West palm company engaged in the following transactions

Reference no: EM13590478

West Palm Company engaged in the following transactions involving promissory notes. May 3 Sold engines to Mittal Company for $ 120,000 in exchange for a 90 days,12 percent promissory note 16 Sold engines to Tata Company for $ 64,000 in exchange for a 60 day,13 percent note 31 Sold engines to Arsenal Company for $ 60,000 in exchange for a 90 day, 11 percent note 1. For each of the notes, determine the (a) maturity date , (b) interest on the note, and (c) maturity value. (Round to the nearest cent) 2. Assume that the fiscal year for West Palm ends on June 30. How much interest income should be recorded on that date? (Round to the nearest cent)

Reference no: EM13590478

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