On June 1, 2014, Yang Corp loaned Gant $400 000 on a 12% note payable in five annual installments of $80,000 beginning January 2, 2015. In connection with this loan. Gant was required to deposit $4,000 in a zero-interest-beginning escrow account The amount held in escrow a to be returned to Gant after all principal and interest payments have been made Interest on the note a payable on the first day of each month beginning July 1, 2014 Gant made timely payments through November 1, 2014 On January 2, 2015. Yang received payment of the first principal installment plus all interest due At December 31. 2014. Yang's interest receivable on the loan to Gant should be a $0 $4,000 $8,000. $12,000. Which of the following is a method to generate cash form accounts receivable? In preparing its August 31, 2014 bank reconciliation, Bing Crop has available the following information: At August 31, 2014, Bing's correct cash balance is $19, 800. $19, 200. $19, 100. $17, 500. Which of the following is true when accounts receivable are factored without recourse? The transaction may be accounted for either as a secured borrowing or as a sale depending upon the substance of the transaction. The receivables are used as collateral for a promissory note issued to the factor by the owner of the receivables The factor assumes the risk of collectability and absorbs any credit losses in collecting the receivables The financing cost (interest expense) should be recognized ratably over the collection period of the receivable