Assets C Liab Payroll This Question 3 pts 2 of 36 1 complet

Assets, C. Liab & Payroll This Question: 3 pts 2 of 36 (1 complete) This Test: 100 pts This Test: 100 pts poss A six-month note receivable for $7,000 at 10%, dated October 1, 2020, has accrued interest revenue of answer to the nearest dollar ) O A. $88 as of December 31, 2020 (Round any intermediate calculations to two decimal places, and your final B. S175 ??. S700 ? D. S350

Solution

Answer is D. $350

As given half yearly 10%, thus from 3 months from 1 October to 31 December is:

Interest = (7000*10%)/2

= $350