User Account

All Pages

What is the interest income reported on the annual income

Assignment Help Accounting Basics
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

Questions Cloud

What is the amount of federal tax payable : In the current year M Inc. has taxable income of $300,000. What is the amount of federal tax payable
Disease-resistant grape vineyards in sonoma county : The following data are consistent with summary information on price per acre for disease-resistant grape vineyards in Sonoma County.
Healthcare program and policy evaluation analysis : Describe the healthcare program or policy outcomes. How many people were reached by the program or policy selected?
What problems are caused by the allocation of overhead : What problems are caused by the allocation of overhead? In your judgment, which of the problems associated with the allocation of overhead are overcome
What is the interest income reported on the annual income : Assuming no other transaction happened, what is the interest income reported on the annual Income Statement of September 30th
Specific type of organizational decision : How can an organization maximize the extent to which its managers take an outside view in their decisions?
How long does it take for the investment to triple in value : Question - An investment is growing as a linear function by 3% per month. How long does it take for the investment to triple in value
Define channel strategy : Define channel strategy. Design a sales management plan
What must the selling price be to achieve this : Management demands that we have $6,000 in profit if we sell 40,000 toys. What must the selling price be to achieve this

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd