Question

On March 1, 2016, Taylor’s Deli loaned $18,000 to Style Studio for one year at 5 percent interest.
Required
Answer the following questions:
a. What is Taylor’s interest income for 2016?
b. What is Taylor’s total amount of receivables at December 31, 2016?
c. How will the loan and interest be reported on Taylor’s 2016 statement of cash flows?
d. What is Taylor’s interest income for 2017?
e. What is the total amount of cash that Taylor’s will collect in 2017 from Style Studio?
f. How will the loan and interest be reported on Taylor’s 2017 statement of cash flows?
g. What is the total amount of interest Taylor’s Deli earned from the loan to Style Studio?


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  • CreatedApril 20, 2015
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