Question
FDN Trading received the following promissory notes from various customers during 2020 in the course of selling its merchandise: Six-month 12% note for P56,000
FDN Trading received the following promissory notes from various customers during 2020 in the course of selling its merchandise: Six-month 12% note for P56,000 90-day 10% note for P31,000 One-year 20% note for P113,000 All these notes were collected at their maturity dates during the year. How much is total interest income to be recorded by FDN Trading during 2020?
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Understanding Financial Accounting
Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald
1st Canadian Edition
1118849388, 9781119048572, 978-1118849385
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