On April 30, 2015, Scotiabank loaned $100,000 to Grant Hughes on a one-year, 6% note. Requirements 1.
Question:
On April 30, 2015, Scotiabank loaned $100,000 to Grant Hughes on a one-year, 6% note.
Requirements
1. Compute the interest for the years ended December 31, 2015 and 2016, on the Hughes note.
2. Which party has
a. A note receivable?
b. A note payable?
c. Interest revenue?
d. Interest expense?
3. How much in total would Hughes pay the bank if he pays off the note early-say, on November 30, 2015?
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Req 1 2015 100000 x 006 x 812 4000 2016 100000 x 006 x 412 200...View the full answer
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Related Book For
Financial Accounting
ISBN: 978-0133375534
2nd Canadian edition
Authors: Jeffrey Waybright, Robert Kemp, Sherif Elbarrad
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