Longitude Company borrowed on a two-year, 10%, $150,000 note on May 1, with interest and principal to be paid at maturity. How much interest will Longitude report on its income statement for the year ending December 31?
a. $ 10,000
b. $ 15,000
c. $ 30,000
d. $ 5,000
a
Business
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The cumulative variable is equal to
A) favorable variances less unfavorable variances over the previous months. B) favorable variances plus unfavorable variances over the previous months. C) this months planned expenses less actual expenses. D) this months actual expenses less planned expenses.
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