Outer Armour (OA) is a company that sells high quality outerwear. OA has accepted two notes receivables from customers and has a December 31,
Outer Armour (OA) is a company that sells high quality outerwear. OA has accepted two notes receivables from customers and has a December 31, 2020 year-end. Note Receivable A Note Receivable B On September 1, 2020, OA accepted a $570,000, 6 months note receivable with an interest rate of 6%. Interest and the principal balance are due at maturity. On October 31, 2020, OA accepted a $335,000 note receivable with an interest rate of 4.5%. Interest is paid the first day of each following month and the principal is due at maturity on June 30, 2021. Required: 1. Not available in connect. 2. How many months need to be accrued for Notes Receivable A and B as of December 31, 2020? Note receivable A months Note receivable B months
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