Homework Answers
Solution a:
Interest Income for 2018 = 12000*6%*8/12 = $480
Solution b:
Total receivable at 31-Dec-2018 = Loan + interest receivable = 12000 + 480 = $12,480
Solution c:
Investing Activities (Loan Given) = - $12,000
Solution d:
Interest Income for 2019 = 12000*6%*4/12 = $240
Solution e:
Total Cash Collection at 31-Dec-2019 = Loan + interest receivable + Interest income for 2019 = 12000 + 480 + 240 = $12,720
Solution f:
Operating Activities (Interest received) = 480 + 240 = $720
Investing Activities (Collection of Loan) = $12,000
Solution g:
Total interest earned = 480+ 240 = $720
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On May 1, 2018. Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at...
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On May 1, 2018, Benz's Sandwich Shop loaned $20,000 to Mark Henry for one year at 6 percent interest. Required e. What is Benz's interest income for 2018? (Round your answer to the nearest dollar amount.) Saterest income b. What is Benz's total amount of receivables at December 31, 2018? (Round your answer to the nearest dollar amount.) Receivables c. How will the loan and interest be reported on Benz's 2018 statement of cash flows? d. What is Benz's...
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On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 6 percent interest. Required a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will...
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thank you! Rainey Enterprises loaned $25,000 to Small Co. on June 1. 2018, for one year...
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Abardeen Corporation borrowed $52.000 from the bank on October 1, 2018. The note had an 10 percent annual rate of Interest and matured on March 31, 2019. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for Interest in 2018? b. What amount of Interest expense was recognized on the 2018 Income statement? c. What amount of total liabilities was reported on the December 31, 2018, balance sheet? d....
thanks
On May 1, 2018, Benz's Sandwich Shop loaned $20,000 to Mark Henry for one year at 6 percent interest. Required e. What is Benz's interest income for 2018? (Round your answer to the nearest dollar amount.) Saterest income b. What is Benz's total amount of receivables at December 31, 2018? (Round your answer to the nearest dollar amount.) Receivables c. How will the loan and interest be reported on Benz's 2018 statement of cash flows? d. What is Benz's...
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thank you!
Rainey Enterprises loaned $25,000 to Small Co. on June 1. 2018, for one year at 6 percent interest Required Show the effects of the following transactions in a horizontal statements. In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). For any element not affected by the event, leave the cell blank (Not every cell will require entry. Do not round intermediate calculations. Enter any...
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