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QUESTION 23 This fact pattern contains information for Q#23-Q#26, inclusive. Bay Company had an interest-bearing note receivable in the face amount of $4,300. This note
QUESTION 23 This fact pattern contains information for Q#23-Q#26, inclusive. Bay Company had an interest-bearing note receivable in the face amount of $4,300. This note was created on May 1, Year 1, as the result of a $4 300 sales transaction by Bay. The note's interest rate and due date were 9% and March 1, Year 2, respectively. The principal and all of the Interest are to be collected in full on the note's due date. Bay's fiscal year (accounting year) ends on December 31 as you would expect. Assume the customer in the sales transaction will pay all amounts in full when those amounts are due. When doing calculations involving decimals round to the nearest one-hundredth [01]. Enter your answer in whole dollars without 's' sign and without commas. ou Q#23: What interest Revenue should Bay report in its income statement for Year 1? AL QUESTION 24 When doing calculations involving decimals round to the nearest one hundredth 0.01). Enter your answer in whole dollars without's sign and without commas. Q#24: What Interest Receivable should Bay report in its balance sheet dated Dec. 31. Year 17 QUESTION 25 When doing calculations involving decimals round to the nearest one hundredth (01) Enter your answer in whole dollars without sign and without commas. Q#25: What interest Revenue should Bay report in its income statement for Year 2? QUESTION 26 When doing calculations involving decimals round to the nearest one-hundredth 0.01). Enter your answ in whole dollars without's sign and without commas. Q#26: What Interest Receivable should Bay report in its balance sheet dated Dec 31, Year 2
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