Wild Flowers accepts a $10.000, 90-day, 8% note Irom a customer on June l. 20x1,...
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Wild Flowers accepts a $10.000, 90-day, 8% note Irom a customer on June l. 20x1, for flowers and shrubs it delivered that day. [use a 365-day year in all calculations & round) Use the above information to answer question 54-56 54. At what amount will the Note Receivable be recorded in Wild Flowers books on June 1, 20X1? A. S10,000 C. S10.197 B. $10.800 D. $9.803 Assuming Wild Flowers prepares monthly financial statements, which of the following is correct (true) with respect to any AJE needed at June 30. 20X1? 55. A Interest Receivable will be credited B. the amount of the entry will be for $66 C. Interest Income will be debited D. no entry is needed at June 30 since all of the cash interest will be paid at the maturity date of the note 56. Which one of the following is correct with respect to the reporting of the N/R and Interest Receivable on the June 30, 20X1 balance sheet of Wild Flowers? Interest Receivable Non-current asset N/R A. Current asset B. Non-current asset Current asset on-current asset Non-current asset D. Current asset Current asset
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