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What is the interest income reported on the annual income

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Reference no: EM133127599

Question - ABC Corp. converted an accounts receivable of $46.000 into a notes receivable on June 1st. The notes receivable is due on September 30th with an interest rate of 9% per annum, principal and interest are payable on September 30th. ABC Corp follows proper accrual accounting and generates monthly financials with a year end on September 30th. When the note matures it is converted into another notes receivable for 2 more months with an interest rate of 18% per year.

Required -

Required 1: Assuming no other transaction happened, what is the interest receivable as of July 31st?

Required 2: Assuming no other transaction happened, what is the balance of Notes Receivables on September 30th?

Required 3: Assuming no other transaction happened, what is the interest income reported on the annual Income Statement of September 30th?

Reference no: EM133127599

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