On july 8, jones inc. issued an $80,000, 6%, 120-day note payable to miller company. assume that the fiscal year of jones ends july 31. using the 360-day year, what is the amount of interest expense recognized by jones in the current fiscal year?

The amount of interest is calculated using:

Interest = Capital * interest rate

The interest rate of 6% is for one year (360 days). Calculating for the interest rate for the period July8 to July 31:

interest rate = ((31-8)/360) * 0.06

interest rate = 0.003833

Therefore:

Interest = $80,000 * 0.003833

Interest = $306.67

answer; depth;

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

mamie smith recorded the first commercially successful example of the urban blues,   with the recording of “crazy blues”."crazy blues" was recorded on august 10, 1920, in new york city. within a month of the release of “crazy blues” it had sold 75,000 copies.