Horngren's Accounting
11th Edition
ISBN: 9780133851151
Author: MILLER-NOBLES, Tracie L., Mattison, Brenda., Matsumura, Ella Mae, Horngren, Charles T.
Publisher: Pearson,
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Chapter 9, Problem 7QC
At December 31 year-end, Crain Company has an $8,400 note receivable from a customer. Interest of 10% has accrued for 10 months on the note. What will Crain’s Financial statements report for this situation at December 31?
| Learning Objective 4 |
- The
balance Sheet will report the note receivable of $8,400. - The balance Sheet will report the note receivable of $8,400 and interest receivable of $700.
- Nothing because the business has not received the cash yet.
- The income statement will report a note receivable of $8,400.
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Chapter 9 Solutions
Horngren's Accounting
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