Answered step by step
Verified Expert Solution
Question
1 Approved Answer
HAKA received two notes from customers for sales that ABC made in 2018. The notes included: Note A: Dated 5/31/2018, principal of P120,000 and interest
HAKA received two notes from customers for sales that ABC made in 2018. The notes included: Note A: Dated 5/31/2018, principal of P120,000 and interest due 3/31/2019. Note B: Dated 7/1/2018, principal of P200,000 and interest at 8% annually, due on 4/1/2019. HAKA had accrued a total of P14,400 interest receivable from these notes in its 12/31/2018 balance sheet.
Assume HAKA views the financing component of these sales to be significant. What amount of interest revenue would HAKA earn on these notes during 2019?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started