At December 31 , you have a ($ 10,000) note receivable from a customer. Interest of (8

Question:

At December 31 , you have a $\$ 10,000$ note receivable from a customer. Interest of $8 \%$ has accrued for 6 months on the note. What will your financial statements report for this situation?

a. Nothing, because you haven't received the cash yet.

b. Balance sheet will report the note receivable of $\$ 10,000$.

c. Balance sheet will report the note receivable of $\$ 10,000$ and interest receivable of $\$ 400$.

d. Income statement will report a note receivable of $\$ 10,000$.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9780136060482

1st Edition

Authors: Jeffrey Waybright, Robert Kemp

See More Books

Question Posted: May 10, 2024 04:02 AM

See More Questions

What new functions are being managed by multifunctional operators? Describe the impact of this new role on activity relationships and on flow and space requirements.
At December 31 year-end, Crain Corporation has an $8,400 note receivable from a customer. Interest of 10% has accrued for 10 months on the note. What will Crains financial statements report for this...
Question: Old MathJax webview Old MathJax webview i need ans of these question but the source is alot Old MathJax webviewOld MathJax webview i need ans of these question but the source is alot these...
a. Over a two year time horizon an investor experiences the following net cash flows: Year 0 1 2 Cash flow -$8,000 $5,280 $5,320 What is the internal rate of return for the investor? Demonstrate that...
If 125.6 kJ of heat are supplied to 5.00 102 g of water at 22C, what is the final temperature of the water?
A consulting engineer is currently evaluating four different projects for the Department of Housing and Urban Development. The future worth of costs, benefits, disbenefits, and cost savings is shown....
Bartz Corporation leased 10,000 acres with a lease bonus of $$80/acre.$ Delay rentals are to be at a rate of $$5/acre.$ The lease specified that Bartz Corporation could abandon the lease in 1,000...
If the government wanted to encourage a monopoly to produce the socially efficient quantity, should it use a per-unit tax or a per-unit subsidy? Explain how this tax or subsidy would achieve the...
A 12-foot ladder leaning on a house makes a 65 angle with the ground. To the nearest foot, how far up the house does the ladder reach?
Return to the data in the preceding question. What will the income statement report for this situation? a. Nothing, because you haven't received the cash yet b. Interest revenue of $\$ 400$ c. Note...
Your ending balance of Accounts Receivable is $\$ 20,000$. Use the data in the preceding question to compute the net realizable value of Accounts Receivable at year-end. a. $\$ 18,000$ b. \(\$...
An important statistical measurement in service facilities (such as restaurants and banks) is the variability in service times. As an experiment, two bank tellers were observed, and the service times...
For each ratio listed, identify whether the change in ratio value from the Prior Year to the Current Year is usually regarded as favorable or unfavorable. Ratio 1. Profit margin 2. Debt ratio 3....
Mike is single and has AGI of $275,000 including $30,000 of passive income and $50,000 of dividend income. How much of Mike's income is subject to the net investment income tax of 3.8%?
es Dorsey Company manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $320,000 per quarter. For financial reporting...
Compose a two- to four-paragraph email to the chief financial officer of Apple explaining the impact the company's actions had on consumers. Also, describe how Apple's prices were set versus the way...
The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: Tiger (50%) Phil (30%) Ernie (20%) $ 85,000...
Given the network in figure compute the input source voltage and the input power factor? 0.01 0 jo.05 a 60 kW 0.86 pf lagging w- jo.2 n 0.08 N 20 kW 0.8 pf 220/0 V rms lagging
(a) How far away can a human eye distinguish two ear headlights 2.0 m apart? Consider only diffraction effects and assume an eye pupil diameter of 5.0 mm and a wavelength of 550 nm. (b) What is the...
Para resolver esses problemas, necessrio um esforo conjunto de governos e organizaes de sade. Isso pode incluir o aumento do financiamento para servios de sade mental, a educao e a implementao de...
AreaThe following transactions relate to Summer Inc.: Issuance of common stock $10,900 Payment of dividends 1,950 Cash sales 4,600 Payment of expenses 3,000 As a result of these transactions, the...
What did the Treasury-Fed Accord of 1951 do? Question 3Answer a. It eliminated direct operational ties between the Federal Reserve and U.S. Treasury b. It required the Fed to monetize federal debt by...

At December 31 , you have a ($ 10,000) note receivable from a customer. Interest of (8

Question:

Step by Step Answer:

The correct answer is c Balance sheet will report the note receiv...View the full answer

Financial Accounting

Students also viewed these Business questions