Question
ABC Company began Year 2 with $100,000 in Cash and Common Stock. On March 1 of Year 2, ABC Company loaned $50,000 to Deb Tor
ABC Company began Year 2 with $100,000 in Cash and Common Stock. On March 1 of Year 2, ABC Company loaned $50,000 to Deb Tor Inc. for one year at 12% interest. Deb Tor Inc. repaid the principal and interest on Feb 28, Year 3.
How much revenue did ABC earn from this loan in Year 2 and 3?
ABC Company began Year 2 with $100,000 in Cash and Common Stock. On March 1 of Year 2, ABC Company loaned $50,000 to Deb Tor Inc. for one year at 12% interest. Deb Tor Inc. repaid the principal and interest on Feb 28, Year 3.
How much revenue did ABC earn from this loan in Year 2 and 3?
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Auditing
Authors: Thomas D. Hubbard, J. R. Johnson, Steve Johnson, Joel D. Hubbard
6th Edition
0873932609, 9780873932608
