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Elden [556K]
3 years ago
11

On November 1, Year 1 Cove Company borrowed $7,000 cash from Shelter Company. The one-year note carried a 7% rate of interest.

Business
1 answer:
PSYCHO15rus [73]3 years ago
5 0

Answer:

Assets + 7,000

Liabilities +7,000

Net income no effect

Cash flow statement:

+7,000 from financing activities

Explanation:

The loan will not generate no expense as the note has not accrued interest yet.

Then, cash from financing activities will increase by 7,000 as the firm received cash

Finally, the blaance sheet will disclosure the increasein assets (cash) and the increasein liabilities (note payable)

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