Horngren's Accounting
Horngren's Accounting
11th Edition
ISBN: 9780133851151
Author: MILLER-NOBLES, Tracie L., Mattison, Brenda., Matsumura, Ella Mae, Horngren, Charles T.
Publisher: Pearson,
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Financial Transaction Analysis
The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…
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Chapter 9, Problem S9.9SE

Computing interest amounts on notes receivable

A cable of notes receivable for 2016 follows:

    Principal Interest Rate Interest Period During 2016
    Note 1 $ 30,000 4% 3 months
    Note 2 8,000 5% 180 days
    Note 3 28,000 12% 90 days
    Note 4 110,000 10% 6 months

For each of the notes receivable, compute the amount of interest revenue earned during 2016. Round to the nearest dollar.

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Horngren's Accounting

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