![Help Save LE Che -] one of its customers on May 15, 2019; interest is o during its year ended December 31, 2019. (Use amounts](http://img.homeworklib.com/questions/5e53dd90-1279-11eb-acf6-d76852de9a22.png?x-oss-process=image/resize,w_560)
Homework Answers
SOLUTION
Interest = Principal * Rate of interest * Time
= $4,450 * 11% * 7.5/12 = 305.94
| Balance sheet | Balance sheet | Balance sheet | Income statement | Income statement | Income statement | |||||
| Assets | = | Liabilities | + | Stockholder's equity | Net income | = | Revenues | - | Expenses | |
| +305.94 | +305.94 | +305.94 | +305.94 |
Interest receivable by Agrico, inc., for 7.5 months is $305.94. Due to this transaction Asset increased by $305.94, Revenue also increase by $305.94 and then Net income and owners equity also increase by $305.94.
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