Queen City Credit Union completed these transactions: Show what the company would report for these transactions on
Question:
Show what the company would report for these transactions on its December 31, 2012, and 2013 balance sheets and income statements. Use a 12-month (rather than 365-day) year for interestcomputations.
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2012 May Dec 1 31 Loaned $90,000 to Lois Frank on a one-year, 990 note. Accrued interest revenue on the Frank note. 2013 May 1 Collected the maturity value of the note from Frank (principal plus interest).
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2012 2013 BALANCE SHEET Current a...View the full answer
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Related Book For
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
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