Solved: Bikecom received a 10 90-day promissory note with a face, Accounting Basics

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Bikecom received a 10 90-day promissory note with a face

Question - Bike.Com received a 10%, 90-day promissory note with a face amount of $12,000 from Cyber Company, for the sale of merchandise on November 1, 2014.

A) Identify the maturity date of the note.

B) How much interest income (to the nearest whole month) will Bike.Com earn over the term of the note?

C) How much interest income will Tech.Com recognize during 2014?

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Accounting Basics: Bikecom received a 10 90-day promissory note with a face

Reference No:- TGS02556919

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Accounting Basics: Bikecom received a 10 90-day promissory note with a face

Reference No:- TGS02556919

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