[The following information applies to the questions displayed below.] Riley Company borrowed $36,000 on April 1, Year 1 from Titan Bank. The note issued by Riley carried a one-year term and a 7% annual interest rate. Riley earned cash revenues of $1,700 during Year 1 and $1,400 during Year 2. Assume no other transactions.Based on this information alone, what is the amount of net income (loss) that will be reported on the Year 2 income statement?
A. $1,890
B. $630
C. $770
D. $(190)
Answer: C
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a. Interval scale b. Ratio scale c. Nominal scale d. Ordinal scale
Apostrophes should not be used with which of the following?
A) proper nouns ending in s B) plural nouns C) possessive nouns
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course of a negotiable note. a. True b. False Indicate whether the statement is true or false