For each of the following notes receivable held by Winter Company, determine the interest revenue to...
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For each of the following notes receivable held by Winter Company, determine the interest revenue to be reported on the income statements. Round answers to nearest whole dollar. (answers on next slide) Date Aug. 8, Year 1 Oct. 7, Year 1 Jan. 6, Year 2 Nov. 12, Year 1 Face $15,000 22,000 30,000 28,000 Rate 7% 8 8 9 Year 1 Interest Term Revenue 180 days 60 days 90 days 60 days Year 2 Interest Revenue For each of the following notes receivable held by Winter Company, determine the interest revenue to be reported on the income statements. Round answers to nearest whole dollar. (answers on next slide) Date Aug. 8, Year 1 Oct. 7, Year 1 Jan. 6, Year 2 Nov. 12, Year 1 Face $15,000 22,000 30,000 28,000 Rate 7% 8 8 9 Year 1 Interest Term Revenue 180 days 60 days 90 days 60 days Year 2 Interest Revenue
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Step 1 Calculate the interest amount for each note receivable using the ... View the full answer
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
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