FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume that on October 1, 2019, Sergio Company lent $100,000 to Laurent Company by creating a note that required Laurent to pay Sergio 8 percent

Assume that on October 1, 2019, Sergio Company lent $100,000 to Laurent Company by creating a note that required Laurent to pay Sergio 8 percent interest in a lump sum plus the $100,000 principal on September 30, 2020. How much interest income would Sergio recognize for its December 31, 2019 year end?

$8,000

$2,000

$0

$3,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter 8 - Revenue Hoaxes

Sound Investing, Chapter 8 - Revenue Hoaxes

Authors: Kate Mooney

3rd Edition

007171930X, 9780071719308

More Books

Students also viewed these Accounting questions

Question

★★★★★
In 2007, it was found that Title II of the Environmental Protection Act (EPA) "authorized EPA to regulate greenhouse gas emissions from new motor vehicles if the Agency formed a judgment that such...

Answered: 1 week ago

Question

★★★★★
Exercise 9-4 Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data...

Answered: 1 week ago

Question

★★★★★
How can the explanatory variables be checked for collinearity?

Answered: 1 week ago

Question

★★★★★
You have completed an audit of activities within the purchasing department of your company. The department employs 30 buyers, seven supervisors, a manager, and clerical personnel. Purchases total...

Answered: 1 week ago

Question

★★★★★
Dodge Company had the following information: Assume machine hours are the cost driver of factory overhead rate is ______. exist2.875 per machine hour exist2.05 per machine hour exist2.025 per machine...

Answered: 1 week ago

Question

★★★★★
If you owe $2,200 and the APR is 10%, what monthly payment would you need to make to reduce your debt to zero within two years? (Round intermediate calcualtion & final answer to 2 decimal places,...

Answered: 1 week ago

Question

★★★★★
Problem 6 What is the total cost of food issue requisition, given the following? Item Begin Inventory Unit Cost No. Units Issued Total Cost $39.95 1-5/6 Tomato Paste cs-6/#10 Canned Peaches cs-6/#10...

Answered: 1 week ago

Question

★★★★★
CL I P COL Astro- L(1-cas0) Lsing *A=2 L sin(0/2)

Answered: 1 week ago

Question

★★★★★
1) The standard solution of today's search engines is based on certain indexing techniques. How would knowledge have to be structured according to the ideas of Vanevar Bush or Ted Nelson if their...

Answered: 1 week ago

Question

★★★★★
do it fast The following cost data for the current year relate to Puzzle Puppies Pty Ltd, a manufacturer of jigsaw puzzles: Wages for assembly line staff Material cost of cardboard Wages of factory...

Answered: 1 week ago

Question

★★★★★
Suppose that the amount of taxes in the US is equal to $1800. Suppose that the government expenditures is equal to $1800. In addition, you know that the current level of debt in the US is equal to...

Answered: 1 week ago

Question

★★★★★
What level of permission will you require to utilise data from an HR information system (whether paper-based or electronic)?

Answered: 1 week ago

Question

★★★★★
Qualitative analysis of organisational sources of evidence involves: a Counting the number of times a word or feature appears in artefacts. b More creativity and imagination than other forms of...

Answered: 1 week ago

Question

★★★★★
Who might be helpful in arranging access to organisational forms of evidence?

Answered: 1 week ago

Previous Question Next Question