Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 29 2 poir tucker, inc. found they had to

QUESTION 29 2 poir Tucker, Inc. found they had to borrow cash from Mighty Bank...

70.2K

Verified Solution

Question

Accounting

image
QUESTION 29 2 poir Tucker, Inc. found they had to borrow cash from Mighty Bank in order to expand operations. On August 1, 2019, they borrowed $45,000, signing an 8% note. The principal is due to be paid back in 5 years. The loan was recorded as a debit to Cash and a credit to Loan Payable. How much interest expense should Tucker report at year-end December 31, 2019? O a $3,600 b. $3,000 O c. $15,000 O d.$1,500 QUESTION 30 2 pc Which of the following statements correctly describes the effect of recording the collection of a $10,000 account receivable for which a 2% sales discount was recorded at the time of collection? a. Net sales will increase $9,800 b. Accounts receivable will decrease $9,800 c. Gross profit will decrease $200 d. Current assets will remain the same

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