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On May 1, Year 1, Benz's Sandwich Shop loaned $22,000 to Mark Henry for one year at 7 percent interest. Required a. What is
On May 1, Year 1, Benz's Sandwich Shop loaned $22,000 to Mark Henry for one year at 7 percent interest. Required a. What is Benz's interest revenue for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan (excluding interest) be reported on Benz's Year 1 statement of cash flows? (choices given in pull-down menu) d. What is Benz's interest revenue for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? (For all requirements, round your answers to the nearest dollar amount.) a. Interest income b. Receivables d. Interest income 0. Cash
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