Using the information in E15.13, show how the installment note is reported on Steiner Corporations income statement,

Question:

Using the information in E15.13, show how the installment note is reported on Steiner Corporation’s income statement, balance sheet, and statement of cash flows for the year ended December 31, 2019 (don’t worry about current versus long-term debt).

Data from E15.13

The following partial payment schedule is for a $75,000 note the Steiner Corporation issued for cash on October 31, 2019. If Steiner has a December 31 fiscal year-end, make the entries for the issuance of the note and through December 31, 2019.