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At December 31 year-end, Camp Corporation has a $10,800 note receivable from a customer. Interest of 9% has accrued for 5 months on the note. What will Camp's income statement for the year ended December 31 report for this situation? OA. Nothing because the business has not received the cash yet OB. Interest revenue of $405 OC. Note receivable of $10,800 OD. Both b and c

At December 31 year-end, Camp Corporation has a $10,800 note receivable from a customer. Interest of 9% has accrued for 5 months on the note. What will Camp's income statement for the year ended December 31 report for this situation? OA. Nothing because the business has not received the cash yet OB. Interest revenue of $405 OC. Note receivable of $10,800 OD. Both b and c

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At December 31 year-end, Camp Corporation has a $10,800 note receivable from a customer. Interest of 9% has accrued for 5 months on the note. What will Camp's income statement for the year ended December 31 report for this situation? OA. Nothing because the business has not received the cash yet OB. Interest revenue of $405 OC. Note receivable of $10,800 OD. Both b and c
Transcribed Image Text:At December 31 year-end, Camp Corporation has a $10,800 note receivable from a customer. Interest of 9% has accrued for 5 months on the note. What will Camp's income statement for the year ended December 31 report for this situation? OA. Nothing because the business has not received the cash yet OB. Interest revenue of $405 OC. Note receivable of $10,800 OD. Both b and c
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