I have a few problems I need help with. Which formulas would be used to figure out these numbers?
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I have a few problems I need help with. Which formulas would be used to figure out these numbers?

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A. If cash is borrowed on a $61,200, 11-month, 10% note on August 1,

how much interest expense would be incurred by December 31?

I do not know which formula to use here?


B.

The cash register total including sales taxes is $43,470, and the sales tax

rate is 5%. What is the sales taxes payable? Please show how to get the correct number.


C. If $43,470 is collected in advance on November 1 for 6-month magazine

subscriptions, what amount of subscription revenue should be recognized

on December 31?

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A. If cash is borrowed on a $61,200,11-month,10% note on August 1, how much interest expense would be incurred by... View the full answer

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