QUESTION 14 Raymond Company borrowed $8,000 on April 1, 2017 from the Meramec Ba

Question

QUESTION 14 Raymond Company borrowed $8,000 on April 1, 2017 from the Meramec Bank. The note carried a one year term and a 7% annual interest rate. Raymond earned cash revenue of $700 in 2018. Assume no other transactions. issued by Raymond $850 in 2017 and 1. The amount of total liabilities that would appear on Raymond's December 31 balance sheets for 2017 and 2018 would be a.$8,420; -0. b.$8,889; $8,240. $8,960; $8,240. d. $889; $240. 1 points QUESTION 15 Which of the following is a claims exchange transaction? a. Paid interest on .Issued a note toC. Repaid principal a note payable. purchase equipment. on a note payable. on a note payable. 1 points QUESTION 16 when do the effects of product warranties appear on the statement of cash flow?

Explanation / Answer

A) interest receivable total liabilities -2017 notes payable 8000 interest payable (8000*7%*9/12)= 420 total liabilities 8420 option a) 8,420 ;0 b) option b issued a note to purchase Equipment

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