Riverside Sporting Goods Inc. began 2017 owing notes payable of $ 3.6 million. During 2017, the company borrowed $ 2.2 million on notes payable and paid off $ 1.9 million of notes payable from prior years. Interest expense for the year was $ 1.2 million, including $ 0.1 million of interest payable accrued at December 31, 2017. Show what Riverside Sporting Goods Inc. should report for these facts on the following financial statements: 1. Income statement a. Interest expense 2. Balance sheet a. Notes payable b. Interest payable
Riverside Sporting Goods Inc. began 2017 owing notes payable of $ 3.6 million. During 2017, the company borrowed $ 2.2 million on notes payable and paid off $ 1.9 million of notes payable from prior years. Interest expense for the year was $ 1.2 million, including $ 0.1 million of interest payable accrued at December 31, 2017. Show what Riverside Sporting Goods Inc. should report for these facts on the following financial statements: 1. Income statement a. Interest expense 2. Balance sheet a. Notes payable b. Interest payable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Riverside Sporting Goods Inc. began 2017 owing notes payable of $ 3.6 million. During 2017, the company borrowed $ 2.2 million on notes payable and paid off $ 1.9 million of notes payable from prior years. Interest expense for the year was $ 1.2 million, including $ 0.1 million of interest payable accrued at December 31, 2017.
Show what Riverside Sporting Goods Inc. should report for these facts on the following financial statements:
1. Income statement
a. Interest expense
2.
a. Notes payable
b. Interest payable
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