On October 1, 2015, Oberley Corporation loans one of its employees $40,000 and accepts a 12-month, 9% note receivable. Calculate the amount of interest revenue Oberley will recognize in 2015 and 2016.
Answer to relevant QuestionsAt the end of the year, Brinkley Incorporated’s balance of Allowance for Uncollectible Accounts is $4,000 (credit) before adjustment. The company estimates future uncollectible accounts to be 3% of credit sales for the ...Refer to the information in E5–3, but now assume that Grace does not pay for services until March 31, missing the 2% sales discount.In E5–3, On March 12, Medical Waste Services provides services on account to Grace ...The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the following balances on December 31, 2015, before any adjustment: Accounts Receivable= $110,000; ...Suzuki Supply reports the following amounts at the end of 2015 (before adjustment).Credit Sales for 2015.................. $260,000Accounts Receivable, December 31, 2015............. 55,000Allowance for Uncollectible ...Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2015, Pearl provides services on account of $590,000. Of this amount, $80,000 remains receivable at the end of the year. An aging schedule as of ...
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