Question
On May 1st, 2022, Build-a-Bridge (BAB) Inc. lends $100,000 to another party and accepts a ten month note receivable with an annual interest rate of
On May 1st, 2022, Build-a-Bridge (BAB) Inc. lends $100,000 to another party and accepts a ten month note receivable with an annual interest rate of 6% in exchange. The principle and interest were due February 28, 2023. What is the interest revenue that will be reported on BAB Inc.'s Income Statement For the Year Ending December 31, 2022?
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Advanced Financial Accounting
Authors: Richard Baker, Valdean Lembke, Thomas King, Cynthia Jeffrey
7th Edition
0073526746, 978-0073526744
