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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Financial Accounting

ISBN: 978-0133375534

2nd Canadian edition

Authors: Jeffrey Waybright, Robert Kemp, Sherif Elbarrad

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Question Posted: Feb 12, 2018 10:34 AM

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On April 30, 2015, Scotiabank loaned $100,000 to Grant Hughes on a one-year, 6% note. Requirements 1.

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Req 1 2015 100000 x 006 x 812 4000 2016 100000 x 006 x 412 200...View the full answer

Financial Accounting

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