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Show what Queen City would report for these transactions on its 20 Upper X 1 and 20 Upper X 2 Balance Sheets and Income Statements.
Show what Queen City would report for these transactions on its 20 Upper X 1 and 20 Upper X 2 Balance Sheets and Income Statements. Queen City's accounting year ends on December 31. First, let's show how the information is presented on the Balance Sheet in 20 Upper X 1 and 20 Upper X 2. (Round your answers to the nearest whole dollar.) Queen City Loan Co. Balance Sheet (Partial) December 31 20X1 20X2 Current assets: Note receivable $45,000 $0 Interest receivable 675 0 Part 2 We can now show how the information is presented on the Income Statement for 20 Upper X 1 and 20 Upper X 2. (Round your answers to the nearest whole dollar.) Queen City Loan Co. Income Statement (Partial) December 31 20X1 20X2 45900
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