On May 1, 2018, Benz’s Sandwich Shop loaned $10,000 to Mark Henry for one year at 6 percent interest.
Required
Answer the following questions:
a. What is Benz’s interest income for 2018?
b. What is Benz’s total amount of receivables at December 31, 2018?
c. How will the loan and interest be reported on Benz’s 2018 statement of cash flows?
d. What is Benz’s interest income for 2019?
e. What is the total amount of cash that Benz’s will collect in 2019 from Mark Henry?
f. How will the loan and interest be reported on Benz’s 2019 statement of cash flows?
g. What is the total amount of interest that Benz’s earned on the loan to Mark Henry?
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