On September 30, 2012, Citibank loaned $800,000 to George Wells on a one-year, 9% note. Requirements 1.
Question:
Requirements
1. Compute the interest for the years ended December 31, 2012 and 2013, on the Wells 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 Wells pay the bank if he pays off the note early on April 30, 2013?
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Req 1 Interest for 2012 800000 X 09 X 312 18000 2013 800000 X 0...View the full answer
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