Question: On December 1, Dmitry Company executes a three-month, 6% note receivable, with a face value of $15,000. What amount of interest income is accrued at

On December 1, Dmitry Company executes a three-month, 6% note receivable, with a face value of $15,000. What amount of interest income is accrued at December 31 on the note?

At the end of March, the unadjusted trial balance of OWL, Inc. included the following accounts:

Sales Revenue $ 600,000

Accounts Receivable $ 240,000

Allowance for Doubtful Accounts $ 1,800

OWL uses the balance sheet approach in estimating uncollectible accounts expense, and aging the accounts receivable indicates the estimated uncollectible portion to be $8,600.

What is the amount of uncollectible accounts expense recognized in OWL's income statement for March?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To calculate the amount of interest income accrued at December 31 on the note receivable we need to ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Christopher Crosphit (age 42) owns and operates a health club called Catawba Fitness. The business is located at 4321 New Cut Road, Spartanburg, SC 29303. The principal business code is 812190. Chris...

The financial statements of Wines, Inc., provide the following information for the current year: Dec.31 Jan.1 Accounts receivable.........................................................................

Presuma que un contrato de seguro de salud establece que pagar $350 mensuales al asegurado si se incapacita totalmente Qu trmino describe mejor este contrato? Grupo de opciones de respuesta...

Fimancial Accouning Pundamentals, be (Wild) Chapter 9 Accousting for Curreat Liabiliies INSTRUCTOR: IRMA LINETTE MIDDLETON, MBA NAME DATE A's income before interest expense and taxes is $250,000 and...

versations relatype=Inbox - Inbox Ch11 Exercises View Zoom Add Page nsert Table Chart Text Shape Media Comment Collaborate Chapter 11 Current Liabilities and Payroll Accounting 46) All of the...

59 On December 1, Victoria Company signed a 90-day, 6% note payable, with a face value of $7.200. What amount of interest expense is accrued at December 31 on the note? (Use 360 days a year.)...

FICA taxes include: Employee state income tax. Social Security and Medicare taxes. Employee federal income tax. Charitable giving. Federal and state unemployment taxes. The current FUTA tax rate is...

27. A truck was purchased at a cost of $23,000. The estimated useful life and salvage value was 8 years and $3,000. After 4 years of straight-line depreciation, the asset's useful life was revised to...

An employee earned $37,000 during the year working for an employer when the maximum limit for Social Security was $128,400. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for...

The cost of the equipment in the prior question was most likely: a. $200,000. b. $300,000. c. $400,000. d. Some undeterminable amount. A truck was purchased at a cost of $23,000. The estimated useful...

Construct a scatter plot for the following two numerical variables. x y 12 ........... 5 17 ........... 3 9 ..........10 6 ..........15 10.......... 8 14 .......... 9 8 ............ 8

Margie has had a tough month. First, she had dental work that cost $ 700. Next, she had her car transmission rebuilt, which cost $ 1,400. She put both of these unexpected expenses on her credit card....

A manufacturer i s building a steel drum i n the shape o f a right circular cylinder with a fixed volume V . I n order t o minimize the cost o f the material needed, the manufacturer has t o minimize...

Thomas Lee has basic coverage and supplementary major medical with a $100 deductible, 20 percent co-insurance, and a $1,500 stop loss on co-insurance payments. (a) How much will the major medical...

The Briggs family trust received the following income for the year ended 30 June. Rental income (net) 38,000 Unfranked dividends 25,000 Franked dividends (cash) 6,000 Interest 1,648 Trust profits...

Rick was hired as Controller to help sort out and organize the records of a $7 million dollar medical supply firm. This company was recently extended a $1,000,000 small business loan to acquire the...

September 2021. Ms. Dalvi's employer withheld the following amounts from her earnings: El Premiums CPP Contributions RPP Contributions Federal Income Taxes Contributions To United Way Professional...

Tech Y., a Manitoba employer, reviews the employees' salaries on an annual basis, with any changes being effective for the first pay of the year. The paperwork authorizing payroll to make the changes...

6 Multiple Choice 1 point significantly lower than male officers. Thus, the number of female officers being promoted was much lower that coller reals test appears to be neutral and equally applied to...

Describe the following terms as they relate to bond prices: par, premium, and discount.

Metro Inc. is one of Canadas leading food retailers and distributors and operates a network of supermarkets, discount stores, and drugstores. Exhibits 10-8A and B include the companys statement of...

On July 1, 2016, Silver Stone Company purchased equipment for a cost of $450,000 with an expected useful life of 10 years and an anticipated residual value of $30,000. For the year 2017 (the second...

When a corporation's S election is terminated mid-year, what options does the corporation have for allocating the annual income between the S corporation short year and the C corporation short year?

Describe the circumstances in which an S election may be involuntarily terminated.

Describe a situation in which a former C corporation that elected to be taxed as an S corporation may have its S election automatically terminated, but a similarly situated corporation that has...