What is delis interest income for year two, Financial Accounting

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What is delis interest income for year two

Problem

On May 1, Year 1, The Deli Shop loaned $14,000 to Priya Cho for one year at 7 percent interest. (Assume a December 31 year end.)

Task

1. What is Deli's interest income for Year 1?

2. What is Deli's total amount of all receivables at December 31, Year 1?

3. What is Deli's interest income for Year 2?

4. What is the total amount of cash that Deli's will collect in Year 2 from Priya?

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Financial Accounting: What is delis interest income for year two

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