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Homework answers / question archive / On July 1, 2005, Icespresso Inc, signed a two-year $8,000 note receivable with 9 percent interest
On July 1, 2005, Icespresso Inc, signed a two-year $8,000 note receivable with 9 percent interest. At its due date, July 1, 2007 the principal and interest will be received in full Interest revenue should be reported on Icepresco's income statement for the year ended December 31, 2005, in the amount of
Interest revenue to be recognised in the income statement of Icepresso,s = $8,000 * 9% * 6/12 = $360
Interest rate = 9%
period = half year
Principal amount = $8,000
