Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Southland, Inc., on December 31: (Use 360 days for interest calculation. Round to the nearest dollar.) Maker Date of Note Principal Interest Rate Term Maple November 21 $20,000 10% 120 days Wyman December 13 14,000 9% 90 days Nahn December 24 21,000 6% 60 days Maple: Wyman: Nahn:
Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Southland, Inc., on December 31: (Use 360 days for interest calculation. Round to the nearest dollar.) Maker Date of Note Principal Interest Rate Term Maple November 21 $20,000 10% 120 days Wyman December 13 14,000 9% 90 days Nahn December 24 21,000 6% 60 days Maple: Wyman: Nahn:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Computing Accrued Interest
Compute the interest accrued on each of the following notes receivable held by Southland, Inc., on December 31: (Use 360 days for interest calculation. Round to the nearest dollar.)
Maker |
Date of Note |
Principal |
Interest Rate |
Term |
|---|---|---|---|---|
| Maple | November 21 | $20,000 | 10% | 120 days |
| Wyman | December 13 | 14,000 | 9% | 90 days |
| Nahn | December 24 | 21,000 | 6% | 60 days |
| Maple: |
|
| Wyman: |
|
| Nahn: |
|
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