On february 1, 2018, middleton corp. lends cash and accepts a $1,000 note receivable that offers 12% interest and is due in six months. how much interest revenue will middleton corp. report during 2018?

interest revenue that Middleton Corp. report during 2018 is $20

Explanation:

given data

cash and accepts = $1,000

interest rate = 12% = 0.12

time = 6 month

to find out

How much interest revenue will report during 2018

solution

we get here Interest revenue that is report during 2018 as

Interest revenue report = $1000 × 12 % ×  

Interest revenue report = $1000  × 0.12  ×  

Interest revenue report =  $20

so interest revenue that Middleton Corp. report during 2018 is $20

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