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On December 1, 2024 Farm Company accepted a three-month, 8% note for $8,000 from one of its customers to settle a past due account receivable.
On December 1, 2024 Farm Company accepted a three-month, 8% note for $8,000 from one of its customers to settle a past due account receivable. The company's accounting year ends on December 31. How much interest revenue from this note should the company record in 2024? (Round your answer to the nearest whole dollar.) Multiple Choice $53 $107 $640 $160
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
7th Edition
978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018
