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If the balance in the interest receivable account increased

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Moiton Co.'s assets include notes receivable from customers. During fiscal 2010, the amount of notes receivable averaged $46,400, and the interest rate of the notes averaged 9.8%.

a) Calculate the amount of interest income earned by Moiton Co. during fiscal 2010.
Amount $
a) If the balance in the Interest Receivable account increased by $2,950 from the beginning to the end of the fiscal year, how much interest receivable was collected during the fiscal year?

Reference no: EM13599994

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