Riley Company borrowed $36,000 on April 1, 2016 from the Titan Bank. The note issued by Riley carried a one year term and a 7%
Riley Company borrowed $36,000 on April 1, 2016 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 $1,700 in 2016 and $1,400 in 2017. Assume no other transactions.
The amount of total liabilities that would appear on Riley's December 31 balance sheets for 2016 and 2017 would be
(2016, 2017)
A. $36,000 $0
B. $37,890 $0
C. $37,890 $38,520
D. $1,890 $630
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Authors: Gary A. Porter, Curtis L. Norton
6th Edition
0324655231, 978-0324655230
