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On December 31, 2017, Green Company rendered services to End Corporation at an agreed price of...
On December 31, 2017, Marigold Inc. rendered services to Beghun Corporation at an agreed price of...
On December 31, 2017, Marigold Inc. rendered services to Beghun Corporation at an agreed price of $107,044, accepting $42,500 down and agreeing to accept the balance in four equal installments of $21,250 receivable each December 31. An assumed interest rate of 12% is imputed. Prepare the entries that would be recorded by Marigold Inc. for the sale on December 31, 2017. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account...
On December 31, 2017, BLANK Inc. rendered services to BLANK Corporation at an agreed price of...
On December 31, 2017, BLANK Inc. rendered services to BLANK
Corporation at an agreed price of $109,448, accepting $42,900 down
and agreeing to accept the balance in four equal installments of
$21,450 receivable each December 31. An assumed interest rate of
11% is imputed.
Prepare an amortization schedule. Assume that the
effective-interest method is used for amortization purposes.
December 31, 2017
Schedule of Note Discount Amortization
Date
Cash
Received
Interest
Revenue
Carrying
Amount of Note
12/31/17
$
$
$
12/31/18...
On December 31, 2020, Kingbird Inc. rendered services to Beghun Corporation at an agreed price of...
On December 31, 2020, Kingbird Inc. rendered services to Beghun Corporation at an agreed price of $118,390, accepting $45,800 down and agreeing to accept the balance in four equal installments of $22,900 receivable each December 31. An assumed interest rate of 10% is imputed. Prepare an amortization schedule. Assume that the effective-interest method is used for amortization purposes. (Round answers to 0 decimal places, e.g. 5,275.) December 31, 2020 Schedule of Note Discount Amortization Interest Discount Revenue Amortized Cash Received...
P7.8 On December 31, 2020, Zhang Ltd. rendered services to Beggy Corp. at an agreed price...
P7.8 On December 31, 2020, Zhang Ltd. rendered services to Beggy Corp. at an agreed price of $91,844.10. In payment, Zhang accepted $36,000 cash and agreed to receive the balance in four equal instalments of $18,000 that are due each December 31. An interest rate of 11% is applicable. Instructions a. Calculate the value of the note receivable at December 31, 2020, and prepare an instalment note receivable schedule. b. Prepare the entries recorded by Zhang Ltd. for the sale...
Question 6 On December 31, 2020, Wildhorse Co. rendered services to Novak Corp. at an agreed...
Question 6 On December 31, 2020, Wildhorse Co. rendered services to Novak Corp. at an agreed price of $119,397.33. In payment, Wildhorse accepted $46,800 cash and agreed to receive the balance in four equal instalments of $23,400 that are due each December 31. An interest rate of 11% is applicable. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. The tables in this problem...
Tamarisk Corporation purchased a computer on December 31, 2019, for $126,000, paying $36,000 down and agreeing...
Tamarisk Corporation purchased a computer on December 31, 2019, for $126,000, paying $36,000 down and agreeing to pay the balance in five equal installments of $18,000 payable each December 31 beginning in 2020. An assumed interest rate of 8% is implicit in the purchase price. Prepare the journal entry at the date of purchase. Prepare the journal entry at December 31, 2020, to record the payment and interest (effective-interest method employed). Prepare the journal entry at December 31, 2021, to...
On December 31, 2019, Coronado Company finished consulting services and accepted in exchange a promissory note...
On December 31, 2019, Coronado Company finished consulting services and accepted in exchange a promissory note with a face value of $610,000, a due date of December 31, 2022, and a stated rate of 6%, with interest receivable at the end of each year. The fair value of the services is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 12%. The following...
On December 31, 2015, Tamarisk Co. performed environmental consulting services for Hayduke Co. Hayduke was short...
On December 31, 2015, Tamarisk Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Tamarisk Co. agreed to accept a $262,700 zero-interest-bearing note due December 31, 2017, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 11%. Tamarisk is much more creditworthy and has various lines of credit at 6%. Assuming Tamarisk Co.’s fiscal year-end is December 31, prepare the journal entry for December 31,...
?On December 31, 2015, Bonita Co. performed environmental consulting services for Hayduke Co. Hayduke was short...
?On December 31, 2015, Bonita Co. performed environmental
consulting services for Hayduke Co. Hayduke was short of cash, and
Bonita Co. agreed to accept a $346,500 zero-interest-bearing note
due December 31, 2017, as payment in full. Hayduke is somewhat of a
credit risk and typically borrows funds at a rate of 11%. Bonita is
much more creditworthy and has various lines of credit at 6%.
On December 31, 2019 Frost company performed engineering consulting services for Palmquist, Inc. Palmquist was short...
On December 31, 2019 Frost company performed engineering consulting services for Palmquist, Inc. Palmquist was short of cash, and Frost Co. agreed to accept a $230,000, zero-interest-bearing not due December 21,2021, as payment in full. Palmquist is somewhat of a credit risk and typically borrows funds at a rate of 8%. Frost is much more creditworthy and has various lines of credit at 5%. Instructions: Prepare the following journal entries for Frost Co. YOU MUST SHOW SUPPORTING COMPUTATIONS TO RECEIVE...
On December 31, 2017, BLANK Inc. rendered services to BLANK
Corporation at an agreed price of $109,448, accepting $42,900 down
and agreeing to accept the balance in four equal installments of
$21,450 receivable each December 31. An assumed interest rate of
11% is imputed.
Prepare an amortization schedule. Assume that the
effective-interest method is used for amortization purposes.
December 31, 2017
Schedule of Note Discount Amortization
Date
Cash
Received
Interest
Revenue
Carrying
Amount of Note
12/31/17
$
$
$
12/31/18...
On December 31, 2020, Kingbird Inc. rendered services to Beghun Corporation at an agreed price of $118,390, accepting $45,800 down and agreeing to accept the balance in four equal installments of $22,900 receivable each December 31. An assumed interest rate of 10% is imputed. Prepare an amortization schedule. Assume that the effective-interest method is used for amortization purposes. (Round answers to 0 decimal places, e.g. 5,275.) December 31, 2020 Schedule of Note Discount Amortization Interest Discount Revenue Amortized Cash Received...
?On December 31, 2015, Bonita Co. performed environmental
consulting services for Hayduke Co. Hayduke was short of cash, and
Bonita Co. agreed to accept a $346,500 zero-interest-bearing note
due December 31, 2017, as payment in full. Hayduke is somewhat of a
credit risk and typically borrows funds at a rate of 11%. Bonita is
much more creditworthy and has various lines of credit at 6%.
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