QUESTION 20 On November 1, Jovel Company loaned another company $160,000 at a 9.0% interest rate. The note receivable plus interest will not be collected until March 1 of the following year. The company's annual accounting period ends on December 31. The amount of interest revenue that should be reported in the first year is: 50 $5975 $2400 57300 $18,300 Based on the following information from Schrute Company's balance sheet, calculate the current ratio. Current assets Investments Plant assets Current liabilities Long-term liabilities A. Schrute, Capital 3.42 $ 111,000 54,800 330,000 47,000 98,000 350,800 1.14. 3.53 0.42 O 2.36. The adjusting entry to record an accrued expense is: Increase an expense; decrease an asset. Increase an asset; increase revenue. Increase an expense; decrease a liability. Increase an expense; increase a liability. Decrease a liability, increase revenue