Nadal Company
On October 1, 2012, Nadal Company received a $50,000 promissory note from Borg Company. The annual interest rate is 6%. Principal and interest will be collected in cash at the maturity date of September 30, 2013.
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Refer to the information provided for Nadal Company. The effect on Nadal's financial statements on September 30, 2013, is as follows:
A) Assets and equity increase
B) No net change in equity
C) Assets and liabilities increase
D) No net change in assets
Correct Answer:
Verified
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