Homework Answers
a. Interest Income of Peppers for 2014:
18,000 * 5% * 10/12 = 750.
(it is assumed that interest is earned annually. Interest calculated from 01.03.2014 to 31.12.2014 i.e. for 10 months)
b. Peppers total amount of receivables is $750 for December, 2014
c. Their is an inflow of Cash by way of interest income.
d. Interest Income of Peppers for 2014:
18,000 * 5% * 2/12 = 150
(Interest calculated from 01.01.2015 to 28.2.2015 i.e. for 2 months.)
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