On October 1, 2019, Westfield, Inc. sold machinery to a customer for $20,000. The customer could...
On October 1, 2019, Westfield, Inc. sold machinery to a customer for $20,000. The customer could not pay at the time of sale, but agreed to pay 11 months later, and signed a 11−month note at 11% interest. How much interest revenue was earned during 2019? Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.
A.$580
B.$550
C.$4,400
D.$2,017
Homework Answers
Answer
--Correct Answer = Option 'B" $ 550
--Interest revenue earned = $ 20000 x 11% x 3 months / 12 = $ 550
>1 Oct to 31 Dec = 3 months.
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