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Exercise 7 - 1 2 A ( Algo ) Notes receivable - accrued interest LO 7 - 5 On May 1 , Year 1 ,
Exercise A Algo Notes receivableaccrued interest LO
On May Year Benz's Sandwich Shop loaned $ to Mark Henry for one year at percent interest.
Required:
a What is Benz's interest income for Year
b What is Benz's total amount of receivables at December Year
c How will the loan and interest be reported on Benz's Year statement of cash flows?
d What is Benz's interest income for Year
e What is the total amount of cash that Benz's will collect in Year from Mark Henry?
f How will the loan and interest be reported on Benz's Year statement of cash flows?
g What is the total amount of interest that Benz's earned on the loan to Mark Henry?
Note: For all requirements, round your answers to the nearest dollar amount.
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