On December 31, you have a $15,000 note receivable from a customer. Interest of 5% has also

Question:

On December 31, you have a $15,000 note receivable from a customer. Interest of 5%

has also accrued for eight months on the note. What will your financial statements report for this situation?

a. The balance sheet will report the note receivable of $15,000 and interest receivable of $500.

b. The balance sheet will report the note receivable of $15,000.

c. Nothing will be reported because you haven’t received the cash yet.

d. The income statement will report a note receivable of $15,000.

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