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What was the total amount of cash that was paid

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Question - Annie, Inc. borrowed P1,000,000 from the bank on August 1, 2020. The note carried a 10% annual rate of interest and was set to mature on July 31, 2021. Interest and principal were paid in cash on the maturity date. Annie, Inc follows a fiscal period ending October 31.

Required -

What was the amount of total liabilities shown on the 2020 balance sheet?

What was the amount of interest expense recognized on the 2020 income statement?

What was the amount of interest expense shown on the 2021 income statement?

What was the total amount of cash that was paid to the bank on the maturity date for principal and interest?

Reference no: EM132916546

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