Question
Carla Vista Co. has the following notes receivable outstanding at December 31, 2021: Issue Date Term Principal Interest Rate 1. August 31, 2021 5 months
Carla Vista Co. has the following notes receivable outstanding at December 31, 2021:
Issue Date | Term | Principal | Interest Rate | ||||
---|---|---|---|---|---|---|---|
1. August 31, 2021 | 5 months | $16,800 | 5% | ||||
2. February 1, 2021 | 12 months | 33,600 | 5% | ||||
3. October 31, 2021 | 6 months | 7,200 | 6% |
Interest on each of the above notes is payable at maturity.
Calculate the interest revenue that Carla Vista Co. will report on its income statement for the year ended December 31, 2021. Indicate where this will be presented on a multiple-step income statement. (Round answer to 0 decimal places, e.g. 5,275.)
Total interest revenue : ?$ |
Interest Revenue is reported under ( operating expenses/sales revenues/other revenues/other expenses/cost of goods sold )on the income statement.
Calculate the amounts related to these notes that will be reported on Carla Vista Co.s balance sheet at December 31, 2021. Indicate where they will be presented. (Round answers to 0 decimal places, e.g. 5,275.)
Account | Presented in Balance sheet under | Amount | ||
---|---|---|---|---|
enter an account title Interest RevenueNotes ReceivableAccounts ReceivableAccounts PayableNotes Payable | select a balance sheet item Owner's EquityIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesCurrent Assets | $enter a dollar amount rounded to 0 decimal places | ||
enter an account title Interest PayableInterest RevenueInterest ReceivableAccounts PayableAccounts Receivable | select a balance sheet item Intangible AssetsCurrent LiabilitiesCurrent AssetsLong-term InvestmentsLong-term Liabilities | $enter a dollar amount rounded to 0 decimal places |
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