What was the amount of interest expense paid in cash

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Reference no: EM132724007

Accrual of Interest Expense

Florenda Quino Forwarders borrowed P600,000 from the bank on Sept 1, 2011. The note carried an 8% annual rate of interest and was set to mature on Feb 28, 2012. Interest and principal were paid in cash on the maturity date.

Required:

Question 1. What was the amount of interest expense paid in cash in 2011?

Question 2. What was the amount of interest expense recognized on the 2011 income statement?

Question 3. What was the amount of total liabilities shown on the 2011 balance sheet?

Question 4. What was the total amount of cash that was paid to the bank on Feb 28, 2012 for principal and interest?

Question 5. What was the amount of interest expense shown on the 2012 income statement?

Reference no: EM132724007

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