Question
On November 1, 2018, Company borrowed $30,000 from a bank 1) sign a 12-month, 6% interest bearing note with interest and principal due on October
On November 1, 2018, Company borrowed $30,000 from a bank
1) sign a 12-month, 6% interest bearing note with interest and principal due on October 31, 2019. What should the company report on B/S, I/S and Statement of cashflow on Dec 31, 2018 and Dec 31, 2019?( Interest on the interest bearing notes is compounded monthly).
2) sign a 12-month, 6% non-interest bearing note due on October 31, 2019. What should the company report on B/S, I/S and Statement of cashflow on Dec 31, 2018 and Dec 31, 2019? (Interest on thenon-interest bearing notes is compounded monthly).
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