28 Feb You and several classmates are studying for the ne
You and several classmates are studying for the next accounting examination. They ask you to answer the following questions. If cash is borrowed on a $50,000, 6-month, 12% note on September 1, how much interest expense would be incurred by December 31? How is the sales tax amount determined when the cash register total includes sales taxes? If $15,000 is collected in advance on November 1 for 3 months’ rent, what amount of rent revenue should be recognized by December 31?Use the interest formula: Face value of note × Annual interest rate × Time in terms of one year.Divide total receipts by 100% plus the tax rate to determine sales revenue; then subtract sales revenue from the total receipts.Determine what fraction of the total unearned rent should be recognized this year.
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