Accounting Help Needed?
Accounting Help Needed on this questionOn June 8, Acme Co. issued an $80,000, 6%, 120-day transcribe payable to Still Co. Assume that the fiscal year of Still Co. ends June 30. What is the amount of interest revenue recognized by Still within the following year?
Thanks for your help
Answers: 6% process 6%p.a. So $80,000 at 6%p.a. gives $4800 a year, so for 120 days, it's 120/360 x 4800 = 1600. June 8 to June 30 give 22 days, so 22/120 x 1600 = 293.33 will be recognised this year, and 98/120 x 1600 = $1,306.67 will be recognised next year.
80,000 x 6% is 4,800 divide that by the 120 days you hold to pay i.e. 40 a day the year ends on the 30th which is 22 days. which routine this year they will recognize 880 and subsequent year they will recognize 3920!!
hope it help when i explain it out. i am an accounting major :)
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