On July 31, 2016, Virginia State Bank loaned $175,000 to Swanson Paint, Inc., on a one-year, 7

Question:

On July 31, 2016, Virginia State Bank loaned $175,000 to Swanson Paint, Inc., on a one-year, 7 percent note.

Requirements

1. Compute the interest for the years ended December 31, 2016 and 2017, on the note. Round interest calculations to the nearest dollar.

2. Which party has

a. a note receivable?

b. a note payable?

c. interest revenue?

d. interest expense?

3. How much in total would Swanson Paint, Inc., pay the bank if it pays off the note early on January 31, 2017?

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Financial Accounting

ISBN: 978-0134436111

4th edition

Authors: Robert Kemp, Jeffrey Waybright

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Question Posted: Nov 17, 2017 09:02 AM

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On July 31, 2016, Virginia State Bank loaned $175,000 to Swanson Paint, Inc., on a one-year, 7

Question:

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Req 1 Interest for 2016 175000 07 512 5104 2017 175000 07 712 7146 R...View the full answer

Financial Accounting

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