What is the interest receivable as of february 1st

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Reference no: EM133326798

Case: On January 1 a promissory note receivable was received by Overland Company in the amount of $34,000. It is a two month note bearing interest at 18% per annum. Overland follows proper accrual accounting and generates monthly financials. When the note matures it is dishonoured and interest is due on the maturity date.

Assuming no other transaction happened, what is the interest income reported on the annual Income Statement of March 1st?

Assuming no other transaction happened, what is the interest receivable as of February 1st?

Assuming no other transaction happened, what is the balance of Notes Receivables on March 1st?

Reference no: EM133326798

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