Brown company purchases equipment

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Reference no: EM13949472

On November 1, Brown Company purchases equipment costing $100,000 by signing a 3-month, 8% note payable (simple interest). The amount of interest that has accrued on this note at December 31 amounts to

a. $1,333.

b. $2,000.

c. $5,333.

d. $8,000.

e. none of the above

Use the information above for Brown Company. The maturity value of the note is

	a.	$100,000.
	b.	$102,000.
	c.	$105,333.
	d.	$108,000.
	e.	none of the above

Reference no: EM13949472

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