Swifty Corporation accepts from Gates Stores a $9,400, 4-month, 7% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. Calculate the interest payable at maturity.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....
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Give correct interest payable at maturity

Swifty Corporation accepts from Gates
Stores a $9,400, 4-month, 7% note dated
May 31 in settlement of Gates' overdue
account. The maturity date of the note is
September 30.
Calculate the interest payable at maturity.
Transcribed Image Text:Swifty Corporation accepts from Gates Stores a $9,400, 4-month, 7% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. Calculate the interest payable at maturity.
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