Accrued Interest PayableCompute the interest accrued on each of the following notes payable owed by Northland, Inc., on December 31:Use 360 days for calculations and round to the nearest dollar. Lender Date of Note Principal Interest Rate (%) Term Maple 11/21 $18,000 11 120 days Wyman 12/13 14,000 8 90 days Nahn 12/10 16,000 12 60 days Lender Accrued Interest Maple Answer Wyman Answer Nahn Answer
Accrued Interest PayableCompute the interest accrued on each of the following notes payable owed by Northland, Inc., on December 31:Use 360 days for calculations and round to the nearest dollar. Lender Date of Note Principal Interest Rate (%) Term Maple 11/21 $18,000 11 120 days Wyman 12/13 14,000 8 90 days Nahn 12/10 16,000 12 60 days Lender Accrued Interest Maple Answer Wyman Answer Nahn Answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accrued Interest Payable
Compute the interest accrued on each of the following notes payable owed by Northland, Inc., on December 31:
Use 360 days for calculations and round to the nearest dollar.
Lender | Date of Note | Principal | Interest Rate | (%) | Term |
---|---|---|---|---|---|
Maple | 11/21 | $18,000 | 11 | 120 days | |
Wyman | 12/13 | 14,000 | 8 | 90 days | |
Nahn | 12/10 | 16,000 | 12 | 60 days |
Lender | Accrued Interest |
---|---|
Maple | Answer |
Wyman | Answer |
Nahn | Answer |
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