Martin Manufacturing held three interest-bearing notes during 2018 and 2019:
Note 1 issued September 25, 2018, $6,000, 10%, 60 days
Note 2 issued November 20, 2018, $12,000, 12%, 90 days
Note 3 issued December 30, 2018, $4,000, 9%, 30 days
Compute for each note:
a)the maturity date
b)the maturity value
c)interest revenue to be reported on the 2016 income statement (round to the nearest cent)

Question

Quizplus · Accepted Answer

The Answer of Martin Manufacturing held three interest-bearing notes during 2018 and 2019:
Note 1 issued September 25, 2018, $6,000, 10%, 60 days
Note 2 issued November 20, 2018, $12,000, 12%, 90 days
Note 3 issued December 30, 2018, $4,000, 9%, 30 days
Compute for each note:
a)the maturity date
b)the maturity value
c)interest revenue to be reported on the 2016 income statement (round to the nearest cent)

Martin Manufacturing Held Three Interest-Bearing Notes During 2018 and 2019