Working capital is equal to current assets plus current liabilities

On December 1, 2017, Summit, Inc sold machinery to a customer for $24,000

The customer could not pay at the time of sale but agreed to pay 11 months later and signed a 11-month note at 11% interest. How much interest revenue was earned during 2018? (Round your answer to the nearest dollar.) A) $1,320 B) $2,640 C) $2,420 D) $2,200

A letter of credit is considered an informal contract as it does not have a special method of creation

Indicate whether the statement is true or false