our year end is December 31. You lent $120,000 to another company on Oct 1. If the interest rate is 4%, what is the amount of interest receivable for the current year (rounded to the nearest whole dollar)?

our year end is December 31. You lent $120,000 to another company on Oct 1. If the interest rate is 4%, what is the amount of interest receivable for the current year (rounded to the nearest whole dollar)?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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Your year end is December 31. You lent $120,000 to another company on Oct 1. If the interest rate is 4%, what is the amount of interest receivable for the current year (rounded to the nearest whole dollar)?

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