Question
On July 1, 2016, Empire Inc. lends $14,400 to a customer and receives a 9% note due in two years. Interest is due in full
On July 1, 2016, Empire Inc. lends $14,400 to a customer and receives a 9% note due in two years. Interest is due in full on July 1, 2018, the due date of the note. What is the amount of Interest Revenue that will be reported on Empires income statement for the year ended December 31, 2016?
$1,296.
$756.
$648.
$2,592.
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Evaluating The Effectiveness On Internal Audit Departments
Authors: Dereje Ferede Asrat, Sewale Abate Ayalew
1st Edition
3659298387, 978-3659298387
