On April 30, 2016, Seattle First National Bank loaned $100,000 to Pugliese Produce, Inc., on a one-year,

Question:

On April 30, 2016, Seattle First National Bank loaned $100,000 to Pugliese Produce, Inc., on a one-year, 8 percent note.

Requirements

1. Compute the interest for the years ended December 31, 2016 and 2017, on the note. Round interest calculations to the nearest dollar.

2. Which party has:

a. a note receivable?

b. a note payable?

c. interest revenue?

d. interest expense?

3. How much in total would Pugliese Produce, Inc., pay the bank if it pays off the note early on January 31, 2017?

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Financial Accounting

ISBN: 978-0134436111

4th edition

Authors: Robert Kemp, Jeffrey Waybright

Question Posted: Nov 17, 2017 09:02 AM

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On April 30, 2016, Seattle First National Bank loaned $100,000 to Pugliese Produce, Inc., on a one-year,

Question:

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Req 1 Interest for 2016 100000 08 812 5333 2017 100000 08 412 2667 Req 2 a ...View the full answer

Financial Accounting

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