Lacoste Inc. receives a 90 day 6% note receivable from a client for the repair of 5 sets of computers for P25.000 October 31. How much is the interest income to be recognized on December 31? (Use 360 days in a year)

Lacoste Inc. receives a 90 day 6% note receivable from a client for the repair of 5 sets of computers for P25.000 October 31. How much is the interest income to be recognized on December 31? (Use 360 days in a year)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...

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Houston Company receives a six-month note from a customer. The note has a face amount of $8,000 and an interest rate of nine percent. What is the total amount of interest income to be received? O$720 O$540 O$360 O$180