at december 31-year end, camp corporation has an $8,700 note recievable from a customer. interest of...
Homework Answers
For December 31-year end, Camp Corporation will report on its Income Statement an Interest Revenue of $8700 x 8% x 7/12 = $406.
On the Balance Sheet, under Assets, Camp Corporation will report Notes Receivable $8700 and Interest Receivable $406.
Note: The duration of the note and the date when interest is due has not been given due to which the classification of the notes receivable and interest receivable whether a current asset or a long-term asset cannot be determined.
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december 31-year end, camp corporation has an $8,700 note
recievable from a customer. interest of...
The following is a list of financial statement items from the records of Marshall Corporation as at 31 December 2008. Prepaid Insurance $ 12,750 Prepaid Rent $ 18,000 Interest Receivable 0 Salaries Payable 0 Unearned fees $ 30,000 Interest Income $ 10,000
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Cullumber agrees to accept from Vaughn equipment that has a fair
value of $1460000, an original cost of $2500000, and accumulated
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interest, extends the maturity date to December 31, 2018, reduces
the face amount of the note to $1240000, and reduces...
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