Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. richmond company made a loan of $6,000 to one of t

Richmond Company made a loan of $6,000 to one of the company's employees on April...

70.2K

Verified Solution

Question

Accounting

Richmond Company made a loan of $6,000 to one of the company's employees on April 1, 2020. The one-year note carried 6% rate of interest. The amount of interes revenue that Richmond would report in 2020 and 2021, respectively would be: a) $0, $360 b) $270, $90 c) $90, $270 d) $360, $0
image
Richmond Company made a loan of $6,000 to one of the company's employees on April 1, 2020. The one-year note carried a 6% rate of interest. The amount of interes revenue that Richmond would report in 2020 and 2021, respectively would be: a) $0,$360 b) $270,$90 c) $90,$270 d) $360,$0

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

You have been named the Chief Financial Officer (CFO) of a twoyear old company,...

Accounting
Q

OPTIMAL CAPITAL BUDGET Hampton Manufacturing estimates that its WACC is 12.5%. The company is considering the following...

Finance
Q

Data for age (in years) and price (in hundreds of dollars) for a particular brand of...

Basic Math
Q

Rolle's Theorem Question if f(a)=f(b) then it is constant function, so every point c in the interval...

Advance Math
Q

Assuming that the smallest measurable wavelength in an experiment is 0.570 fm , what is the...

Chemistry
Q

At the Kinglet School District, the average score over the past 5 years for the...

Basic Math
Q

A circle is drawn to represent a pizza with a 12 inch diameter. The circle...

Basic Math
Q

4 g a a 1 h a 3a 4 Find 2 AX

Calculus
Q

73 2 1 3 2 3 3 2 3

Algebra
Q

Imad Walid and Khaled are partners in a solidarity company, where profits, and losses are...

Accounting
Q

Baxter Company reported a net loss of $17,821 for the year ended December 31. During...

Accounting
Q

Question 4 - Prepare financial statements Driftwood Investments provides financial services related to investment selections,...

Accounting