Question
Richmond Company made a loan of $6,500 to one of the company's employees on April 1, 2011. The one-year note carried a 7% rate of
| Richmond Company made a loan of $6,500 to one of the company's employees on April 1, 2011. The one-year note carried a 7% rate of interest. The amount of interest revenue that Richmond would report in 2011 and 2012, respectively would be: |
A)$455.00, $0
B)$0, $455.00
C)$341.25, $113.75
D)$113.75, $341.25
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GMP Audit Trainer Good Manufacturing Practices Made Easy
Authors: Mr Brendan Cooper
1st Edition
1548711934, 978-1548711931
