On Jan 1, 20X4, ABC Corp sold goods and receive a P400,000 non-interest bearing note due on Jan 1, 20X7. Effective interest was 10%. What was the amount of interest income should be included in the 20X4 financial statements? 35,053 40,109 0 30,053

On Jan 1, 20X4, ABC Corp sold goods and receive a P400,000 non-interest bearing note due on Jan 1, 20X7. Effective interest was 10%. What was the amount of interest income should be included in the 20X4 financial statements? 35,053 40,109 0 30,053

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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