On February 1, 2021, Sanger Corp. lends cash and accepts a $7,000 note receivable that offers 20% interest and is due in six months. What would Sanger record on August 1, 2021, when the borrower pays Sanger the correct amount owed
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “On February 1, 2021, Sanger Corp. lends cash and accepts a $7,000 note receivable that offers 20% interest and is due in six months. What ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
All-Around Sound Co. discovered a fraud whereby one of its front office administrative em - ployees used company funds to purchase goods, such as computers, digital cameras, and other electronic items for her own use.
Answers (1)
X2 issued callable bonds on January 1, 2018. The bonds pay interest annually on December 31 each year.
Answers (1)
What is the present value of $1,400 a year at a discount rate of 8 percent if the first payment is received 7 years from now and you receive a total of 23 annual payments
Answers (1)
Jipmor, an interior décor store in the city of Jeswayde, manufactures designer white oak furniture. Jipmor is highly dependent on Casode, which is the only store in Jeswayde that sells white oak wood, for the timely delivery of good-quality wood.
Answers (1)
On January 31, 2021, B Corp. issued $600,000 face value, 12% bonds for $600,000 cash. The bonds are dated December 31, 2020, and mature on December 31, 2030. Interest will be paid semiannually on June 30 and December 31.
Answers (1)
New Questions in Business
What do you need to start a new business
Answers (2)
Suppose a perfectly competitive firm is in the following situation: P = $10, output = 3,000, ATC = $11, MC = $10, and AVC = $7.50.
Answers (1)
Ponzi Products produced 100 chain-letter kits this quarter, resulting in a total cash outlay of $10 per unit. It will sell 50 of the kits next quarter at a price of $11, and the other 50 kits in the third quarter at a price of $12.
Answers (1)
In 1929, how much more did the average family in the top 20 percent earn than the average family in the bottom 40 percent?
Answers (1)
Gina loaned Tom $50,000. Tom signed a note the terms of which called for monthly payments of $2,000 plus 6% interest on the outstanding balance. In 2018, when the balance owing on the loan was $18,000, Tom defaulted on the note.
Answers (1)