Your year end is December 31. You lent $160,000 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)?

Your year end is December 31. You lent $160,000 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)?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Your year end is December 31. You lent
$160,000 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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