On July 1, 2016, Empire Inc. lends $13,800 to a customer and receives a 12% note due in two years. Interest is due in full on July 1, 2018, the due date of the note. What is the amount of Interest Revenue that will be reported on the Empire's income statement for the year ended December 31, 2016? a) 1,656. b) $3,312. c) $828. d) $966.
On July 1, 2016, Empire Inc. lends $13,800 to a customer and receives a 12% note due in two years. Interest is due in full on July 1, 2018, the due date of the note. What is the amount of Interest Revenue that will be reported on the Empire's income statement for the year ended December 31, 2016? a) 1,656. b) $3,312. c) $828. d) $966.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...
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
Transcribed Image Text:On July 1, 2016, Empire Inc. lends $13,800 to a customer and
receives a 12% note due in two years. Interest is due in full on
July 1, 2018, the due date of the note. What is the amount of
Interest Revenue that will be reported on the Empire's income
statement for the year ended December 31, 2016?
a) 1,656.
b) $3,312.
c) $828.
d) $966.
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