Accrued income is the income earned by a company for providing a service or selling a product for which money is yet to be received.
State the meaning of:
(a) Outstanding expenses
(b) Prepaid expenses
(c) Income received in advance
(d) Accrued income
Calculating Accrued Interest Income on Promissory Notes Receivable Pickett Company received a 90 day, six percent note receivable for $20,000 on November 1.
How much interest income should be accrued on December 31