50.1K

Verified Solution

Link Copied!

Luna Company accepted credit cards in payment for $6,150 of services performed during July 2018. The credit card company charged Luna a 3.55 percent service fee; it paid Luna as soon as it received the invoices. Required Based on this information alone, what is the amount of net income earned during the month of July? (Do not round intermediate values. Round final answer to 2 decimal places.) Net income On May 1, Year 1, Benz's Sandwich Shop loaned $20,000 to Mark Henry for one year at 6 percent interest. Required a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry? (For all requirements, round your answers to the nearest dollar amount.) a. Interest income b. Receivables c. Cash provided by investing activities d. Interest income e. Cash f. Cash provided by operating activities Cash used in investing activities g. Interest earned

Answer & Explanation Solved by verified expert

See Answer