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mina [271]
3 years ago
8

On February 1, 2021, Miter Corp. lends cash and accepts a $1,000 note receivable that offers 12% interest and is due in six mont

hs. How much interest revenue will Miter Corp. report during 2021
Business
1 answer:
Taya2010 [7]3 years ago
7 0

Answer:

$60

Explanation:

The computation of interest revenue is shown below:

= Note receivable amount × rate of interest × given number of months ÷ (total number of months in a year)  

= $1,000 × 12% × (6 months ÷ 12 months)

= $60

Basically we multiplied the note receivable amount with the interest rate and the given number of months so that the interest revenue could come

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All other things being equal, supply curves slope upwards from left to right because
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What does it mean to describe deposit insurance as undermining market discipline​? Because ▼ most few depositors are fully​ insu
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Answer:

most

little

risk taking

regardless of

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3 years ago
Read 2 more answers
The 10% bonds payable of Crane Company had a carrying amount of $4060000 on December 31, 2020. The bonds, which had a face value
faust18 [17]

Answer:

The correct answer is "43,000".

Explanation:

The given values are:

Carrying amount,

= $4060000

Face value,

= $3900000

Now,

For June 30, 2021, the Interest expense will be:

= 4060000\times 10 \ percent\times \frac{1}{2}

= 203,000

For June 30, 2021, the cash interest will be:

= 3900000\times 8 \ percent\times \frac{1}{2}

= 156,000

Now,

On June 30, 2021, the premium's amortization will be:

= Interest expense - Cash interest

= 203,000-156,000

= 47,000

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= 3900000\times 104 \ percent

= 4,056,000

On June 30, 2021, the less carrying amount will be:

= Carrying amount - amortization

= 4060000-47000

= 4,013,000

Then,

The loss on retirement as well as ignoring taxes will be:

= Cash paid - less carrying amount

= 4,056,000-4,013,000

= 43,000

6 0
2 years ago
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