On April 30, 2018, Seattle First National Bank loaned $100,000 to Pugliese Produce, Inc., on a one-year,

Question:

On April 30, 2018, Seattle First National Bank loaned $100,000 to Pugliese Produce, Inc., on a one-year, 8 percent note.

Requirements

1. Compute the interest on the note for the years ended December 31, 2018, and December 31, 2019. 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, 2019?

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Financial Accounting

ISBN: 978-0134727790

5th edition

Authors: Robert Kemp, Jeffrey Waybright

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Question Posted: Dec 19, 2019 07:10 AM

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On April 30, 2018, Seattle First National Bank loaned $100,000 to Pugliese Produce, Inc., on a one-year,

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Req 1 Interest for 2018 100000 x08x812 5333 2019 100000 x 08x412 2667 Re...View the full answer

Financial Accounting

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