Horngren's Accounting, Student Value Edition (12th Edition)
12th Edition
ISBN: 9780134487151
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 9, Problem S9.9SE
Computing interest amounts on notes receivable
Learning Objective 4
A table of notes receivable for 2018 follows:
| Principal | Interest Rate | Interest Period During 2018 | |
| Note 1 | $30,000 | 6% | 6 months |
| Note 2 | 12,000 | 10% | 270 days |
| Note 3 | 14,000 | 14% | 75 days |
| Note 4 | 100,000 | 7% | 10 months |
For each of the notes receivable, compute the amount of interest revenue earned dunng 2018. Round to the nearest dollar.
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Chapter 9 Solutions
Horngren's Accounting, Student Value Edition (12th Edition)
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