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garik1379 [7]
3 years ago
6

At December 31 of the current year, Cart Company has a $16,000 Notes Receivable from a customer. Interest of 5% has accrued for

9 months on the note. What will be reported on the Balance Sheet?
Business
1 answer:
lyudmila [28]3 years ago
6 0

Answer: $23,200 as total current asset for the period

Explanation:

Note Receivable has a value $16,000

Interest on Note = 5%

Accrued for 9 months

Yearly Interest accrued = 16,000*5%*12= 9,600

Interest for 9 months = 9600/12*9 = 7,200

Balance sheet Extract

Other Income

Int Accrued on Note Receivable      $7,200

Current Asset

Note Receivable                                $16,000

Int Accrued on Note Receivable      $7,200

Total Current Asset                            $23,200

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