Question
Riley Company borrowed $30,000 on April 1, Year 1 from the Titan Bank. The note issued by Riley carried a one year term and a
Riley Company borrowed $30,000 on April 1, Year 1 from the Titan Bank. The note issued by Riley carried a one year term and a 7% annual interest rate. Riley earned cash revenue of $960 in Year 1 and $1,090 in Year 2. Assume no other transactions.
The amount of net income on the Year 2 income statement would be:
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The Wall Street Mba
Authors: Reuben Advani
2nd Edition
007178831X, 9780071788311
