Multiple Choice
Gomez Management Services Inc. accepts an 18-month, 12%, $5,000 note receivablefrom a client in settlement of an outstanding accounts receivable on November 1, 2018. The client pays off the note on April 30, 2020. Gomez should recognize interestrevenue in 2020 of:
A) $900.
B) $100.
C) $600.
D) $150
E) $200.
Correct Answer:
Verified
Correct Answer:
Verified
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