Academy Grill Supply On October 1 of the current year, the company received a $50,000 promissory note from a customer. The annual interest rate is 6%. Principal and interest will be collected in cash at the maturity date of September 30 of next year. The effect on the company's financial statements on December 31 of the current year is:
A. Assets and stockholders' equity increase.
B. Assets and stockholders' equity decrease.
C. Assets and liabilities increase.
D. No net change in assets.

Question

10-07-2024
Business

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Academy Grill Supply On October 1 of the current year, the company received a $50,000 promissory note from a customer. The annual interest rate is 6%. Principal and interest will be collected in cash at the maturity date of September 30 of next year. The effect on the company's financial statements on December 31 of the current year is:
A. Assets and stockholders' equity increase.
B. Assets and stockholders' equity decrease.
C. Assets and liabilities increase.
D. No net change in assets.

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