Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Oriole Co. has the following notes receivable outstanding at December 31, 2021: Issue Date Term 1. August 31, 2021 5 months 2. February 1, 2021
Oriole Co. has the following notes receivable outstanding at December 31, 2021: Issue Date Term 1. August 31, 2021 5 months 2. February 1, 2021 12 months 3. October 31, 2021 6 months Principal Interest Rate $18,000 4% 34,800 4% 7,200 5% Interest on each of the above notes is payable at maturity. Your answer is partially correct. Calculate the interest revenue that Oriole 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 decimal places, eg. 5,275.) Total interest revenue $ Interest Revenue is reported under other revenues on the income statement. Assistance Used eTextbook and Media eTextbook Your answer is partially correct. Calculate the amounts related to these notes that will be reported on Oriole Co's balance sheet at December 31, 2021. Indicate where they will be presented. (Round answers to decimal places, eg 5,275.) Account Notes Receivable Interest Receivable. Presented in Balance sheet under Amount Current Assets Current Assets $ Assistance Used eTextbook and Media e Textbook
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