Business, 06.08.2021 22:00 juliannabartra

On July 1, 2014, Goode Company borrowed $100,000. The company signed a note payable with interest at 6 percent per year. The note and interest are due on December 31, 2014. On December 31, 2014, Goode paid $103,000 to settle the debt in full. Assuming no accruals for interest have been made during the year, transaction analysis of the $103,000 cash payment on December 31, 2014 should reflect which of the
following?

A. A decrease in assets of $103,000 and a decrease in liabilities of $103,000
B. A decrease in assets of $100,000, a decrease in stockholders' equity of $3,000, and a decrease in liabilities of
$103,000
C. A decrease in stockholders' equity of $100,000, a decrease in liabilities of $3,000, and a decrease in assets of
$103,000.
D. A decrease in liabilities of $100,000, a decrease in stockholders' equity of $3,000, and a decrease in assets of
$103,000.

Answers: 3

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On July 1, 2014, Goode Company borrowed $100,000. The company signed a note payable with interest at...

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