At December 31 year-end, Crain Corporation has an $8,400 note receivable from a customer. Interest of 10% has accrued for 10 months on the note. What will Crain's financial statements report for this situation at December 31?
A The balance sheet will report the note receivable of $8,400.
B. The balance sheet will report the note receivable of $8,400 and interest receivable of $700.
C. Nothing because the business has not received the cash yet.
D. The income statement will report a note receivable of $8,400.
Ans: B. The balance sheet will report the note receivable of $8,400 and interest receivable of $700.
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At what point does an incomplete or problem respondent constitute an acceptable respondent that the researcher will allow into data analysis?
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