Question
On November 30, 2016, Queen Bank loaned $900,000 to Gill Construction, Inc., on a one-year, 6 percent note. 1. Compute the interest for the years
On November 30, 2016, Queen Bank loaned $900,000 to Gill Construction, Inc., on a one-year, 6 percent note.
1. Compute the interest for the years ended December 31, 2016 and 2017, on the note. Round interest calculations to the nearest dollar.
2. Which party has
a. a note recievable?
b. a note payable?
c. interest revenue?
d. interest expense?
3. How much in total would GillConstruction, Inc., pay the bank if it pays off the note early on June 30, 2017?
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Clinical Audit In Primary Care Demonstrating Quality And Outcomes
Authors: Ruth Chambers, Gill Wakley
1st Edition
1857757092, 978-1857757095
