A $48,000 loan was made to company x in april of year 1. X carried a 1

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A $48,000 loan was made to company x in april of year 1. X carried a 1 year term and 6% annual interest rate. X earned cash revenue of 1,140 in yr 1 and 1,500 in yr 2. With no other transactions.

How much NET INCOME was on yr 2 income statement?

Related Book For answer-question

Introduction to Financial Accounting

ISBN: 978-0133251036

11th edition

Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick

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Posted Date: May 17, 2023 12:17 AM

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A $48,000 loan was made to company x in april of year 1. X carried a 1

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To calculate the net income on the year 2 income statement we need to con... View the full answer

Introduction to Financial Accounting

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