount of interest expense recognized on the 2015 income statement? Solution please.
    2) What was the amount of total liabilities shown on the 2015 balance sheet? Solution please.
    3) What was the total amount of cash that was paid to the bank on February 28, 2016 for the principal and interest? Solution please.
    4) What was the amount of interest expense shown on the 2016 income statement? Solution please.
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
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    #2

    Jun 30, 2017, 07:32 PM
    5) This is your homework assignment. Site rules require you show us your answer and work when it applies.

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