Assume that on July 1, 2014, Big Corp. loaned little Corp. $12,000 for a period of one year at 6 percent interest. What amount of interest revenue will big report for 2014? What amount of cash will big receive upon maturity of the note?
Answer to relevant QuestionsOn January 1, 2014, Palmetto, a fast-food company, had a balance in its Cash account of $32,000. During the 2014 accounting period, the company had (1) net cash inflow from operating activities of $15,600, (2) net cash ...Crawford Enterprises started the 2014 accounting period with $ 75,000 of assets (all cash), $ 15,000 of liabilities, and $ 25,000 of common stock. During the year, Crawford earned cash revenues of $ 46,000, paid cash ...Michelle’s Accounting Service began operation on January 1, 2014. The company experienced the following events for its first year of operations:Events Affecting 2014:1. Provided $96,000 of accounting services on account.2. ...Superior Carpet Cleaning provided $76,000 of services during 2014, its first year of operations. All customers paid for the services with major credit cards. Superior submitted the credit card receipts to the credit card ...The following transactions apply to Brooks Co. for 2014, its first year of operations.1. Issued $60,000 of common stock for cash.2. Provided $74,000 of services on account.3. Collected $62,000 cash from accounts ...
Post your question